Motion Acquisition Corp. and DocGo Announce Closing of Business Combination, will Begin Trading on Nasdaq Under the Symbol "DCGO"
NEW YORK, Nov. 5, 2021 /PRNewswire/ -- DocGo, Inc. (formerly Ambulnz, Inc.), a leading provider of Mobile Health services and integrated medical mobility solutions, announced today the completion of its previously announced business combination with Motion Acquisition Corp. ("Motion") (Nasdaq: MOTN), a special purpose acquisition company. Beginning on Monday, November 8, 2021, DocGo's common stock and warrants will trade on Nasdaq under the ticker symbols "DCGO" and "DCGOW", respectively.
"We are thrilled to announce the completion of our business combination with Motion and advance to this next chapter as a public company," said Stan Vashovsky, CEO of DocGo. "Today represents a significant milestone in our journey, and we are eager to use this additional capital to fuel growth as we expand our geographic footprint in Mobile Health services."
The business combination and associated PIPE investment enabled DocGo to raise approximately $158 million in cash proceeds after the payment of transaction expenses.
To celebrate the completion of the merger, DocGo's management team will ring the closing bell at Nasdaq on November 11, 2021 at 4:00 pm ET. A live stream of the event and replay can be accessed by visiting https://livestream.com/accounts/27896496/events/9904173
Barclays Capital acted as exclusive financial advisor, lead capital markets advisor, and lead placement agent to Motion. Deutsche Bank Securities acted as exclusive financial advisor and capital markets advisor to DocGo as well as placement agent to Motion. Canaccord Genuity also acted as a co-placement agent to Motion. Stifel Nicholaus, Needham and Northland Securities also served as capital markets advisors to Motion. In addition, Graubard Miller served as legal advisor to Motion and Gibson, Dunn & Crutcher LLP acted as legal advisor to DocGo.
DocGo is a leading provider of last-mile Mobile Health services and integrated medical mobility solutions. DocGo is disrupting the traditional four-wall healthcare system by providing care at the scale of humanity. DocGo's innovative technology and dedicated field staff of certified health professionals elevate the quality of patient care and drive business efficiencies for facilities, hospital networks and health insurance providers. With Mobile Health, DocGo empowers the full promise and potential of telehealth by facilitating healthcare treatment, in tandem with a remote physician, in the comfort of a patient's home or workplace. Together with DocGo's integrated Ambulnz medical transport services, DocGo is bridging the gap between physical and virtual care. For more information, please visit www.docgo.com.
Cautionary Statement Regarding Forward-Looking Statements
This announcement contains forward-looking statements (including within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and Section 27A of the U.S. Securities Act of 1933, as amended) concerning DocGo. These statements may include, but are not limited to, statements that address our expected future business and financial performance and statements about (i) our plans, objectives and intentions with respect to future operations, services and products, (ii) our competitive position and opportunities, and (iii) other statements identified by words such as "may", "will", "expect", "intend", "plan", "potential", "believe", "seek", "could", "estimate", "judgment", "targeting", "should", "anticipate", "predict" "project", "aim", "goal", "outlook", "guidance", and similar words, phrases or expressions. These forward-looking statements are based on management's current expectations and beliefs, as well as assumptions made by, and information currently available to, management, and current market trends and conditions. Forward-looking statements inherently involve risks and uncertainties, many of which are beyond our control, and which may cause actual results to differ materially from those contained in our forward-looking statements. Accordingly, you should not place undue reliance on such statements. Particular uncertainties that could materially affect current or future results include any risks associated with global economic conditions and concerns; the effects of global outbreaks of pandemics or contagious diseases or fear of such outbreaks, such as the COVID-19 coronavirus pandemic; competitive pressures; pricing declines; rates of growth in our target markets; our ability to improve gross margins; cost-containment measures; legislative and regulatory actions; the impact of legal proceedings and compliance risks; the impact on our business and reputation in the event of information technology system failures, network disruptions, cyber-attacks, or losses or unauthorized access to, or release of, confidential information; the ability of the company to comply with laws and regulations regarding data privacy and protection; and other risks detailed from time to time in the company's public filings. We undertake no intent or obligation to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise.