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Digital Transformation Opportunities Corp. - DTOC

  • Commons

    $9.73

    +0.21%

    DTOC Vol: 1.8K

  • Warrants

    $0.66

    -5.74%

    DTOCW Vol: 23.7K

  • Units

    $9.86

    -0.10%

    DTOCU Vol: 300.0

Average: 0
Rating Count: 0
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SPAC Stats

Market Cap: 324.5M
Average Volume: 30.3K
52W Range: $9.60 - $10.30
Weekly %: -0.31%
Monthly %: -0.21%
Inst Owners: 52

Info

Target: Searching
Days Since IPO: 270
Unit composition:
Each unit has an offering price of $10.00 and consists of one share of Class A common stock and one-half of one redeemable warrant
Trust Size: 25000000.0M

Management

Officers, Directors and Director Nominees Name ​ ​ Age ​ ​ Position ​ Kevin Nazemi ​ ​ 39 ​ ​ Chairman of the Board and Chief Executive Officer ​ Kyle Francis ​ ​ 47 ​ ​ Chief Financial Officer and Secretary ​ Bradley Fluegel ​ ​ 59 ​ ​ Director Nominee ​ Jim Moffatt ​ ​ 62 ​ ​ Director Nominee ​ Heather Zynczak ​ ​ 49 ​ ​ Director Nominee ​ Our executive officers, directors and director nominees are as follows: Mr. Kevin Nazemi serves as our Chairman of the Board and Chief Executive Officer. Mr. Nazemi currently serves as a Partner at Lobby 7 Capital Inc., a startup investment and incubation firm. From November 2012 to April 2015, Mr. Nazemi served as the Co-Chief Executive Officer of Oscar Health Insurance, a technology-driven health insurance company. Mr. Nazemi co-founded Oscar Health in November 2012. In January 2016, Mr. Nazemi founded Renew Health Limited, a technology-driven health platform focused on retirees, and served as its Chief Executive Officer from January 2016 to January 2020. From 2003 to 2008, Mr. Nazemi held several positions at Microsoft Corporation. Mr. Nazemi currently serves on the board of directors of Premera Blue Cross, the largest health plan in the Pacific Northwest. Mr. Nazemi completed a joint MBA/MPP program offered by the Kennedy School of Government, where he was a Zuckerman Fellow, and the Harvard Business School, where he was a Paul & Daisy Soros Fellow. Mr. Nazemi holds a Bachelor of Science from Massachusetts Institute of Technology. We believe Mr. Nazemi is well qualified to serve on our board of directors based on his extensive experience in the healthcare and technology sectors, as well as his significant leadership and operational experience. Mr. Kyle Francis serves as our Chief Financial Officer and Secretary. Mr. Francis recently served as the Chief Executive Officer of Southern California Reproductive Center, a leading chain of fertility clinics, from September 2015 to June 2020, and as its Chief Financial Officer from May 2014 to September 2015. Prior to that, Mr. Francis served as Chief Financial Officer from December 2010 to May 2014 and as EVP, Business Development from November 2008 to December 2010 of Apollo Medical Holdings, Inc., a publicly traded healthcare management company. Prior to Apollo, Mr. Francis was an investment banker at CIBC World Markets Inc. from March 2000 to September 2008, in the middle market healthcare and capital markets groups focused on healthcare, technology and industrials. Mr. Francis currently serves on the board of directors of RaceRocks, a Canadian technology company focused on virtual reality training and remote learning for the defense industry. Mr. Francis also acts as an executive advisor to a number of private healthcare companies. Mr. Francis graduated from McGill University with a Bachelor of Commerce. Mr. Bradley Fluegel will serve as a director upon consummation of this offering. Mr. Fluegel currently advises a number of technology-enabled healthcare companies including Cricket Health Inc., Galileo Inc., Hims Inc., Pager Inc., and VillageMD Chicago, LLC. From October 2012 to January 2018, Mr. Fluegel was the Senior Vice President, Chief Healthcare Commercial Market Development Officer and Chief Strategy and Business Development Officer for Walgreens Company. Prior to Walgreens, Mr. Fluegel served as an executive in residence at Health Evolution Partners from April 2011 to September 2012, Executive Vice President and Chief Strategy and External Affairs Officer of Anthem Inc. from October 2007 to December 2010, Senior Vice President of National Accounts and Vice President of Enterprise Strategy at Aetna Inc. from March 2005 to September 2007, and Chief Executive Officer for Reden & Anders (Optum Consulting) from October 2002 to February 2005. Mr. Fluegel currently serves on the board of directors of Alight Solutions, Metropolitan Jewish Health System in New York City, Performant Financial Corporation, AdhereHealth LLC and Premera Blue Cross. Mr. Fluegel earned a MPP from Harvard University’s Kennedy School of Government and a BBA from the University of Washington. Mr. Fluegel also serves as a lecturer at the University of Pennsylvania’s Wharton School of Business. 