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DocGo to Begin Trading on Nasdaq After Completing SPAC Merger

The mobile health services provider completes a SPAC merger with Motion Acquisition Corp. and begins trading on Nasdaq Monday under the DCGO ticker.

Mobile health services provider DocGo on Friday completed its business combination with special purpose acquisition company Motion Acquisition Corp. (MOTN) and will begin trading on Nasdaq Monday under the ticker DCGO. 

The SPAC merger implies an equity value of about $1.1 billion, according to the company's original announcement of the transaction in March. The deal is expected to enable DocGo to continue investing in rapid geographic expansion to service a growing pipeline of new business in conjunction with joint venture partners and others, the March statement said.

DocGo, formerly Ambulnz, raised $158 million in cash from the business combination and associated PIPE investment, according to a Friday statement. The PIPE investment was led by Light Street Capital with participation by Moore Strategic Ventures.

"We are thrilled to announce the completion of our business combination with Motion and advance to this next chapter as a public company," DocGo CEO Stan Vashovksy said in a statement. "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."

DocGo provides last-mile mobile health services and integrated medical mobility solutions. The New York-based company empowers 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 bridges the gap between physical and virtual care.

Deutsche Bank Securities is DocGo's financial and capital markets adviser on the transaction, while Barclays Capital is Motion's financial and lead capital markets adviser. Gibson Dunn & Crutcher is DocGo's legal adviser, and Graubard Miller is Motion's legal adviser.

Shares of Motion on Friday rose 1% to $10.35 in after-hours trading. The stock had fallen 2.3% in the regular session.