Ambulnz, a provider of last-mile telehealth and integrated medical mobility services, and Motion Acquisition announced today that they have entered into a definitive agreement for a business combination with 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 Moore Strategic Ventures, an existing stockholder of DocGo, as well as up to $115 million of cash held in Motion’s trust account.
Upon closing, the company will be named DocGo and list on the Nasdaq under DCGO.
DocGo offers integrated, digital-first medical mobility services with on-demand service response, real-time vehicle location and accurate estimated arrival times. Read more.