117 TABLE OF CONTENTS We believe Mr. Fluegel is well qualified to serve on our board of directors based on his extensive experience in the healthcare industry and his significant leadership and operational experience. Mr. Jim Moffatt will serve as a director upon consummation of this offering. Mr. Moffatt held various leadership positions at Deloitte LLP from 1986 to 2018, including: Vice Chairman of Deloitte Consulting from January 2018 to December 2018, Global Chief Executive Officer of Deloitte Consulting from June 2015 to December 2017, Deputy Chief Executive Officer—Global for Deloitte U.S. from April 2015 to March 2017, Chairman and Chief Executive Officer for Deloitte Consulting U.S. from May 2011 to December 2015, Managing Principal for Deloitte U.S. Consulting Clients & Industries from June 2009 to May 2011, National Managing Director Consulting Client Excellence and Regions Leader from June 2007 to May 2009, Principal from June 1994 to May 2007, and Senior Manager from June 1986 to May 1994. Mr. Moffatt currently serves on several advisory boards including Centre for Neuro Skills, SparkCognition, and Icertis and is a strategic advisor to the board of Optiv Security Inc. Mr. Moffatt is also a strategic advisor to Bridgepoint LLC, Greycroft, Kyriba Corp., and March Capital and serves on academic committees for organizations including UCLA Anderson School and the UCLA Chancellor’s Cabinet Council. Mr. Moffatt holds an MBA from UCLA Anderson School of Management and a Bachelor of Arts from University of California, San Diego. We believe Mr. Moffatt is well qualified to serve on our board of directors based on his strong business and organizational leadership skills and his deep understanding of the healthcare industry. Ms. Heather Zynczak will serve as a director upon consummation of this offering. From August 2016 to October 2020, Ms. Zynczak served as the Chief Marketing Officer of Pluralsight Inc. Prior to Pluralsight, from March 2012 to August 2016, Ms. Zynczak served as the Chief Marketing Officer of Domo Inc. Prior to Domo, Ms. Zynczak served as the Global Vice President of Marketing of SAPSE from February 2006 to March 2012, and as Senior Director of Product Strategy of Oracle Corporation from September 2001 to February 2006. Prior to Oracle, Ms. Zynczak served in consulting roles with Booz Allen Hamilton Inc., Boston Consulting Group, and Accenture plc. Ms. Zynczak currently serves on the board of directors of Thryv Holdings, Inc. and as an Operating Advisor to Elsewhere Partners, a growth-stage venture capital firm. Ms. Zynczak has an MBA from The Wharton School of the University of Pennsylvania and a Bachelor of Business Administration from University of Texas at Austin. We believe that Ms. Zynczak is well qualified to serve on our board of directors based on her business expertise and business industry contacts. Number and Terms of Office of Officers and Directors We will have four directors upon the completion of this offering. Our board of directors will be divided into two classes with only one class of directors being elected in each year and each class (except for those directors appointed prior to our first annual meeting of stockholders) serving a two-year term. The term of office of the first class of directors, consisting of        and       will expire at our first annual meeting of stockholders. The term of office of the second class of directors, consisting of Mr. Nazemi and       , will expire at the second annual meeting of stockholders. Prior to the completion of our initial business combination, any vacancy on the board of directors may be filled by a nominee chosen by holders of a majority of our shares of Class B common stock. In addition, prior to the completion of our initial business combination, holders of a majority of our shares of Class B common stock may remove a member of the board of directors for any reason. Pursuant to an agreement to be entered into concurrently with the issuance and sale of the securities in this offering, our sponsor, upon consummation of an initial business combination, will be entitled to nominate three individuals for election to our board of directors. Our officers are appointed by the board of directors and serve at the discretion of the board of directors. Our board of directors is authorized to appoint persons to the offices set forth in our bylaws as it deems appropriate. Our bylaws provide that our officers may consist of a Chairman of the Board, Chief Executive Officer, Chief Financial Officer, President, Vice Presidents, Secretary, Treasurer, Assistant Secretaries and such other offices as may be determined by the board of directors. 