American Oncology Network And Digital Transformation Opportunities Corp. Announce Completion Of Business Combination

American Oncology Network, LLC ("AON" or the "Company"), a rapidly growing network of community-based oncology practices, and Digital Transformation Opportunities Corp. (NASDAQ:DTOC) ("DTOC"), a special purpose acquisition company focused on the healthcare industry, announced today the completion of their previously announced business combination (the "Business Combination").

 

The combined company has been renamed American Oncology Network, Inc., and its common stock is expected to commence trading on the Nasdaq Stock Market LLC ("Nasdaq") under the new ticker symbol "AONC" on September 21, 2023. The Business Combination was approved at a special meeting of DTOC's stockholders on September 19, 2023.

In just five years since its inception in 2018, AON has grown to include over 1,500 employees and over 200 providers in more than 75 clinics serving over 450,000 patients nationwide. AON practices have access to fully integrated ancillary services such as a specialty pharmacy, lab and pathology, radiation therapy, and imaging. These services promote clinical coordination and seamless communication throughout all stages of the care process. AON practices deliver high-quality patient care by sharing resources and expertise across the network, providing access to leading clinical trials, staying at the forefront of clinical innovation, and advocating for their patients and the profession of community oncology.

The DTOC partnership and recent strategic investment from AEA Growth, a leading global investment firm, will help further AON's goals of supporting community oncology practices and improving the patient experience by unlocking further growth through continuing to add new providers to the AON network, scaling ancillary services, introducing new service offerings, and expanding AON's existing services to address the broader oncology market.

"Today is an important milestone for AON and celebrates our team's hard work and dedication, which have been the keys to our growth and success," said Todd Schonherz, Chief Executive Officer of AON. "AON is committed more than ever to expanding our reach and advancing cancer care in communities across the nation where too often patients experience accessibility barriers."

"We are proud of our successful partnership with AON and look forward to seeing the company's profound impact enable advanced treatment options, clinical research, and comprehensive care options nationwide," said Kevin Nazemi, Chief Executive Officer of DTOC.

The combined company will continue to be led by AON's Chief Executive Officer, Todd Schonherz; Chief Financial Officer, David Gould; and Chief Medical Officer, Dr. Stephen "Fred" Divers.

Paul Hastings LLP served as legal advisor to DTOC. Woolery & Co. PLLC and Dentons US LLP served as legal advisors to AON.