OmniLit Acquisition Corp forms Special Committee to evaluate two merger candidates in optics/photonics

SYNTEC OPTICS HOLDINGS, INC.

Special Committee of independent directors formed to decide between two final merger candidates.
Both candidates are cash-flow positive, well-established (>20 yrs), with high revenue CAGR over past decade.
One candidate is a sponsor affiliate; special committee process follows IPO prospectus requirements.
Expects to execute definitive agreement and close business combination by end of Q2 or Q3 2023.
Management reviewed ~40 companies; evaluated 7 under LOI, performed due diligence on 6.

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