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"
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SOURCE OmniLit Acquisition Corp.