Business Context and Reporting Period
This Form 8-K is filed by Data Knights Acquisition Corp. (not Onemednet Corp) on June 22, 2021. The registrant is a Delaware corporation and an emerging growth company. The report details the separation of trading for its Units following an Initial Public Offering (IPO) completed on May 11, 2021.
Key Financial Metrics
- Offering Proceeds: The IPO generated gross proceeds of $115,000,000 from the sale of 11,500,000 Units at $10.00 per Unit.
- Capital Structure: Each Unit consists of one share of Class A Common Stock and one redeemable Warrant.
- Warrant Terms: Warrants are exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share.
- Trading Symbols: Units trade as "DKDCU"; separated Common Stock trades as "DKDCA"; separated Warrants trade as "DKDCW" on The Nasdaq Capital Market.
- Other Metrics: The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity, as this is a current report regarding a corporate event rather than a periodic financial statement.
Material Changes
Effective June 22, 2021, holders of the Units may elect to separately trade the Class A Common Stock and Warrants. Units not separated will continue to trade under the symbol "DKDCU." This represents a structural change in how the company's securities are traded on the exchange.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future performance, or specific risk factors beyond the standard disclosure of the separation process. The primary operational update is the instruction for holders to contact their brokers and the transfer agent (Continental Stock Transfer & Trust Company) to effectuate the separation of Units.
Investor Verification Checklist
- Verify the correct registrant name is Data Knights Acquisition Corp., not Onemednet Corp.
- Confirm the gross proceeds of $115,000,000 from the May 11, 2021 IPO.
- Check the current trading status of the separated securities (DKDCA and DKDCW) versus the combined Units (DKDCU).
- Review the warrant exercise price of $11.50 and any potential adjustments.
- Confirm the transfer agent is Continental Stock Transfer & Trust Company for separation requests.