Data Knights Acquisition Corp. (DKDCA): history, ownership, mission, how it works & makes money

Born as a SPAC targeting tech and data businesses, Data Knights Acquisition Corp. set the stage with an IPO that raised roughly $300 million and in April 2022 announced a definitive merger with Minneapolis-based OneMedNet to commercialize regulatory‑grade imaging real‑world data; that business combination closed on November 7, 2023, after shareholders redeemed 1,614,148 Class A shares-removing about $17.9 million from the trust-and the combined company now trades on Nasdaq as ONMD / ONMDW, with the stock priced at $1.24 as of December 16, 2025 (down 18.42% from the prior close); post‑merger figures show a market capitalization of ~$40.14 million with ~5.173 million shares outstanding, an enterprise value near $42.86 million and EBIT of ‑$4.54 million, while ownership is reported as insiders 45.72%, institutions 35.35% and a public float noted at 54.28%; OneMedNet's mission centers on unlocking value in clinical image archives through its iRWD™ platform, operating a federated network of over 200 healthcare systems to securely de‑identify, search and curate regulatory‑grade imaging RWD for life sciences partners, monetizing access to curated imaging archives and charging structural SPAC fees such as a 2% annual management fee plus a sponsor promote of 20%, positioning the company in the roughly $400 billion clinical research and trials market as it scales its federated data curation model and commercial relationships

Data Knights Acquisition Corp. (DKDCA) - Intro

• Data Knights Acquisition Corp. (DKDCA) was formed as a special purpose acquisition company (SPAC) targeting technology and software businesses.
• In April 2022, DKDCA announced a definitive agreement to combine with OneMedNet Corporation, a Minneapolis-based provider of regulatory‑grade imaging real‑world data (RWD) solutions.
• DKDCA shareholders approved the merger on October 17, 2023; 1,614,148 shares of Class A common stock were redeemed, resulting in approximately $17.9 million being removed from the SPAC trust account.
• The business combination closed on November 7, 2023. The combined company operates as OneMedNet Corporation and trades on Nasdaq under the tickers ONMD (common) and ONMDW (warrant).
• DKDCA had raised approximately $300 million in its IPO prior to completing the merger.
• As of December 16, 2025, OneMedNet Corporation (formerly DKDCA) is priced at $1.24 per share, a decline of 18.42% from the prior close.

• Pre‑merger capital: ~ $300M held in SPAC trust at IPO (subject to redemptions).
• Redemptions on merger approval reduced trust cash by ~$17.9M (1,614,148 shares redeemed).
• Post‑combination public float and insider stakes were determined by the merger agreement; OneMedNet trades as a public operating company on Nasdaq.
• Warrants trade under ONMDW, offering potential future capital if exercised per warrant terms.

• Mission: To provide regulatory‑grade imaging real‑world data and analytic solutions that accelerate clinical development, regulatory submissions, and post‑market evidence generation.
• Core capabilities: aggregation and curation of imaging datasets, standardized annotations, longitudinal clinical data linkage, and validated analytic workflows for regulatory use.

• Data acquisition: ingesting imaging and associated clinical data from hospitals, imaging centers, registries and partners under compliant data use agreements.
• Data curation and standardization: cleaning, de‑identification, annotation, and harmonization to regulatory standards (DICOM, controlled vocabularies).
• Productization: packaging datasets and analytic outputs into regulatory‑grade data products, study‑specific services, and platform subscriptions.
• Customer engagement: supporting biotech, pharma, CROs, and device firms for clinical trial imaging, real‑world evidence (RWE) studies, and regulatory submissions.

• Capital base: initial SPAC proceeds (~$300M) provided sizable runway for scaling data acquisition and product development, though redemptions reduced trust cash by ~$17.9M at closing.
• Liquidity and market performance: share price at $1.24 (Dec 16, 2025) reflects market valuation and investor sentiment post‑combination; warrants (ONMDW) can represent future capital if exercised.
• Business‑model drivers: growth depends on expanding proprietary datasets, recurring subscription adoption, high‑margin services, and regulatory acceptance of imaging RWE.
• Risks: data sourcing/consent constraints, regulatory scrutiny, competitive landscape in RWD and imaging AI, and typical post‑SPAC integration challenges.

