Digital Transformation Opportunities Corp.
DTOC · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from Digital Transformation Sponsor LLC, listed on Nasdaq in March 2021.
- What it's doing now
- It agreed to buy American Oncology Network, Inc., an oncology practice management services company. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- American Oncology Network, Inc. — Oncology Network, LLC The American Oncology Network, LLC (AON) is an alliance of physicians and seasoned healthcare leaders partnering to ensure the long-term success of community oncology.
- Industry
- Health Care — oncology practice management services
- Deal value
- not stated in the filings we hold
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 11 March 2021
- size not on file
- Headquarters
- 14543 GLOBAL PKWY #110, FORT MYERS, FL, 33913
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Valle William (Director) · Fluegel Bradley M (Director) · Divers Stephen (Chief Medical Officer)
- Listed securities
- DTOC common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
At the 6 March 2023 event.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
2 dated milestonesEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 11 March 2021IPOpassed
IPO size not on file
redemption rate not stated in the filing
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- closedHealth Care
What American Oncology Network, Inc. does — read from aoncology.com on 26 August 2026
The American Oncology Network (AON) is an alliance of physicians and seasoned healthcare leaders launched in 2018 to ensure the long-term success of community oncology. It is a rapidly growing network representing physicians, nurse practitioners, and physician assistants across multiple care sites. AON provides comprehensive support, ancillary services, and practice management expertise, including centralized specialty pharmacy, diagnostics, pathology, integrated electronic medical records, and care management teams.
14543 Global Parkway, Suite 110, Fort Myers, FL 33913OncologyHealthcare Practice Management
Who has already taken their money back
1 filed eventEach time shareholders were offered their cash back, some took it. Heavy cash-outs drain the account and shrink the number of shares left — whatever remains has to carry the deal.
Worst single event
—
no filing states a pre-event share count
Shares redeemed, all events
31.50M
across every filed redemption event
Every figure below is stated in the linked filing; nothing here is estimated.
- Mar 6, 2023Extensionno rate stated
The score
deterministic, from filed fieldsDTOC is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Digital Transformation Opportunities Corp. was a special purpose acquisition company (SPAC) incorporated in Delaware and headquartered in Fort Myers, Florida, that completed its initial public offering on March 11, 2021, with its common stock trading on Nasdaq under the ticker symbol DTOC. The offering was priced pursuant to a registration statement filed under SEC file number 333-253079, with the vehicle sponsored by Digital Transformation Sponsor LLC. While specific trust account details and gross offering proceeds are not specified in the available filings, the SPAC was structured as a blank-check company formed to identify and complete a business combination, and it issued private placement warrants to its sponsors at $1.50 per warrant simultaneously with the IPO's consummation.
The SPAC entered into a Business Combination Agreement dated June 14, 2023, with American Oncology Network, LLC ("AON LLC"), a physician-led, community-based oncology management platform founded in 2018, and the transaction closed on September 20, 2023. Pursuant to the agreement, DTOC undertook a series of transactions resulting in the organization of the combined company as an umbrella partnership C corporation, with substantially all assets held by DTOC, which became a member of AON LLC. In connection with the closing, DTOC changed its name to American Oncology Network, Inc., and the combined entity's Class A common stock and warrants began trading on Nasdaq under the symbols AONC and AONCW, respectively.
The business combination was formally concluded when DTOC filed an 8-K on September 26, 2023, reporting a change in shell company status under Item 5.06, marking the SPAC's lifecycle as closed. Following the combination, American Oncology Network, Inc. operates as an alliance of physicians and healthcare leaders providing community-based oncology care, with a platform that as of September 30, 2023, included 109 physicians and 31 practices across 85 locations in 19 states, supported by an integrated technology platform, centralized specialty pharmacy, and clinical laboratory services.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
The prospectus is absent, so nothing here states the terms a holder votes on. The exhibit index does record how many times the deal was rewritten: a Business Combination Agreement dated October 5, 2022, a First Amended and Restated version dated January 6, 2023, a Second dated April 27, 2023 and a Third dated June 7, 2023. It also lists two separate tax opinions — one from Paul Hastings LLP on the Business Combination and one from Dentons US LLP on the Exchange Offer — because the transaction has two legs that are taxed differently.
The exchange ratios are per-unit multiples rather than fractions: existing AON Class A and Class A-1 units are estimated to reclassify into 2,643 AON common units each, Class B-1 units into 208, and Class C units into 2,702 AON Series A preferred units, each computed as net equity value per unit divided by $10.00. Separately, profit pool units of AON's subsidiaries convert into Practice Profit Pool Shares equal to 5% of a $350 million AON enterprise value, adjusted for closing indebtedness and cash, divided by $10.00 — a slice taken off the top.