118 TABLE OF CONTENTS Director Independence Nasdaq listing rules require that a majority of our board of directors be independent. An “independent director” is defined generally as a person other than an officer or employee of the company or its subsidiaries or any other individual having a relationship, which, in the opinion of the company’s board of directors, would interfere with the director’s exercise of independent judgment in carrying out the responsibilities of a director. We will have three “independent directors” as defined in Nasdaq listing rules and applicable SEC rules. Our board has determined that each of Bradley Fluegel, Jim Moffatt and Heather Zynczak are independent directors under applicable SEC and Nasdaq listing rules. Our independent directors will have regularly scheduled meetings at which only independent directors are present. Officer and Director Compensation In no event will our existing officers or directors be paid any finder’s fee, reimbursement, consulting fee, monies in respect of any payment of a loan or other compensation by the company prior to, or in connection with any services rendered for any services they render in order to effectuate, the completion of our initial business combination (regardless of the type of transaction that it is). However, these individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. We do not have a policy that prohibits our sponsor, officers or directors, or any of their respective affiliates, from negotiating for the reimbursement of out-of-pocket expenses by a target business. Our audit committee will review on a quarterly basis all payments that were made to our sponsor, officers or directors, or our or their affiliates. Any such payments prior to an initial business combination will be made using funds held outside the trust account. Other than quarterly audit committee review of such payments, we do not expect to have any additional controls in place governing our reimbursement payments to our directors and officers for their out-of-pocket expenses incurred in connection with identifying and consummating an initial business combination. After the completion of our initial business combination, directors or members of our management team who remain with us may be paid consulting or management fees from the combined company. These fees will be disclosed to stockholders in accordance with applicable rules and regulations, to the extent then known, in the tender offer materials or proxy solicitation materials furnished to our stockholders in connection with a proposed initial business combination. We have not established any limit on the amount of such fees that may be paid by the combined company to our directors or members of management. It is unlikely the amount of such compensation will be known at the time of the proposed initial business combination, because the directors of the post-combination business will be responsible for determining officer and director compensation. Any compensation to be paid to our officers will be determined, or recommended to the board of directors for determination, either by a compensation committee constituted solely by independent directors or by a majority of the independent directors on our board of directors. We do not intend to take any action to ensure that members of our management team maintain their positions with us after the consummation of our initial business combination, although it is possible that some or all of our officers and directors may negotiate employment or consulting arrangements to remain with us after our initial business combination. The existence or terms of any such employment or consulting arrangements to retain their positions with us may influence our management team’s motivation in identifying or selecting a target business but we do not believe that the ability of our management to remain with us after the consummation of our initial business combination will be a determining factor in our decision to proceed with any potential business combination. We are not party to any agreements with our officers and directors that provide for benefits upon termination of employment. Committees of the Board of Directors Upon the effective date of the registration statement of which this prospectus forms a part, our board of directors will have two standing committees: an audit committee and a compensation committee. Both our audit committee and our compensation committee will be composed solely of independent directors. 119 TABLE OF CONTENTS Audit Committee Upon the effectiveness of the registration statement of which this prospectus forms a part, we will establish an audit committee of the board of directors. The members of our audit committee will be Bradley Fluegel, Jim Moffatt and Heather Zynczak.      