Business Context and Reporting Period
This Form 8-K is filed by Data Knights Acquisition Corp. (DKDC) on August 11, 2022. The company is a Special Purpose Acquisition Company (SPAC) incorporated in Delaware and listed on The Nasdaq Stock Market. On April 25, 2022, the company entered into a definitive Merger Agreement with OneMedNet Corporation, Inc. (OneMedNet) to consummate a business combination.
Key Financial Metrics
The filing does not provide standard financial statements such as revenue, profit, or operating cash flow. The primary financial activity disclosed is related to the extension of the business combination deadline:
- Extension Deposit: The Sponsor deposited an aggregate of $1,150,000 into the Company's trust account on August 11, 2022.
- Deposit Rate: The deposit represents $0.10 per public share.
- Warrant Exercise Price: Redeemable warrants are exercisable for one share of Class A Common Stock at $11.50 per share.
Material Changes
The material event reported is the extension of the deadline to consummate the business combination with OneMedNet:
- Previous Deadline: August 11, 2022.
- New Deadline: November 11, 2022.
- Extension Status: This is the second of two permitted three-month extensions under the Company's governing documents.
Outlook, Risks, and Management Commentary
Management indicates that the extension provides additional time to complete the Business Combination with OneMedNet. The filing serves as an informational update and explicitly states it is not a proxy statement or a solicitation of votes. Stockholders are advised to await the definitive Prospectus and Proxy Statement for comprehensive details regarding the transaction, risks, and approval matters. The filing notes that the Company is an emerging growth company.
Key Facts for Investor Verification
- Verify the total number of public shares outstanding to confirm the $1,150,000 deposit aligns with the $0.10 per share rate.
- Confirm the status of the definitive Prospectus and Proxy Statement, as this 8-K does not contain all material information for investment decisions.
- Monitor the November 11, 2022 deadline, as this is the final extension permitted under the current governing documents.
- Review the Merger Agreement terms regarding the exchange ratio and valuation of OneMedNet, which are not detailed in this specific filing.