Business Context and Reporting Period
This Form 8-K is filed by Data Knights Acquisition Corp. (DKDC), a Special Purpose Acquisition Company (SPAC), on May 5, 2022. The filing reports on the extension of the deadline to consummate a business combination with OneMedNet Corporation, Inc. (OneMedNet), a merger agreement originally announced on April 25, 2022.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, or cash flow data for the reporting period. The only specific financial metric disclosed relates to the extension of the business combination deadline:
- Extension Deposit: The Sponsor deposited $1,150,000 into the Company's trust account on May 5, 2022.
- Per Share Contribution: The deposit represents $0.10 per public share.
Debt, liquidity, and margin data are not provided in this document.
Material Changes
The primary material change reported is the extension of the deadline for the initial business combination:
- Previous Deadline: May 11, 2022.
- New Deadline: August 11, 2022.
- Extension Terms: This is the first of two permitted three-month extensions under the Company's governing documents.
Outlook, Risks, and Management Commentary
Outlook and Next Steps: The extension provides additional time to complete the merger with OneMedNet. The Company intends to file a definitive Prospectus and Proxy Statement with the SEC, which will be delivered to stockholders for voting on the Business Combination.
Risks and Contingencies:
- Regulatory Compliance: The filing explicitly states it is not an offer to sell securities or a solicitation of a proxy. Stockholders are advised to wait for the definitive Prospectus and Proxy Statement for complete information.
- Transaction Completion: The business combination is contingent upon stockholder approval and the filing of definitive documents.
Unusual Items: None reported beyond the standard SPAC extension mechanics.
Investor Verification Checklist
- Verify the terms of the definitive Merger Agreement with OneMedNet once the Prospectus and Proxy Statement are filed.
- Confirm the total number of public shares outstanding to validate the $1,150,000 extension deposit calculation ($0.10 per share).
- Monitor the filing of the Proxy Statement for details on the voting record date and the specific conditions required to close the merger.
- Review the Form S-1 (filed March 9, 2021) for details on the interests of directors and executive officers participating in the proxy solicitation.