secwatch.observer — SEC 8-K summary
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Issuer:     SYNTEC OPTICS HOLDINGS, INC. (OPTX)
CIK:        0001866816
Form:       8-K
Filed at:   2023-11-14T23:59:59+00:00
Accession:  0001493152-23-041322
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.80
Item codes: 1.01, 2.01, 9.01, 3.03, 5.03, 5.06, 8.01
LLM model:  deepseek-v4-flash:cloud@v2

Syntec Optics completes SPAC merger, 1.05M shares redeemed, Al Kapoor controls 83.5%
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- Merger closed Nov 7, 2023; OmniLit renamed Syntec Optics Holdings, Inc.; shares started trading OPTX on Nasdaq Nov 8.
- 1,051,450 public shares redeemed at ~$10.68/share (~$11.2M); remaining trust $3.17M used for expenses and corporate purposes.
- Post-combination shares outstanding: 36,868,266; Al Kapoor beneficially owns 83.49% of common stock.
- New credit agreement: revolver increased to $10M (from $8M), interest rate SOFR+225bps (down from +310bps), new $5M equipment facility.
- Contingent earnout: up to 26M additional shares at stock prices $12.50/$14.00/$15.50 within 5 years; performance earnout up to 2M shares based on revenue/EBITDA.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1866816/000149315223041322/0001493152-23-041322-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1866816/000149315223041322/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-041322

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