Data Knights Acquisition Corp. (DKDCA): History

• DKDCA's IPO raised approximately $300 million.
• Cash balance as of Q3 2023: $150 million.
• Post-merger, OneMedNet Corporation market capitalization: ~$40.14 million (5.173 million shares outstanding).
• Enterprise value: ~$42.86 million; EBIT: -$4.54 million.
• As of December 16, 2025, OneMedNet stock price: $1.24 (down 18.42% from previous close).

• Insider shareholders: 45.72%.
• Institutional shareholders: 35.35%.
• Public float (remaining): 54.28%.

Data Knights Acquisition Corp. (DKDCA) - Ownership Structure

• Data Knights Acquisition Corp. (DKDCA) partners with healthcare-data platforms to unlock the value in clinical image archives and related contextual records.
• DKDCA's objective is to connect healthcare providers and patients by enabling direct, secure access to clinical images and associated patient data to support care and research.
• The company prioritizes curating regulatory-grade imaging real-world data (iRWD™) to accelerate earlier detection, monitoring, and therapeutic discovery across life sciences.
• DKDCA emphasizes building a federated network of healthcare systems and providers to aggregate multi-layer imaging and clinical data from diverse facilities while keeping data governance local.
• The firm is committed to meeting stringent real-world data (RWD) life-science standards to ensure commercial and regulatory viability of imaging-derived datasets.
• Innovation and disruption are core values - DKDCA seeks to transform healthcare-data options to enable discovery of impactful treatments for chronic illnesses.

• Platform licensing: DKDCA funds or partners with imaging-data platform operators and takes recurring licensing or revenue-share rights for curated iRWD™ sets supplied to life-science clients.
• Data curation/subscription: DKDCA aggregates regulatory-grade imaging RWD and sells subscriptions or API access to pharmaceutical and biotech firms for R&D, biomarker development, and clinical validation.
• Transaction and milestones: revenue from milestone payments or equity upside when portfolio companies leveraging DKDCA-curated datasets hit clinical or commercial triggers.
• Professional services: curated cohort generation, annotation, and regulatory consulting for trials and real-world-evidence studies generate project fees.
• Strategic partnerships and licensing of IP generated from imaging-derived algorithms and models produce licensing and royalty income.

• Sponsors/initial backers typically hold founder shares that represent a concentrated governance stake while public investors hold the bulk of liquid equity.
• Post-merger equity dilution and sponsor rollovers materially affect pro forma ownership percentages-sponsor equity is often structured to align long-term incentives with life-science customers and data-platform partners.
• Institutional investors and strategic life-science buyers often acquire meaningful stakes after de-SPAC to secure preferred access to curated imaging RWD assets.

Data Knights Acquisition Corp. (DKDCA): Mission and Values

• Data Knights Acquisition Corp. (DKDCA) partners with OneMedNet to deploy the iRWD™ platform, which securely de-identifies, indexes and curates imaging-centric real-world data (RWD) at source.
• iRWD™ runs locally at participating facilities, enabling searches across distributed archives without centralizing PHI - a privacy-first federated approach.
• The federated network currently spans over 200 healthcare systems and provider organizations, allowing rapid cross‑facility cohort discovery and multi-layer data curation.
• Searches return regulatory-grade image-centric RWD that are matched to life-science partners' case-selection protocols, including DICOM images with contextual clinical records.
• Solutions enable life-science clients to request and receive curated datasets or initiate on-site study workflows while preserving institutional control over underlying data.

• Secure de-identification: automated, standards-aligned processes run locally to remove or pseudonymize identifiers before any data access.
• Federated query engine: simultaneous multi-site queries that return aggregated counts and, upon approvals, curated case packages.
• Image-centric curation: automated and manual QC to ensure imaging datasets meet regulatory and trial-readiness specifications.
• Direct provider-patient connection: workflows to enable compliant recontact or recruitment where permitted by local governance.

