OmniLit Acquisition Corp.

An equity raise of about $21.4 million cleared the revolver and lifted cash from $0.36 million to $14.0 million. Quarterly sales grew 26% year over year, but the half-year is still a net loss because of the weaker first quarter.

Two amendments to this registration statement were filed on the same day, both carrying the same prospectus date and the same registered ceiling of 68,513,687 shares — a fact worth noting when citing either, since amendment number alone does not distinguish them by date. Approval by a special committee of independent directors alongside the board indicates independent review. No vote date is stated in this portion.

The absence of a minimum-cash condition is the term that matters most here and the document states it directly: the combination can close regardless of how much cash survives redemptions, which removes the single most common reason SPAC deals fail at the vote. It also means public holders who do not redeem carry whatever trust balance remains rather than being protected by a cash floor. Approval by a special committee of independent directors alongside the full board indicates the transaction was treated as needing independent review.

The registered ceiling of 68,513,687 shares is already fixed at this amendment and does not move through the two that follow. Approval by a special committee of independent directors alongside the full board indicates the transaction was treated as requiring independent review. No vote date is stated in this portion.

The registered ceiling of 68,513,687 shares is already fixed at this amendment and holds unchanged through the three that follow. The meeting doubles as the company's annual meeting, so directors are elected at the same meeting that votes on the combination. Approval by a special committee of independent directors alongside the board indicates the transaction was treated as requiring independent review. No vote date is stated in this portion.

There is no minimum cash condition. The filing states plainly that, unlike the seven merger candidates OmniLit previously considered, a combination with Syntec Optics was not conditioned on any cash at close, and that no cash is distributed to Syntec Optics stockholders at closing — so redemptions cannot break this deal, only shrink what the combined company keeps. OmniLit also discloses its search history since its IPO on November 12, 2021: one indication of interest, seven letters of intent pursued, two signed, and one business combination agreement entered into.

What changed: The filing reports that Syntec Optics Holdings, Inc. dismissed CBIZ CPAs P.C. as its independent registered public accounting firm effective August 19, 2026, and appointed WithumSmith+Brown, PC as its successor. The document details five specific material weaknesses in internal control over financial reporting identified during the fiscal year ended December 31, 2025: (1) lack of documentation of formal internal control processes, including review of journal entries and segregation of duties; (2) lack of timely reconciliation controls for accounts payable, accrued legal expenses, and provision for income taxes; (3) lack of controls relating to identification and disclosure of related-party transactions; (4) lack of controls related to evaluation of non-routine transactions including financial instruments; and (5) lack of necessary IT general controls infrastructure regarding user access and program change-management due to insufficient documentation, training, and inadequate IT risk assessment, alongside a lack of controls around SOC-1 report reviews and cyber security. The filing states there were no disagreements with CBIZ CPAs on accounting principles or auditing scope, but notes the audit report did not contain an adverse opinion or disclaimer. Why it matters: This is significant because it discloses multiple material weaknesses in internal controls, which raises concerns about the reliability of financial reporting and the effectiveness of oversight at Syntec Optics. The dismissal of the auditor and engagement of a new one, coupled with these disclosed deficiencies, may impact investor confidence in the company's financial integrity and compliance standards following its SPAC merger. It also signals potential operational or governance issues that investors should monitor closely.

What changed: Q2 2026 10-Q of Syntec Optics Holdings, Inc. (Nasdaq: OPTX). Net sales were $8,273,858 for the quarter versus $6,559,455 and $14,787,224 for the six months versus $13,628,497; gross profit was $2,143,064 versus $1,597,966 for the quarter but $3,103,856 versus $3,906,584 for the six months. Net income was $256,237 against a prior-year loss of $(343,921) for the quarter, while the six months show a loss of $(641,620) against $(20,256). Why it matters: An equity raise of about $21.4 million cleared the revolver and lifted cash from $0.36 million to $14.0 million. Quarterly sales grew 26% year over year, but the half-year is still a net loss because of the weaker first quarter.