Business Context and Reporting Period
This Form 8-K reports on events occurring on May 11, 2021, for Data Knights Acquisition Corp. (not Onemednet Corp, as indicated in the metadata). The registrant is a Delaware corporation and an emerging growth company. The filing details the completion of its Initial Public Offering (IPO) and a concurrent private placement.
Key Financial Metrics
- Gross Proceeds from IPO: $115,000,000 from the sale of 11,500,000 Units at $10.00 per Unit (including 1,500,000 Units from the full exercise of the underwriter's over-allotment option).
- Gross Proceeds from Private Placement: $5,852,750 from the sale of 585,275 Private Placement Units at $10.00 per Unit.
- Total Funds Deposited in Trust: $117,300,000 (comprised of IPO and Private Placement proceeds, net of underwriting commissions, discounts, and offering expenses).
- Warrant Exercise Price: $11.50 per share.
- Revenue, Profit, and Cash Flow: The filing text does not provide operating revenue, net income, or operating cash flow figures, as this is a pre-operational SPAC filing focused on capital raising.
Material Changes
The primary material change is the transition from a private entity to a public company listed on The Nasdaq Stock Market LLC. The company now has outstanding securities including Class A Common Stock (DKDCA), Units (DKDCU), and Redeemable Warrants (DKDCW). The filing notes the issuance of an audited balance sheet as of May 11, 2021, reflecting the receipt of proceeds.
Outlook, Risks, and Management Commentary
The filing does not contain specific forward-looking guidance, management commentary on future operations, or a discussion of risks beyond the standard disclosures inherent in an IPO filing. The primary focus is the successful consummation of the capital raise and the establishment of the trust account for public stockholders.
Investor Verification Checklist
- Verify the ticker symbols (DKDCU, DKDCA, DKDCW) and their trading status on Nasdaq.
- Review the attached Exhibit 99.1 (Audited Balance Sheet) for the exact cash position and liability structure post-IPO.
- Confirm the terms of the over-allotment option exercise and the specific underwriting commissions deducted from the gross proceeds.
- Check for subsequent filings regarding the identification of a target business for acquisition, as this is a SPAC.