The reclassification ratios are estimates rather than fixed terms: as of this proxy the Per Company Unit Exchange Ratio is estimated at 2,643 AON common units, the Class B-1 ratio at 208 common units, and the Class C ratio at 2,702 AON Series A preferred units, each derived from net equity value per unit divided by $10.00. Separately, Practice Profit Pool Shares are issued equal to 5% of a $350 million AON enterprise value, less Company Closing Indebtedness and plus Company Closing Cash, divided by $10.00 — a slice sized off enterprise value rather than off what public holders retain.
The reclassification ratios are per-unit multiples rather than fractions: AON Class A and Class A-1 units are estimated to become 2,643 AON common units each, Class B-1 units 208, and Class C units 2,702 AON Series A preferred units, each computed as net equity value per unit divided by $10.00. Profit pool units of AON's subsidiaries separately convert into Practice Profit Pool Shares equal to 5% of a $350 million AON enterprise value, adjusted for closing indebtedness and cash, divided by $10.00. An Exchange Offer runs alongside the merger.
The agreement was amended and restated on the day the registration statement was filed, and it had already been amended and restated once before that, so the terms described here are the third version of the deal. At closing AON reclassifies its existing Class A and Class A-1 units into a single class of AON common units exchangeable one-for-one for New AON Class A common stock, at an exchange ratio defined by the net equity value per unit of AON. The registration also covers an Exchange Offer alongside the business combination.
Two features cut against public holders. The Class B stock AON's equityholders receive carries votes but no economics, so control and economic exposure are deliberately separated, with the economics held at the AON level and exchangeable later. And a public stockholder acting alone or in concert with others is restricted from seeking redemption on more than 15% of the public shares in aggregate, so a large holder cannot exit in full. Practice profit pool units convert into shares equal to 5% of a $350 million AON enterprise value, adjusted for closing debt and cash, divided by $10.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
- What changed vs 2024-03-28deadline 2026-06-30 → 2028-01-31
combination deadline, trust account1 moved · 1 with no prior record of ours
- Combination deadline
- 2026-06-302028-01-31
- Trust account
- $1.4M · unchanged
SpacBrain reads this as 580 days later than the previous record.
The clause …“to Loan Agreement which extended the maturity date from June 30, 2026 to January 31, 2028. In addition to maturity extension, this amendment revised interest rate calculation to be based off of Secured Overnight Financing Rate”…
The clause “(“the Closing” or the “Closing Date”). As of the Closing, the Company received $1.4 million of the remaining cash held in the Trust Account after all redemptions. On the Closing Date, the Company paid $7.1 million of DTOC transaction”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Show the other 10 filings
trust account, combination deadlinenothing moved · 2 with no prior record of ours
- Trust account
- $1.4M · unchanged
- Combination deadline
- 2026-06-30 · unchanged
The clause “(“the Closing” or the “Closing Date”). As of the Closing, the Company received $1.4 million of the remaining cash held in the Trust Account after all redemptions. On the Closing Date, the Company paid $7.1 million of DTOC transaction”…
The clause …“primarily extended the maturity date of the Facility from April 30, 2024 to June 30, 2026. On December 31, 2023, AON entered into Amendment No. 3 to its Line of Credit agreement to modify certain definitions such as “change in”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
trust account, combination deadlinenothing moved · 2 with no prior record of ours
- Trust account
- $1.4M · unchanged
- Combination deadline
- 2026-06-30 · unchanged
The clause “(“the Closing” or the “Closing Date”). As of the Closing, the Company received $1.4 million of the remaining cash held in the Trust Account after all redemptions. On the Closing Date, the Company paid $7.1 million of DTOC transaction”…
The clause …“primarily extended the maturity date of the Facility from April 30, 2024 to June 30, 2026. On December 31, 2023, AON entered into Amendment No. 3 to its Line of Credit agreement to modify certain definitions such as “change in”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Digital Transformation Sponsor LLCnamed as sponsor in this SPAC’s filings — but with no researched track record behind it yet.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1283 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
from 424B3 0001628280-24-048135
Trading & liquidity
Company profile
Directors & officers
- Valle WilliamDirector
- Fluegel Bradley MDirector
- Divers StephenChief Medical Officer
- Mallon EricaGeneral Counsel
- Afshar DavidChief Financial Officer
- Schonherz ToddChief Executive Officer
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
4 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- Digital Transformation Sponsor LLCwith 1 other reporting person on the same schedule72.8% · SC 13DOct 3, 2023 stale
- HealthQuest Tactical Opportunities Fund, L.P.with 2 other reporting persons on the same schedule17.7% · SC 13DNov 9, 2023 stale
- AEA GROWTH EQUITY FUND LPwith 5 other reporting persons on the same schedule5.0% · SC 13D/AOct 13, 2023 stale
- GLAZER CAPITAL, LLCwith 1 other reporting person on the same schedule4.8% · SC 13G/AFeb 14, 2023 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
News
company wires and the financial pressReporting we have matched to this ticker. Headlines belong to the outlets that wrote them.
