Ambulnz (dba DocGo) Announces Agreement to Become Publicly Traded via Merger with Motion Acquisition Corp. (MOTN)
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Ambulnz, Inc., to be renamed DocGo, Inc., a leading provider of last-mile telehealth and integrated medical mobility services, and Motion Acquisition Corp. (Nasdaq: MOTN), a publicly traded special purpose acquisition company, announced today that they have entered into a definitive agreement for a business combination. Upon closing of the transaction, DocGo is expected to be listed on Nasdaq under the new ticker symbol "DCGO".
- Founded in 2015, DocGo offers integrated, digital-first medical mobility services with superior on-demand service response and enhanced transparency including real-time vehicle location and accurate estimated arrival times.
- Working together with licensed practitioners, the Company's last-mile TeleHealth Plus solutions leverage DocGo's technology, infrastructure, and staff of more than 1,700 paramedics and EMTs (emergency medical technicians) to fulfill the promise of telehealth by enabling the delivery of quality healthcare to patients in a convenient, affordable, and resource-optimized way.
- TeleHealth Plus services include testing, vaccinations, bloodwork, IV hydration, wound care, mobile imaging and EKGs, among many others. TeleHealth Plus services are currently provided on a business-to-business basis to large hospital networks, insurance providers, municipalities and large commercial enterprises.
- DocGo has established exclusive joint venture partnerships with industry leaders including Fresenius Medical Care, the nation's leading dialysis service provider, Jefferson Health, a leading hospital network in Pennsylvania, UCHealth, a leading hospital network in Colorado, and RXR Realty, a leading real estate owner, operator and developer in the New York Tri-State area. These strategic long-term relationships provide a predictable and recurring revenue base and serve as anchor customers with dependable start-up revenues in new geographic markets as the Company expands its U.S. footprint.
- DocGo participates in a $95 billion addressable market and currently operates in 23 states in the U.S. and in the U.K.
The Company generated preliminary 2020 revenue of $94 million, nearly double 2019 revenue of $48 million. The Company expects 2021 revenue of more than $155 million and anticipates continued growth for the remainder of the year. Revenue for 2022 is currently forecasted to exceed $265 million. DocGo's management team, led by co-founder and CEO Stan Vashovsky, will continue to lead the combined Company, and Motion's CEO and Director, Michael Burdiek, will join the Company's board of directors upon completion of the transaction.
Stan Vashovsky, co-founder and CEO of DocGo, said:"DocGo was built to bring a digital-first approach to last-mile telehealth and integrated medical mobility services that bridge the gap between physical and virtual care. The unique combination of our proprietary technology platform and care logistics expertise, along with our highly trained and motivated base of dedicated field professionals, has led to increased satisfaction and improved outcomes for patients as well as to superior service and lower cost for providers and payers. We are taking traditional healthcare beyond the walls of hospitals and clinics and offering in-home healthcare services at affordable price points to the broader community. We believe our rebranding to DocGo is representative of our mission. We are excited to partner with Motion and our new investors to realize DocGo's full potential as a public company."
Michael Burdiek, CEO and Director of Motion Acquisition Corp., said:"Motion has been seeking to partner with a vertical market leader at the intersection of mobility and technology. With a highly experienced management team, best-in-class partners, proprietary technology, and an innovative, scalable business model, we believe DocGo represents a tremendous opportunity in a large and attractive market. DocGo has a proven growth strategy and profitable CapEx-light business model, and the Company is now aggressively expanding its geographic footprint to service the contracted demand from its anchor customers. We look forward to working with Stan and the entire DocGo team to help bring enhanced healthcare mobility services to the comfort of patients' homes across a rapidly expanding geographic footprint."
The business combination values the combined Company at an approximately $1.1 billion pro forma equity value and will result in approximately $225 million of cash on the company's balance sheet, assuming no redemptions by Motion's public stockholders, including a $125 million fully committed common stock PIPE at $10.00 per share.
The boards of directors of DocGo and Motion have unanimously approved the proposed business combination, which is expected to be completed in the second quarter of 2021, subject to, among other things, the approval by Motion's and DocGo's stockholders of the business combination, the closing of the concurrent PIPE transaction, and the satisfaction or waiver of other customary closing conditions. Stockholders of DocGo holding a sufficient number of shares to approve the business combination have executed support agreements to vote in favor of the business combination.
Additional information about the proposed transaction, including a copy of the merger agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by Motion with the SEC and available at www.sec.gov.
Conference Call InformationDocGo and Motion will host a joint investor conference call to discuss the business and the proposed transaction today, Tuesday, March 9, 2021 at 8:00 a.m. ET.
To listen to the prepared remarks, please visit DocGo's investor website, at www.docgo.com/investors. A replay of the call will be accessible via the webcast link.
Investor PresentationA link to the Company's investor presentation can be found on DocGo's investor website, at www.docgo.com/investors.
AdvisorsBarclays acted as exclusive financial advisor, 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. In addition, Graubard Miller served as legal advisor to Motion and Gibson, Dunn & Crutcher LLP acted as legal advisor to DocGo.
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