Digital Transformation (NASDAQ:DTOC) announced in an 8-K this morning that its shareholders approved its business combination with physician network American Oncology at a special meeting yesterday.
The two sides later announced they have closed the transaction and the combined company will begin trading on the Nasdaq under the symbol “AONC” on September 21.
The SPAC, which had already seen its trust heavily reduced in an extension vote, saw a further 1,699,558 shares redeemed at the meeting, leaving it with 147,511 remaining and a final redemption rate of 99.5%. This is the fourth highest redemption rate of 2023 behind Mount Rainier, Oxbridge and Decarbonization Plus IV.
Traders seeking a low float situation have noticed this and Digital Transformation hit a high of $31.87 earlier today.
This would leave Digital transformation with only about $1.5 million in its trust, but the deal’s $60 million minimum cash condition was waived in a June amendment. This tweak also saw the parties agree to sell 2,459 Class C units to an investor for $65 million.
Digital Transformation will still accept any decisions by shareholders to reverse their redemption decisions. But, otherwise the combined company is expected to trade on the Nasdaq under the symbol “AONC” once the transaction is closed.
The two sides initially announced their $497 million deal in October 2022. The Fort Myers, Florida-based company has gathered together a network of independent oncology practices in 18 states.
ADVISORS
- Paul Hastings LLP is serving as legal advisor to DTOC.
- Woolery & Co. PLLC and Dentons US LLP are serving as legal advisors to AON.
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