American Oncology Network Announces Voluntary Delisting From Nasdaq

FORT MYERS, Fla., May 21, 2024 (GLOBE NEWSWIRE) -- American Oncology Network (“AON” or the “Company”) (Nasdaq: AONC), a rapidly growing network of community-based oncology practices, announced today 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 comprised 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 deregister its Class A common stock and warrants under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), on or about May 31, 2024, and as a result, the Company expects that the last trading day of its Class A common stock and warrants on Nasdaq will be on or about June 7, 2024.

In making its determination, the Special Committee concluded that delisting the Company’s securities from Nasdaq is in the best interests of the Company and its stakeholders. The Special Committee’s recommendation and the Board’s decision were the product of careful review and consideration of a number of factors, including, but not limited to, (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 required personnel resources and expenses relating to continued Exchange Act and Nasdaq disclosure and reporting requirements and related regulatory burdens, which have resulted and would continue to result in significant operating expense and attention of the Company’s management team.

Todd Schonherz, Chief Executive Officer, commented, “AON has delivered an impressive five-year revenue CAGR of 42% and continues to experience strong momentum with the addition of 40 providers and four new practices to the network year-to-date. AON is in a healthy financial position with a robust balance sheet of over $100 million in cash and short-term securities as of March 31, 2024. While going public allowed us to raise growth capital and provide equity to key stakeholders, we believe that we will be better positioned to maximize shareholder value going forward by delisting.”