Motion Acquisition filed a preliminary proxy and prospectus in an S-4 highlighting its proposed merger Ambulnz, a provider of last-mile telehealth and integrated medical mobility services. If shareholders approve the merger, upon closing the company will be named DocGo and list on the Nasdaq under DCGO.
Announced in March, the deal has an equity value of $1.1 billion.
The new company is expected to receive approximately $225 million of cash and cash equivalents assuming no redemptions by Motion’s pre-combination stockholders. As part of the transaction, Motion has a fully committed PIPE of $125 million led by Light Street Capital with participation by existing stockholder Moore Strategic Ventures, as well as up to $115 million of cash held in Motion’s trust account. Read more.