Show the headlines
- American Oncology Network 2026 Company Profile
PitchBookundated by the source
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
22 full SEC filing texts archived — searchable, never lost.
- Vault note — DTOC (Digital Transformation Opportunities Corp.)
vault-note · /vault/tickers/DTOC
- Vault deal note — American Oncology Network, Inc. (DTOC)
vault-note · /vault/deals/american-oncology-network-inc
- Ihre Datenschutzeinstellungen
news · consent.yahoo.com
- Leadership - American Oncology Network
company-site · aoncology.com
- Who We Are - American Oncology Network
company-site · aoncology.com
- For Physicians - American Oncology Network
company-site · aoncology.com
- tm2227227d1_ex99-2.htm — DTOC 8-K 0001104659-22-106540
exhibit · sec.gov
- tm2227227d1_ex99-1.htm — DTOC 8-K 0001104659-22-106540
exhibit · sec.gov
- tm2227227d1_ex2-1.htm — DTOC 8-K 0001104659-22-106540
exhibit · sec.gov
- tm2227227d1_ex10-2.htm — DTOC 8-K 0001104659-22-106540
exhibit · sec.gov
- tm2227227d1_ex10-1.htm — DTOC 8-K 0001104659-22-106540
exhibit · sec.gov
- tm232330d1_ex2-1.htm — DTOC 8-K 0001104659-23-001863
exhibit · sec.gov
- tm232330d1_ex10-1.htm — DTOC 8-K 0001104659-23-001863
exhibit · sec.gov
- tm235564d1_ex99-1.htm — DTOC 8-K 0001104659-23-011226
exhibit · sec.gov
- tm238907d1_ex10-2.htm — DTOC 8-K 0001104659-23-030111
exhibit · sec.gov
- tm238907d1_ex10-1.htm — DTOC 8-K 0001104659-23-030111
exhibit · sec.gov
- tm2313858d1_ex99-1.htm — DTOC 425 0001104659-23-051794
exhibit · sec.gov
- tm2313858d1_ex2-1.htm — DTOC 425 0001104659-23-051794
exhibit · sec.gov
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail5 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 8000 (Services-Health Services). The screen found it by filing SHAPE instead — S-1 2021-02-12 → 8-A12B 2021-03-08 → 424B4 2021-03-11 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 8000 + self-described blank check in 424B4 0001104659-21-035097; 424B 0001104659-21-035097 priced 2021-03-11 under S-1 0001104659-21-022029 (file 333-253079, an offering for cash); common ticker DTOC off 10-K 0001410578-23-000489 (2023-03-31); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-253079, which belongs to S-1 0001104659-21-022029 (2021-02-12) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2021-03-11). Ending PROVEN, not inferred: CLOSED per 8-K 0001104659-23-103884 (2023-09-26) — 8-K item 5.06 "Change in Shell Company Status" (EDGAR item index, items: 1.01,2.01,3.02,3.03,4.01,5.01,5.02,5.03,5.05,5.06,7.01,8.01,9.01). ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "Digital Transformation Sponsor LLC" sourced from prospectus definition (10-K/A) acc 0001839998-24-000028.
"American Oncology Network, Inc." is the registrant's CURRENT identity, adopted when the combination closed — EDGAR renames on the closing day, so the rename predates the ending we store and every date-based check cleared it; the vehicle traded as "Digital Transformation Opportunities Corp." per the COMPANY CONFORMED NAME in 424B4 0001104659-21-035097 filed 2021-03-11. §98
[CLOSED-RENAME] EDGAR CIK 0001839998 records "Digital Transformation Opportunities Corp." ending 2023-09-20; the registrant continues as "American Oncology Network, Inc.". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2023-09-20. No deal value is set — a rename says what was acquired, never for how much. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists. [DEAL-STRUCTURE-MINED] terminationFeeM=18 from primary filings (0001104659-23-051785).
OTHER -> HEALTHCARE, on S-4/A 0001104659-23-081125: "Manager is in the business of providing management, administrative, and other non-clinical and non-medical support services to medical groups including, without"