Omnilit Acquisition Corp. Signed A Letter Of Intent For A Business Combination With An Affiliate Company; The Target Is An Advanced Manufacturer Of Optics And Photonics Components And Sub-Systems
OmniLit Acquisition Corp. (“OLIT”) a publicly traded optics and photonics focused special purpose acquisition company, signed a letter of intent for a business combination with an affiliate company (the “Target”) that seeks to become a publicly listed company with an estimated Enterprise Value in the range outlined in OLIT’s IPO prospectus. Signing of a definitive agreement is contingent upon review by a Special Committee of independent directors.
The Target is an advanced manufacturer of optics and photonics components and sub-systems with a strategy to continue to acquire and invest in unique high operating margin optics and photonics companies in a vast opportunity set within a highly fragmented market.
“The upside of having a vertically-integrated optics and photonics manufacturing operation for mission-critical applications is that it tends to generally be recession-resistant and has stable earnings due to the counter-cyclicality of end-markets, as currently seen in across defense, biomedical, and consumer” said Robert Nelson II, CFO of OLIT. “We also believe the Target, along with its acquisitions, will see gains through tailwinds emerging from increasing global conflict, intelligent automation, and ubiquitous data.”
Skylar Jacobs, OLIT COO, said, “OLIT believes that an investment in an optics and photonics platform presents a compelling opportunity to ultimately participate in several end-markets with estimated size in billions of dollars. The use of optics and photonics will ultimately enable future technologies ranging from DNA editing, terabit communication, extended reality, quantum computing, and directed energy.”
About OmniLit Acquisition Corp.
OmniLit Acquisition Corp. (OLIT) is a blank check company concentrated on identifying high quality businesses with optics and photonics capabilities for a business combination.