Motion Acquisition Corp (NASDAQ:MOTN) secured shareholder approval of its combination with last-mile mobile health services provider DocGo in a special meeting held earlier today.
The SPAC noted, however, that about 60% of its shareholders opted to redeem their shares for cash, which could make for a tight close over its $175 million minimum cash condition. Motion had an around $115 million in trust going into the vote and had supplemented the deal with a $125 million PIPE, but expected $35 million in transaction expenses.
The parties are now working to fulfill all closing conditions and close the transaction as soon as possible, with the combined company expected to trade on the Nasdaq under the ticker symbol “DCGO”.
Motion originally announced the $900 million deal with DocGo earlier this year on March 9. DocGo, which provides medical transportation and telehealth services, is valued at 5.8x its 2021E revenue in the deal.
The company announced multiple new contracts to enable its services to reach a wider patient population last week and reported $81 million in third quarter revenues, a 200% increase over the same period last year.
ADVISORS
- Barclays 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.
- Gibson, Dunn & Crutcher LLP acted as legal advisor to DocGo.
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