--- schema_version: "secwatch.filing_event.v1" accession: "0001104659-23-030111" form_type: "8-K" ticker: null cik: "0001839998" company_name: "American Oncology Network, Inc." filed_at: "2023-03-08T23:59:59+00:00" generated_at: "2026-06-18T08:47:05.012972+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 1.0 calibrated_materiality_score: 1.0 confidence: "high" source: SEC EDGAR --- # DTOC shareholders approve extension; 75% of shares redeemed, trust account drops to $18.8M ## Summary - Shareholders approved extension of business combination deadline to June 30, 2023; option for three monthly extensions to Sept 30. - Holders of 31,502,931 shares redeemed for ~$321.2M at ~$10.19/share, leaving ~$18.8M in trust account. - Sponsor loaned $150,000 to fund initial extension deposit into trust; note is non-interest bearing, due at close or liquidation. - Sponsor and CFO converted all Class B shares into 8,262,500 Class A shares; those shares not entitled to trust funds. - Company continues pursuit of business combination with American Oncology Network, LLC. ## SEC filing metadata - accession: 0001104659-23-030111 - form_type: 8-K - cik: 0001839998 - company_name: American Oncology Network, Inc. - filed_at: 2023-03-08T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 1.0 - calibrated_materiality_score: 1.0 - confidence: high - sec_items: 1.01, 2.03, 3.03, 5.03, 5.07, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1839998/000110465923030111/0001104659-23-030111-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1839998/000110465923030111/tm238907d1_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001104659-23-030111 - JSON: https://secwatch.observer/filing/0001104659-23-030111.json - Plain text: https://secwatch.observer/filing/0001104659-23-030111.txt ## Key facts - Debt Financings American Oncology Network, Inc. incurred loan of $150,000 with Digital Transformation Sponsor LLC at non-interest bearing maturing upon the earlier of (i) the date of the consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company. - Instrument: loan - Principal: $150,000 - Counterparty: Digital Transformation Sponsor LLC - Rate: non-interest bearing - Maturity: upon the earlier of (i) the date of the consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company - Event: incurrence source text: On March 6, 2023, Digital Transformation Sponsor LLC (the “Sponsor”) loaned $150,000 (the “Initial Contribution”) to the Company, which was evidenced by a non-interest bearing, unsecured promissory note issued in favor of the Sponsor (the “Initial Extension Note”). evidence_url: https://www.sec.gov/Archives/edgar/data/1839998/000110465923030111/0001104659-23-030111-index.htm - Governance Changes American Oncology Network, Inc.: Filed a certificate of amendment to extend the business combination deadline to June 30, 2023 and give the sponsor options to further extend, and eliminated the redemption limitation on net tangible assets (effective 2023-03-02). - Change: charter amendment - Effective: 2023-03-02 source text: On March 2, 2023, the Company filed a certificate of amendment (the “Certificate of Amendment”) to the Company’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) with the Secretary of State of the State of Delaware. evidence_url: https://www.sec.gov/Archives/edgar/data/1839998/000110465923030111/0001104659-23-030111-index.htm - Shareholder Votes American Oncology Network, Inc. shareholders approved Extend the date by which the Company has to consummate a business combination from March 12, 2023 to June 30, 2023 and give the Sponsor the option to further extend up to September 30, 2023 at the 2023-03-02 meeting. - Proposal: merger approval - Outcome: passed - Meeting: 2023-03-02 source text: The stockholders approved the proposal to amend the Company’s Certificate of Incorporation to (i) extend the date by which the Company has to consummate a business combination from March 12, 2023 to June 30, 2023 upon the deposit by the Sponsor of an aggregate of $150,000 into the Trust Account and (ii) give the Sponsor the option to further extend the Combination Period beyond June 30, 2023 up to three (3) times for an additional one (1) month each time to September 30, 2023 (any such extension, the “Extension”, and such date to which such deadline is extended, the “Extended Date”) upon the deposit into the Trust Account of $50,000 for each calendar month. evidence_url: https://www.sec.gov/Archives/edgar/data/1839998/000110465923030111/0001104659-23-030111-index.htm - Shareholder Votes American Oncology Network, Inc. shareholders approved Amend the Trust Agreement to provide for the Extension to the Extended Date pursuant to the Certificate of Amendment at the 2023-03-02 meeting. - Outcome: passed - Meeting: 2023-03-02 source text: The stockholders approved the proposal to amend the Trust Agreement, dated as of March 9, 2021, by and between the Company and Continental, to provide for the Extension to the Extended Date pursuant to the Certificate of Amendment. evidence_url: https://www.sec.gov/Archives/edgar/data/1839998/000110465923030111/0001104659-23-030111-index.htm - Shareholder Votes American Oncology Network, Inc. shareholders approved Amend the Certificate of Incorporation to eliminate the Redemption Limitation at the 2023-03-02 meeting. - Proposal: charter amendment - Outcome: passed - Meeting: 2023-03-02 source text: The stockholders approved the proposal to amend the Certificate of Incorporation to eliminate the Redemption Limitation. evidence_url: https://www.sec.gov/Archives/edgar/data/1839998/000110465923030111/0001104659-23-030111-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.