# EDGAR Filing Document

**Accession Number:** 0001849380
**File Stem:** 0000000000-23-001645
**Filing Date:** 2023-2
**Character Count:** 16683
**Document Hash:** 865b4b0863d32603ec66cdf2a7f7f65d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-001645.hdr.sgml**: 20231115

**ACCESSION NUMBER**: 0000000000-23-001645

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230217

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OneMedNet Corp
- **CENTRAL INDEX KEY:** 0001849380
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731]
- **IRS NUMBER:** 862076743
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** TRIDENT COURT, 1 OAKCROFT ROAD
- **STREET 2:** CHESSINGTON
- **CITY:** SURREY
- **STATE:** X0
- **ZIP:** KT9 1BD
- **BUSINESS PHONE:** 011-44-208-090-2009

**MAIL ADDRESS:**
- **STREET 1:** TRIDENT COURT, 1 OAKCROFT ROAD
- **STREET 2:** CHESSINGTON
- **CITY:** SURREY
- **STATE:** X0
- **ZIP:** KT9 1BD

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Data Knights Acquisition Corp.
- **DATE OF NAME CHANGE:** 20210304
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001104659-22-081691

## Text-Extract

```

United States securities and exchange commission logo

                              February 17, 2023

       Barry Anderson
       Chief Executive Officer
       Data Knights Acquisition Corp.
       Unit G6, Frome Business Park, Manor Road
       Frome
       United Kingdom, BA11 4FN

                                                        Re: Data Knights
Acquisition Corp.
                                                            Amendment No. 4 to
Registration Statement on Form S-4
                                                            Filed February 3,
2023
                                                            File No. 333-266274

       Dear Barry Anderson:

             We have reviewed your amended registration statement and have the
following
       comments. In some of our comments, we may ask you to provide us with
information so we
       may better understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comments apply to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.
Unless we note
       otherwise, our references to prior comments are to comments in our
January 27, 2023 letter.

       Amendment No. 4 to Registration Statement on Form S-4

       Questions and Answers About the Proposals
       Q. How Does the Sponsor Intend to Vote on the Proposals?, page 10

   1.                                                   We note your response
to comment 13 and reissue our comment in part. It appears that
                                                        your disclosure on page
10 which states that "the Insiders own of record and are entitled to
                                                        vote an aggregate of
approximately 20% of the outstanding shares of Data Knights
                                                        Class A Common Stock
through their ownership of Founder Shares," includes shares held
                                                        by PIPE investors.
Given that PIPE investors will not be voting on the Proposals, please
                                                        revise to present the
Insiders' ownership prior to the PIPE investment or any other
                                                        alternative financing.
 Barry Anderson
FirstName LastNameBarry   Anderson
Data Knights Acquisition Corp.
Comapany17,
February  NameData
             2023     Knights Acquisition Corp.
February
Page 2 17, 2023 Page 2
FirstName LastName
Q. How do redemptions of Data Knights' Public Shares impact the Closing...,
page 20

2.       We reissue comment 3 in part. Please clarify, to the extent accurate,
that non-redemption
         agreements would not be sufficient to ensure you meet the Minimum Cash
Condition.
Unaudited Pro Forma Condensed Combined Financial Information, page 46

3.       Rule 11-01(a)(8) of Regulation S-X requires transactions to be
probable to be included in
         pro forma financial information. Therefore, if consummation of the
PIPE is not probable,
         please remove this pro forma adjustment.
OneMedNet Management's Discussion and Analysis of Financial Condition and
Results of
Operations, page 184

4.       We note the revised disclosure in response to comment 11. However,
this disclosure
         should be provided in MD&A of OneMedNet, which starts on page 184,
rather than in the
         notes to the financial statements. Please revise to move the added
disclosure to MD&A.
         Please also revise the table of contents at the beginning of your
filing to include MD&A.
Executive Compensation of OneMedNet
Outstanding Equity Awards, page 198

5.       We note your disclosure that OneMedNet has no outstanding equity
awards, yet we also
         note that your summary compensation table suggests equity awards were
granted in each
         of the last three fiscal years. Please confirm that there were no
equity awards outstanding
         as of December 31, 2022, or provide the disclosure required by Item
402(p).
Exhibits

6.       We note your response to comment 10 that you have redacted the names
of the parties to
         exhibits 10.18 and 10.19 because they are confidential. However, we do
not see that the
         exhibit index or exhibits contain the disclosure required by Item
601(b)(10)(iv) indicating
         that you are redacting certain terms, and the redacted terms are not
marked in the
         agreement. To the extent you wish to redact terms that are both not
material and are the
         type that you treat as private and confidential, please revise to
follow the procedure set
         forth in Item 601(b)(10)(iv). In the alternative, please file
unredacted copies of these
         agreements.
General

7.       We note your disclosure on page 20 that there has been a slowdown in
PIPE investments
         and that you are in negotiations with an investor regarding a SEPA for
funds totaling
         $50 million to $100 million over 36 months. Given that you are
pursuing alternative
         funding options in place of the PIPE, please tell us why you believe
it is appropriate to
         continue presenting the disclosure throughout the registration
statement as if the PIPE will
         occur, such as in the ownership disclosure both before and after the
Business
 Barry Anderson
Data Knights Acquisition Corp.
February 17, 2023
Page 3
      Combination, the Nasdaq Proposal which relates only to the issuance of
shares in
      connection with a PIPE, and that the common stock issued and outstanding
assumes no
      additional equity financing other than the PIPE. In addition, the
discussions of the risks of
      a failure to complete the PIPE investment suggests that the PIPE
financing is the only
      funding source you are pursuing. In the alternative, please revise the
disclosure throughout
      so the following is clear to investors:

             The various financing alternatives you are pursuing;
             The likelihood that such financing is secured and the anticipated
timing;
             A summary of the material terms of such financing, to the extent
known;
             Whether you would issue shares at a discount, including a risk
factor indicating that
           shares issued at a discount could result in negative pressure on
your stock price
           following the Business Combination;
             Whether and to what extent the PIPE and/or SEPA may be a possible
source of
           dilution for shareholders who elect not to redeem their shares in
connection with the
           business combination. To the extent that it may be a significant
source of dilution,
           please provide disclosure of the impact of that significant source
of dilution at each of
           the redemption levels detailed in your sensitivity analysis,
including any needed
           assumptions; and
             Revise the Background of the Business Combination section
beginning on page 107
           to include a discussion of negotiations relating to the SEPA,
including background on
           when and why you decided to pursue this additional financing
arrangement and the
           status of such arrangements.
8.    Please include disclosure addressing the risk that you may be deemed to
be an investment
      company under the U.S. Investment Company Act of 1940 that is comparable
to the risk
      factor disclosure on pages 24-25 of your Definitive Proxy Statement on
Schedule 14A
      filed on October 27, 2022.
        You may contact Lyn Shenk at 202-551-3380 or Ta Tanisha Meadows at
202-551-3322
if you have questions regarding comments on the financial statements and
related
matters. Please contact Taylor Beech at 202-551-4515 or Erin Jaskot at
202-551-3442 with any
other questions.

                                                             Sincerely,
FirstName LastNameBarry Anderson
                                                             Division of
Corporation Finance
Comapany NameData Knights Acquisition Corp.
                                                             Office of Trade &
Services
February 17, 2023 Page 3
cc:       Larry Shackelford, Esq.
FirstName LastName

