Motion Acquisition set a Nov. 2 meeting for shareholders to vote on its proposed merger with DocGo, noting in a news release that its registration statement on the deal has been declared effective by the SEC.
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.
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