• Federated footprint: >200 healthcare systems/providers across multiple U.S. regions.
• Latency: multi-site cohort queries yield initial aggregate results in hours to days depending on governance approvals.
• Curated throughput: platform designed to process thousands of cases per month; typical client engagements range from hundreds to tens of thousands of cases over multi-month projects.
• Regulatory readiness: image packages include DICOM, structured metadata, and audit trails to support regulatory submissions and clinical validation activities.

• Healthcare providers: monetize dormant imaging assets while retaining local control and governance; share in revenue via contributor programs.
• Life-science partners: access high-quality, regulatory-grade imaging RWD matched to protocol-specific inclusion/exclusion criteria.
• Patients: potential access pathways to trials and post-market studies via compliant recontact workflows.

• Local processing and de-identification mitigate central PHI transfer risk and simplify institutional approvals.
• Standardized QC and annotation pipelines ensure datasets meet life-science expectations for reproducibility and regulatory review.
• Audit trails, access logs, and data lineage support compliance with HIPAA, Common Rule considerations, and sponsor due diligence.

• DKDCA positions OneMedNet's iRWD™ as a differentiated offering in the RWD market by emphasizing image-centric, regulatory-grade datasets and a federated privacy-preserving architecture.
• Target customers include pharma, biotech, medtech, CROs, and diagnostic companies seeking imaging endpoints, external control arms, or validation datasets.

Data Knights Acquisition Corp. (DKDCA): How It Works

• IPO capital: DKDCA raised approximately $300 million in its initial public offering, held in trust until a qualifying business combination.
• Management fees: DKDCA charged a 2% annual management fee on total assets under management (AUM), creating recurring fee revenue while funds were held or invested.
• Promote structure: Sponsors were entitled to a 20% promote-i.e., 20% of post-merger equity value or profits-subject to deal terms and shareholder approvals.

• Fee income from sponsors/managers: 2% management fee on assets (e.g., ~$6M/yr on $300M) that supported operating costs and early commercialization efforts.
• Sponsor promote realization: 20% promote that rewarded sponsors if the merged entity's equity appreciated following commercialization and market appreciation.
• Direct operating revenue via OneMedNet's products and services:

• iRWD™ monetization - licensing of integrated Real-World Data imaging solutions to life sciences companies for clinical trials, regulatory submissions, and R&D.
• Data access subscriptions - charging researchers and companies for curated imaging data archives and curated datasets, often via tiered access or pay-per-use.
• Federated network services - providing secure, privacy-preserving federated access to distributed imaging data, with fees for integrations, analytics, and model validation services.
• Professional services - implementation, data annotation, model training, and regulatory support for customers deploying imaging-based solutions.

• Commercial agreements with life sciences and healthcare providers to license iRWD™ and imaging archives.
• Scaling the federated network to increase dataset breadth and depth, raising per-client value and enabling higher subscription fees.
• Monetizing curated imaging archives for R&D use cases - enabling one-time dataset sales, subscriptions, and long-term partnerships.

Data Knights Acquisition Corp. (DKDCA): How It Makes Money

• Data licensing and subscriptions - recurring fees from life sciences customers accessing curated imaging RWD and analytics.
• Clinical trial services - fees for cohort identification, imaging endpoints, and site-feasibility powered by the federated network.
• Outcome-driven partnerships - shared-revenue deals with biopharma for discovery programs and post-market evidence generation.
• Platform integration & analytics - professional services and implementation fees for iRWD™ deployments across provider systems.

• Addressable market: approximately $400 billion clinical research and clinical trials market.
• Network scale: growing federated network of over 200 healthcare systems and providers for data curation and validation.
• Product differentiation: iRWD™ regulatory-grade imaging RWD solution targeted at accelerating drug discovery and chronic disease treatment development.

• CEO: Paul Casey - focused on commercial expansion and partner engagement.
• Founder: Dr. Jeffrey Yu - drives technical roadmap and clinical data standards.
• Public market indicator: as of December 16, 2025, OneMedNet Corporation stock price $1.24, down 18.42% from previous close.