```

### Attached PDF Documents

**Attachment 1:** `filename1`

![img-0.jpeg](img-0.jpeg)

CORPORATION FINANCE

# UNITED STATES  
SECURITIES AND EXCHANGE COMMISSION  
WASHINGTON, D.C. 20549

February 17, 2023

Barry Anderson  
Chief Executive Officer  
Data Knights Acquisition Corp.  
Unit G6, Frome Business Park, Manor Road  
Frome  
United Kingdom, BA11 4FN

# **Re: Data Knights Acquisition Corp.  
Amendment No. 4 to Registration Statement on Form S-4  
Filed February 3, 2023  
File No. 333-266274**

Dear Barry Anderson:

We have reviewed your amended registration statement and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.

After reviewing any amendment to your registration statement and the information you provide in response to these comments, we may have additional comments. Unless we note otherwise, our references to prior comments are to comments in our January 27, 2023 letter.

# Amendment No. 4 to Registration Statement on Form S-4

# Questions and Answers About the Proposals

# Q. How Does the Sponsor Intend to Vote on the Proposals?, page 10

1. We note your response to comment 13 and reissue our comment in part. It appears that your disclosure on page 10 which states that 'the Insiders own of record and are entitled to vote an aggregate of approximately 20% of the outstanding shares of Data Knights Class A Common Stock through their ownership of Founder Shares,' includes shares held by PIPE investors. Given that PIPE investors will not be voting on the Proposals, please revise to present the Insiders' ownership prior to the PIPE investment or any other alternative financing.

