OneMedNet completed its business combination with Data Knights Acquisition.
The merger was approved Oct. 17 at a meeting of Data Knights’ stockholders.
OneMedNet stock and warrants began trading today on the Nasdaq under the ticker symbols ONMD and “ONMDW.
After the vote, Data Knights 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. In addition, the SPAC in June secured a $1.5 million PIPE commitment, according to a regulatory filing.
The original prospectus called for a minimum cash condition of $30 million to close, which OneMedNet had the right to waive — and evidently did.
“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 a June regulatory filing by the SPAC — four months prior to the last 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.
OneMedNet’s solutions connect healthcare providers and patients, offering direct access to clinical images and associated contextual patient records. Read more.
