SPACInsider Logo
Motion Acquisition Corp. (MOTN) Shareholders Approve DocGo Deal
by Marlena Haddad on 2021-11-03 at 6:24am

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.


  • 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.
Recent Posts
by Marlena Haddad on 2023-06-07 at 5:54pm

Latest Non-Redemption Agreements:  EVe Mobility and Swiftmerge EVe Mobility Acquisition Corp. (EVE) Adds Non-Redemption Agreement On June 7,  EVe Mobility Acquisition Corp. (NYSE:EVE) and the sponsor entered into further non-redemption agreements with additional unaffiliated third party investors pursuant to which the investors have, in connection with the Extension Meeting, agreed not to redeem their Class A Ordinary...

by Marlena Haddad on 2023-06-07 at 5:52pm

Latest SPAC Liquidations: Ahren Acquisition Corp. Ahren Acquisition Corp. (AHRN) to Liquidate on June 19 Ahren Acquisition Corp. (Nasdaq: AHRN) today announced its board of directors has determined to redeem all of its outstanding Class A ordinary shares, effective as of June 19. As of the open of business on June 20, the Class A Shares...

by Marlena Haddad on 2023-06-07 at 5:49pm

ROC Energy Acquisition Corp. (NASDAQ:ROC) announced in an 8-K today that its shareholders have approved its combination with oilfield services company Drilling Tools International (“DTI”) during a special meeting held on June 1. At the meeting, holders of 23,008,929 shares of common stock were present in person or by proxy, representing approximately 85.69% of the voting...

by Marlena Haddad on 2023-06-07 at 11:34am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: SMX to create new subsidiary, trueSilver, and enters into exclusive agreement with Sunshine Minting  SMX Extending Metals Business with trueSilver Aiming Both for Fashion Luxury and Bullion Products SMX (NASDAQ:SMX) is pleased to announce...

by Nicholas Alan Clayton on 2023-06-07 at 7:33am

Rice II (NYSE: RONI) announced in an 8-K today that its shareholders have approved its combination with energy technology company NET Power with relatively low redemptions. In the end, 21,195,224 shares were redeemed in connection vote, removing 61% of Rice II’s trust. This is the second best result among the 32 deals that have come...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved