American Oncology Network, Inc.: debt financing — DTOC extends business combination deadline to Aug 31, 2023; sponsor deposits $50,000

American Oncology Network, Inc.

Digital Transformation Sponsor LLC deposited $50,000 into trust to extend deadline from July 31, 2023 to August 31, 2023.
This is the second monthly extension; previously extended from June 30 to July 31, 2023.
Promissory note is non-interest bearing, due upon earlier of business combination or liquidation.
If no combination by August 31, 2023, company may liquidate and redeem public shares.
Sponsor waived any claims against trust account per the promissory note terms.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

American Oncology Network, Inc. incurred loan of $50,000 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: $50,000
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

Exact text from the filing

On July 24, 2023, Digital Transformation Sponsor LLC (the “Sponsor”) delivered written notice to Digital Transformation Opportunities Corp. (the “Company”), regarding its exercise of the option to extend the date by which the Company is required to complete its initial business combination from July 31, 2023 to August 31, 2023. In accordance with the Company’s charter, the Sponsor deposited $50,000 into the trust account established for the benefit of the Company’s public stockholders, which was evidenced by a non-interest bearing, unsecured promissory note issued in favor of the Sponsor (the “Extension Note”).

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Source: SEC EDGAR

accession 0001104659-23-083844

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