will serve as chairperson of the audit committee. Each member of the audit committee is financially literate and our board of directors has determined that Bradley Fluegel qualifies as an “audit committee financial expert” as defined in applicable SEC rules. We will adopt an audit committee charter, which will detail the principal functions of the audit committee, including: • assisting board oversight of (1) the integrity of our financial statements, (2) our compliance with legal and regulatory requirements, (3) the independent registered public accounting firm’s qualifications and independence and (4) the performance of our internal audit function and the independent registered public accounting firm; ​ • the appointment, compensation, retention, replacement, and oversight of the work of the independent registered public accounting firm engaged by us; ​ • pre-approving all audit and permitted non-audit services to be provided by the independent registered public accounting firm engaged by us, and establishing pre-approval policies and procedures; ​ • setting clear hiring policies for employees or former employees of the independent registered public accounting firm, including but not limited to, as required by applicable laws and regulations; ​ • setting clear policies for audit partner rotation in compliance with applicable laws and regulations; ​ • obtaining and reviewing a report, at least annually, from the independent registered public accounting firm describing (i) the independent registered public accounting firm’s internal quality-control procedures, (ii) any material issues raised by the most recent internal quality-control review, or peer review, of the audit firm, or by any inquiry or investigation by governmental or professional authorities within the preceding five years respecting one or more independent audits carried out by the firm and any steps taken to deal with such issues and (iii) all relationships between the independent registered public accounting firm and us to assess the independent registered public accounting firm’s independence; ​ • meeting to review and discuss our annual audited financial statements and quarterly financial statements with management and the independent registered public accounting firm, including reviewing our specific disclosures under “Management’s Discussion and Analysis of Financial Condition and Results of Operations”; ​ • reviewing and approving any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to us entering into such transaction; and ​ • reviewing with management, the independent registered public accounting firm, and our legal advisors, as appropriate, any legal, regulatory or compliance matters, including any correspondence with regulators or government agencies and any employee complaints or published reports that raise material issues regarding our financial statements or accounting policies and any significant changes in accounting standards or rules promulgated by the Financial Accounting Standards Board, the SEC or other regulatory authorities. ​ Compensation Committee Upon the effectiveness of the registration statement of which this prospectus forms a part, we will establish a compensation committee of the board of directors. The members of our compensation committee are Bradley Fluegel, Jim Moffatt and Heather Zynczak.       will serve as chairperson of the compensation committee. We will adopt a compensation committee charter, which will detail the principal functions of the compensation committee, including: 120 TABLE OF CONTENTS • reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer’s compensation, if any is paid by us, evaluating our Chief Executive Officer’s performance in light of such goals and objectives and determining and approving the remuneration (if any) of our Chief Executive Officer based on such evaluation; ​ • reviewing and making recommendations on an annual basis to our board of directors with respect to (or approving, if such authority is so delegated by our board of directors) the compensation, if any is paid by us, and any incentive-compensation and equity-based plans that are subject to board approval of our other officers; ​ • reviewing on an annual basis our executive compensation policies and plans; ​ • implementing and administering our incentive compensation equity-based remuneration plans; ​ • assisting management in complying with our proxy statement and annual report disclosure requirements; ​ • approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our officers and employees; ​ • if required, producing a report on executive compensation to be included in our annual proxy statement; and ​ • reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors. ​ Notwithstanding the foregoing, as indicated above, until the earlier of the consummation of our initial business combination or our liquidation and in connection with potentially providing financing or other investments in connection with our initial business combination, no compensation of any kind, including finders, consulting or other similar fees, will be paid to any of our existing stockholders, officers, directors or any of their respective affiliates, prior to, or for any services they render in order to effectuate the consummation of an initial business combination. Accordingly, it is likely that prior to the consummation of an initial business combination, the compensation committee will o

