American Oncology Network, LLC entered into a term sheet to acquire Digital Transformation Opportunities Corp. (NasdaqCM:DTOC) from a group of shareholders on September 2, 2022. American Oncology Network, LLC entered into a definitive business combination agreement to acquire Digital Transformation Opportunities Corp. from a group of shareholders for approximately $310 million in a reverse merger transaction on October 5, 2022. Under the terms of the definitive business combination agreement, the proposed Business Combination values the combined company at a pro forma enterprise value of approximately $500 million. Existing AON equity holders will roll 100% of their equity in AON. Upon completion of the Business Combination, the combined company expects to be listed on Nasdaq. Upon the closing of the Business Combination, AON's senior leadership team will continue to serve in their current roles. The combined company will be led by AON's Chief Executive Officer Todd Schonherz, President and Chief Development Officer Brad Prechtl, Chief Financial Officer David Gould, and Chief Medical Officer Fred Divers. he proposed Business Combination, which has been approved by DTOC's board of directors and AON's board of managers and members. AON will pay to DTOC a termination fee of $18 million. The closing of the proposed Business Combination is subject to approval by DTOC's stockholders, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, the continued validity and effectiveness of the written consent of the AON shareholders approving the Business Combination, the receipt of certain required regulatory consents or approvals with respect to the Business Combination, the listing of the shares of DTOC Class A common stock on Nasdaq and other customary closing conditions, including any applicable regulatory approvals. The deal is expected to close in the first half of 2023.

David M. Hernand, Lucas Rachuba, Stephen H. Harris and Jonathan Ko of Paul Hastings LLP is serving as legal advisor to DTOC. Woolery & Co. PLLC and Ilan Katz and Brian Lee of Dentons US LLP are serving as legal advisors to AON. Mark Zimkind of Continental Stock Transfer & Trust Company acted as DTOC's transfer agent. DTOC has engaged Morrow Sodali LLC (“Morrow Sodali”) to assist in the solicitation of proxies for the Special Meeting. DTOC has agreed to pay Morrow Sodali a fee of $12,500, plus disbursements. Richard Zall of King & Spalding LLP acted as legal advisor to Digital Transformation Opportunities Corp.