DocGo has closed its previously announced merger with Motion Acquisition, a special purpose acquisition company (SPAC), to become a publicly traded company.
The US mobile health service provider’s common stock will trade on Nasdaq under the symbols ‘DCGO’ and warrants as ‘DCGOW’, starting from 8 November 2021.
With the SPAC merger and related PIPE investment, DocGo is enabled to raise around $158m in cash proceeds, excluding the transaction expenses.
DocGo is a provider of mobile health services and integrated medical mobility solutions, with advanced technology and certified health professionals as field staff.
The company is said to support telehealth by allowing patients to receive healthcare treatment from a remote physician, in the comfort of their home or workplace.
DocGo CEO Stan Vashovsky said: “We are thrilled to announce the completion of our business combination with Motion and advance to this next chapter as a public company.
“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.”
Recently, Motion announced that its stockholders approved its merger with DocGo, during an Annual Meeting in which 99% of the votes were in favour of the business combination.
Barclays Capital served as an exclusive financial advisor, lead capital markets advisor, and lead placement agent to Motion, while Deutsche Bank Securities acted as exclusive financial advisor and capital markets advisor to DocGo as well as placement agent to Motion.
Canaccord Genuity also served as a co-placement agent to Motion. Stifel Nicholaus, Needham and Northland Securities also acted as capital markets advisors to Motion.
Additionally, Graubard Miller acted as legal advisor to Motion, while Gibson, Dunn & Crutcher served as legal advisor to DocGo.
In September this year, DocGo deployed a large-scale no-cost co-testing programme in the US, in partnership with NYC Test & Trace Corps and NYC Health + Hospitals.
The multiplex testing, including rapid antigen tests for flu A and flu B, was offered across DocGo’s Mobile Health fleet, along with its dual-use and SHOW units.