Holder Stats

1 0
% of Shares Held by All Insider 0.00%
% of Shares Held by Institutions 67.96%
% of Float Held by Institutions 67.96%
Number of Institutions Holding Shares 52

Mutual Fund Holders

Holder Shares Date Reported Value % Out
Saba Capital Income & Opportunities Fd 141108 2021-08-30 1356047 0.42
AQR Funds-AQR Diversified Arbitrage Fd 82932 2021-06-29 807757 0.25
Fidelity NASDAQ Composite Index Fund 2055 2021-09-29 19933 0.01

SEC Filings

Form Type Form Description Filing Date Document Link
8-K FORM 8-K 2021-11-22 https://www.sec.gov/Archives/edgar/data/1839998/000110465921142036/tm2132786d1_8k.htm
10-Q 10-Q 2021-11-22 https://www.sec.gov/Archives/edgar/data/1839998/000141057821000357/dtocu-20210930x10q.htm
NT 10-Q NT 10-Q 2021-11-16 https://www.sec.gov/Archives/edgar/data/1839998/000110465921139962/tm2126509d2_nt10q.htm
10-Q FORM 10-Q 2021-08-24 https://www.sec.gov/Archives/edgar/data/1839998/000110465921108954/dtocu-20210630x10q.htm
NT 10-Q NT 10-Q 2021-08-17 https://www.sec.gov/Archives/edgar/data/1839998/000110465921106646/tm2118731d2_nt10q.htm
10-Q FORM 10-Q 2021-05-27 https://www.sec.gov/Archives/edgar/data/1839998/000110465921072632/dtocu-20210331x10q.htm
8-K FORM 8-K 2021-05-27 https://www.sec.gov/Archives/edgar/data/1839998/000110465921072592/tm2117704d1_8k.htm
NT 10-Q NT 10-Q 2021-05-18 https://www.sec.gov/Archives/edgar/data/1839998/000110465921068454/tm2113998d2_nt10q.htm
8-K FORM 8-K 2021-04-30 https://www.sec.gov/Archives/edgar/data/1839998/000110465921058381/tm2114483d1_8k.htm
8-K FORM 8-K 2021-03-18 https://www.sec.gov/Archives/edgar/data/1839998/000110465921038431/tm219815d1_8k.htm
8-K 8-K 2021-03-12 https://www.sec.gov/Archives/edgar/data/1839998/000110465921035499/tm219509d1_8k.htm
424B4 424B4 2021-03-11 https://www.sec.gov/Archives/edgar/data/1839998/000110465921035097/tm212945-8_424b4.htm
3 OWNERSHIP DOCUMENT 2021-03-10 https://www.sec.gov/Archives/edgar/data/1839998/000110465921034527/xslF345X02/tm218985-4_3seq1.xml
EFFECT 2021-03-09 https://www.sec.gov/Archives/edgar/data/1839998/999999999521000874/xslEFFECTX01/primary_doc.xml
3 OWNERSHIP DOCUMENT 2021-03-09 https://www.sec.gov/Archives/edgar/data/1839998/000110465921034040/xslF345X02/tm218985-6_3seq1.xml
3 OWNERSHIP DOCUMENT 2021-03-09 https://www.sec.gov/Archives/edgar/data/1839998/000110465921034039/xslF345X02/tm218985-5_3seq1.xml
3 OWNERSHIP DOCUMENT 2021-03-09 https://www.sec.gov/Archives/edgar/data/1839998/000110465921034038/xslF345X02/tm218985-3_3seq1.xml
3 OWNERSHIP DOCUMENT 2021-03-09 https://www.sec.gov/Archives/edgar/data/1839998/000110465921034037/xslF345X02/tm218985-2_3seq1.xml
3 OWNERSHIP DOCUMENT 2021-03-09 https://www.sec.gov/Archives/edgar/data/1839998/000110465921034036/xslF345X02/tm218985-1_3seq1.xml
S-1MEF S-1MEF 2021-03-09 https://www.sec.gov/Archives/edgar/data/1839998/000110465921034022/tm212945d13_s1mef.htm
CERT 2021-03-09 https://www.sec.gov/Archives/edgar/data/1839998/000135445721000320/8A_Cert_DTOC.pdf
8-A12B 8-A12B 2021-03-08 https://www.sec.gov/Archives/edgar/data/1839998/000110465921033158/tm212945d11_8a12b.htm
CORRESP 2021-03-05 https://www.sec.gov/Archives/edgar/data/1839998/000110465921032541/filename1.htm
CORRESP 2021-03-05 https://www.sec.gov/Archives/edgar/data/1839998/000110465921032530/filename1.htm
S-1/A S-1/A 2021-03-01 https://www.sec.gov/Archives/edgar/data/1839998/000110465921029545/tm212945-5_s1a.htm
CORRESP 2021-02-26 https://www.sec.gov/Archives/edgar/data/1839998/000110465921029547/filename1.htm
UPLOAD 2021-02-25 https://www.sec.gov/Archives/edgar/data/1839998/000000000021002284/filename1.pdf
S-1 S-1 2021-02-12 https://www.sec.gov/Archives/edgar/data/1839998/000110465921022029/tm212945-3_s1.htm
DRS 2021-01-29 https://www.sec.gov/Archives/edgar/data/1839998/000110465921009507/filename1.htm