American Oncology Network announces voluntary delisting

FORT MYERS, Fla., May 21, 2024 (GLOBE NEWSWIRE) — American Oncology Network (“AON” or the “Company”) (Nasdaq: AONC), a rapidly growing network of community oncology practices, today announced its decision to voluntarily delist its Class A common stock and warrants from the Nasdaq Capital Market (“Nasdaq”). The Company’s decision to delist its securities from Nasdaq was recommended to the board of directors (the “Board”) of the Company by a special committee (the “Special Committee”) of the Board composed solely of independent directors.

The Company intends to file a Form 25 with the Securities and Exchange Commission (the “SEC”) to delist its Class A common stock and warrants from Nasdaq and to delist its Class A common stock and warrants class A under section 12(b) of the Securities. Exchange Act of 1934, as amended (the “Exchange Act”), on or about May 31, 2024 and, accordingly, the Company expects that the last day of trading of its Class A common stock and of its warrants to Nasdaq on or around June 7, 2024.

In making its decision, the Special Committee concluded that delisting the Company’s securities from Nasdaq was in the best interests of the Company and its stakeholders. The Special Committee’s recommendation and the Board’s decision are the result of careful consideration and consideration of a number of factors, including (1) the lack of research coverage of the Company by securities and industry analysts, (2) the lack of an active trading market for its securities on Nasdaq, and (3) the personnel resources and expenses required related to maintaining disclosure requirements and of Exchange Act and Nasdaq reporting and associated regulatory burdens, which have resulted and will continue to result in significant operating expenses. and the attention of the Company’s management team.

Todd Schonherz, CEO, commented: “AON achieved an impressive five-year revenue CAGR of 42% and continues to see strong momentum with the addition of 40 providers and four new practices to the network since inception. of the year. AON is in a healthy financial position with a strong balance sheet of over $100 million in cash and short-term securities as of March 31, 2024. While our IPO allowed us to raise growth capital and provide equity to key stakeholders, we believe we will be better positioned to maximize shareholder value in the future through the delisting.

Following the delisting of the Company’s common stock and warrants from Nasdaq, the Company expects that its common stock and warrants will be listed for trading on a market operated by OTC Markets Group Inc. ( “OTC”) so that a trading market can continue to exist for these securities. There is, however, no guarantee that any broker-dealer will continue to make a market for the common shares and warrants.

About the American Oncology Network

American Oncology Network (AON) (Nasdaq: AONC) is an alliance of physicians and seasoned healthcare leaders who partner to ensure the long-term success and viability of community oncology and other specialties. Founded in 2018, AON’s rapidly expanding network represents more than 240 providers practicing in 21 states. AON is pioneering innovative healthcare solutions through its physician-led model, driving value-based care that improves patient outcomes while reducing costs and expanding access to quality care. quality. AON equips physicians in its network with the tools they need to thrive independently while providing comprehensive support, integrated ancillary services to diversify revenue, and practice management expertise, allowing physicians to focus on what matters most: providing the highest level of care to every patient. AON is committed to promoting health equity by addressing disparities in cancer care and ensuring all patients have access to the care they need to achieve optimal health outcomes. With a focus on innovation and collaboration, AON is shaping the future of community oncology. Learn more at www.AONcology.com.

Forward-looking statements

This press release contains forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s strategy, its intentions to voluntarily delist its securities from Nasdaq and any anticipated results of such actions. Forward-looking statements are generally identified by words such as “plan”, “believe”, “expect”, “anticipate”, “intend”, “continue”, “could”, “may”, “could”, “possible”, “potential”, “predict”, “should”, “would” and other similar words and expressions, but the absence of these words does not mean that a statement is not Forward-looking statements are based on current expectations as of the date of this press release and involve a number of risks and uncertainties, which could cause results to differ materially from those indicated in these forward-looking statements. cause actual future events to differ materially from the forward-looking statements contained in this press release, including, but not limited to, the future liquidity of the Company’s securities, the continued growth of the Company, changes in the board of directors and management of the Company. the management and dependence of the Company on its management team. The foregoing list of factors is not exhaustive.

You should carefully consider the above factors and other risks and uncertainties described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on March 28, 2024., as amended on April 29, 2024, and the Company’s other filings with the SEC. These SEC filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on any forward-looking statements, and we undertake no obligation and do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We make no guarantee that we will achieve our expectations.

Investor contact:
Solebury Strategic Communications
[email protected]