OmniLit Acquisition Corp. Looks for Combination After $143.75 Million IPO
Searches for private companies that are ready for public markets
Nov 30, 2021, 10:06 ET
MIAMI BEACH, Fla., Nov. 30, 2021 /PRNewswire/ -- OmniLit Acquisition Corp., a newly formed blank check company focused on optics and photonics-related businesses (NASDAQ: OLITU), today announced the commencement to its acquisition search after receiving $143.75 million in IPO proceeds.
"Optics and photonics is enabling next generation technologies from biomedical devices, driverless cars, defense gear, displays, communications equipment, consumer goods, to much more. The completion of our IPO now allows us to deploy our unique combination strategy and find a compelling private company with stable and sustainable growth," said Skylar Jacobs, Chief Operating Officer of OmniLit Acquisition Corp.
"Having worked in the optics and photonics space for the past two decades I recognize great potential and want to bring growth capital to companies that can thrive," said Al Kapoor, Chairman and CEO at OmniLit Acquisition Corp. "It is encouraging to see high demand in the public markets for our strategy to invest in light-enabled companies whose products and services represent roughly 11% of the global economy."
According to SPIE, the value of light-enabled products and services is estimated to be $7 to $10 Trillion* annually via a growing industry of suppliers, OEMs, and new startups or pivoting entrants. OmniLit believes the industry offers a great space to form a public company platform and build a multi-billion-dollar enterprise with future technology upside. There are many complimentary counter-cyclical and diverse end-markets, many of which are growing at double digit CAGRs. Optics and photonics companies serve as an enabler for next generation technology industries, offering opportunity for low volatility growth of future earnings.
OmniLit is led by Al Kapoor, who has 20+ years of experience in acquisitions, operations, R&D pipelines, and end-market expansions within optics and photonics. Mr. Kapoor has a Management Team at OmniLit with public and private market transaction experience. The team is complemented by a Board of Directors with decades of private to public company transition experience across multiple disciplines of private equity, operations, law, and financial audits.
About OmniLit Acquisition Corp.
OmniLit Acquisition Corp. is a special purpose acquisition company that has not selected any business combination target and is concentrated on identifying high quality businesses for business combination in the advanced manufacturing industry, particularly those with optics and photonics capabilities.
Forward Looking Statements
This press release contains statements that constitute "forward-looking statements," including with respect to the Company's search for an initial business combination and the anticipated use of net proceeds. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
* Source: SPIE- "Optics & Photonics Industry Report Fall 2020"
SOURCE OmniLit Acquisition Corp.
Share this article