Barry Anderson  
Data Knights Acquisition Corp.  
February 17, 2023  
Page 2

# Q. How do redemptions of Data Knights' Public Shares impact the Closing..., page 20

2. We reissue comment 3 in part. Please clarify, to the extent accurate, that non-redemption agreements would not be sufficient to ensure you meet the Minimum Cash Condition.

# Unaudited Pro Forma Condensed Combined Financial Information, page 46

3. Rule 11-01(a)(8) of Regulation S-X requires transactions to be probable to be included in pro forma financial information. Therefore, if consummation of the PIPE is not probable, please remove this pro forma adjustment.

# OneMedNet Management's Discussion and Analysis of Financial Condition and Results of Operations, page 184

4. We note the revised disclosure in response to comment 11. However, this disclosure should be provided in MD&A of OneMedNet, which starts on page 184, rather than in the notes to the financial statements. Please revise to move the added disclosure to MD&A. Please also revise the table of contents at the beginning of your filing to include MD&A.

# Executive Compensation of OneMedNet

# Outstanding Equity Awards, page 198

5. We note your disclosure that OneMedNet has no outstanding equity awards, yet we also note that your summary compensation table suggests equity awards were granted in each of the last three fiscal years. Please confirm that there were no equity awards outstanding as of December 31, 2022, or provide the disclosure required by Item 402(p).

# Exhibits

6. We note your response to comment 10 that you have redacted the names of the parties to exhibits 10.18 and 10.19 because they are confidential. However, we do not see that the exhibit index or exhibits contain the disclosure required by Item 601(b)(10)(iv) indicating that you are redacting certain terms, and the redacted terms are not marked in the agreement. To the extent you wish to redact terms that are both not material and are the type that you treat as private and confidential, please revise to follow the procedure set forth in Item 601(b)(10)(iv). In the alternative, please file unredacted copies of these agreements.

# General

7. We note your disclosure on page 20 that there has been a slowdown in PIPE investments and that you are in negotiations with an investor regarding a SEPA for funds totaling $50 million to $100 million over 36 months. Given that you are pursuing alternative funding options in place of the PIPE, please tell us why you believe it is appropriate to continue presenting the disclosure throughout the registration statement as if the PIPE will occur, such as in the ownership disclosure both before and after the Business

Barry Anderson
Data Knights Acquisition Corp.
February 17, 2023
Page 3

Combination, the Nasdaq Proposal which relates only to the issuance of shares in connection with a PIPE, and that the common stock issued and outstanding assumes no additional equity financing other than the PIPE. In addition, the discussions of the risks of a failure to complete the PIPE investment suggests that the PIPE financing is the only funding source you are pursuing. In the alternative, please revise the disclosure throughout so the following is clear to investors:

- The various financing alternatives you are pursuing;
- The likelihood that such financing is secured and the anticipated timing;
- A summary of the material terms of such financing, to the extent known;
- Whether you would issue shares at a discount, including a risk factor indicating that shares issued at a discount could result in negative pressure on your stock price following the Business Combination;
- Whether and to what extent the PIPE and/or SEPA may be a possible source of dilution for shareholders who elect not to redeem their shares in connection with the business combination. To the extent that it may be a significant source of dilution, please provide disclosure of the impact of that significant source of dilution at each of the redemption levels detailed in your sensitivity analysis, including any needed assumptions; and
- Revise the Background of the Business Combination section beginning on page 107 to include a discussion of negotiations relating to the SEPA, including background on when and why you decided to pursue this additional financing arrangement and the status of such arrangements.

8. Please include disclosure addressing the risk that you may be deemed to be an investment company under the U.S. Investment Company Act of 1940 that is comparable to the risk factor disclosure on pages 24-25 of your Definitive Proxy Statement on Schedule 14A filed on October 27, 2022.

You may contact Lyn Shenk at 202-551-3380 or Ta Tanisha Meadows at 202-551-3322 if you have questions regarding comments on the financial statements and related matters. Please contact Taylor Beech at 202-551-4515 or Erin Jaskot at 202-551-3442 with any other questions.

Sincerely,

Division of Corporation Finance
Office of Trade & Services

cc: Larry Shackelford, Esq.