Digital Transformation Opportunities in an 8-K said shareholders voted in favor of combining with American Oncology Network. The SPAC said 9,931,654 were voted is support of the deal, with 14,139 against.
American Oncology is a network of community-based oncology practices. Since 2019, AON has generated compounded annual revenue growth of more than 60% through June 2022 and now generates more than $1 billion in annual revenue and operates profitably. AON’s platform currently includes 107 physicians and 24 practices across 71 locations in 18 states
The SPAC said 1,699,558 shares of were redeemed for $17,852,818. DTOC said it would accept redemption reversals prior to the closing of the business combination. All told, when combined with earlier redemptions, the SPAC lost about 99.5% of its trust, leaving approximately $1.5 million.
The SPAC raised $300 million in a March 2021 IPO.
The parties in June waived the deal’s $60 million minimum cash condition and agreed to sell $65 million in Class C units. Read more.
