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.
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...
At the SPAC of Dawn Ever since Digital World announced its combination with Trump Media (NASDAQ:DJT) back in October 2021, it was clear that SPACworld and the Trump show were set to be intertwined for quite some time. And, although not every headline has a bearing on the wider SPAC world, Trump Media’s post-close rise...
AltC (NYSE:ALCC) has reportedly been taking the pitch deck for its combination with nuclear fission firm Oklo on the road in recent weeks, which has generated the rare result of a SPAC trading significantly above its trust value still well before completing its deal. The SPAC has an estimated $10.59 per share in its trust...
Trump Media (NASDAQ:DJT) is down about -15% in the pre-market following the filing of its first S-1 since closing its combination with Digital World, and this includes the issuance of the 21,491,251 shares. Of these, 14,375,000 are to be made available for those exercising warrants while the rest would go out to note holders from...
At the SPAC of Dawn This week, bookended by the end of Ramadan and the beginning of Passover, could wind up stacked with events to avoid those holiday times, but for now SPACs have scheduled just six extension votes for this stretch. Redwood (NASDAQ:RWOD) and Genesis Growth Tech (OTC:GGAAF) have yet to release results from...