SYNTEC OPTICS HOLDINGS, INC. current report, 12 November 2021

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Business Context and Reporting Period

This Form 8-K was filed by OmniLit Acquisition Corp., a special purpose acquisition company, regarding events occurring on November 12, 2021. The provided metadata identifies Syntec Optics Holdings, Inc., but the filing’s registrant is OmniLit Acquisition Corp.

Key Financial Metrics and Capitalization

  • The company completed an initial public offering of 14,375,000 units at $10.00 per unit, generating gross proceeds of $143.75 million.
  • Each unit consisted of one share of Class A common stock and one-half of a redeemable warrant. Each whole warrant permits the holder to purchase one share of common stock for $11.50, beginning 30 days after completion of an initial business combination.
  • The company also issued 6,920,500 private placement warrants to OmniLit Sponsor LLC at $1.00 per warrant, generating $6.92 million.
  • As of November 12, 2021, $146.625 million of net IPO and private placement proceeds was deposited in a trust account for public stockholders.
  • The trust account amount includes $5.03125 million of deferred underwriting commissions payable upon completion of an initial business combination.
  • The filing does not provide operating revenue, net income, cash flow, margins, debt balances, or liquidity ratios.

Material Changes, Outlook, and Risks

  • The principal reported change was the consummation of the IPO and private placement and the funding of the trust account.
  • The proceeds are subject to the company’s SPAC structure and are intended to support a future initial business combination.
  • The filing does not identify a target acquisition, provide financial guidance, or include management projections.
  • Key contingencies include completion of an initial business combination and release of the deferred underwriting commissions only upon that completion.
  • An audited balance sheet dated November 12, 2021 was filed as Exhibit 99.1.

Investor Verification Items

  • Verify the registrant identity, since the filing names OmniLit Acquisition Corp., not Syntec Optics Holdings, Inc.
  • Review Exhibit 99.1 for the audited balance sheet, including cash, liabilities, and equity balances.
  • Confirm the terms, exercise conditions, and potential dilution from the public and private warrants.
  • Assess the trust account restrictions, redemption rights, and deadlines applicable to a future business combination.
  • Confirm the deferred underwriting commission amount and payment conditions.