Data Knights Acquisition in an 8-K announced shareholders voted in favor of combining with healthcare data company OneMedNet.
OneMedNet’s data solutions connect healthcare providers and patients, offering direct access to clinical images and the associated contextual patient record.
The SPAC in June secured a $1.5 million PIPE commitment, according to a regulatory filing.
Data Knights also disclosed that 1,614,148 shares were redeemed, removing approximately $17.9 million from the SPAC’s trust. That left $1.1 million in trust.
The original prospectus called for a minimum cash condition of $30 million to close, which OneMedNet could waive.
“The Minimum Cash Condition is solely for the benefit of OneMedNet and is based on OneMedNet’s anticipated capital needs post-Closing during the first 12-24 months following the Closing. Based on the $19,054,770 in the Trust Account as of August 18, 2023, together with the $1.5 million to be advanced at the time of the Business Combination under the PIPE, the Minimum Cash Condition would be satisfied,” according to the June filing — four month prior to the latest round of redemptions.
At deal announcement in April 2022 the combination had a pro-forma enterprise value of $317 million and the SPAC held $117 million in trust.
The 8-K does not cite a target date for closing the deal. Read more.
