Cell well being providers supplier DocGo on Friday accomplished its enterprise mixture with particular goal acquisition firm Movement Acquisition Corp. (MOTN) and can start buying and selling on Nasdaq Monday below the ticker DCGO.
The SPAC merger implies an fairness worth of about $1.1 billion, in response to the corporate’s authentic announcement of the transaction in March. The deal is predicted to allow DocGo to proceed investing in speedy geographic enlargement to service a rising pipeline of recent enterprise at the side of three way partnership companions and others, the March assertion stated.
DocGo, previously Ambulnz, raised $158 million in money from the enterprise mixture and related PIPE funding, in response to a Friday assertion. The PIPE funding was led by Gentle Road Capital with participation by Moore Strategic Ventures.
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“We’re thrilled to announce the completion of our enterprise mixture with Movement and advance to this subsequent chapter as a public firm,” DocGo CEO Stan Vashovksy stated in a press release. “As we speak represents a big milestone in our journey, and we’re keen to make use of this extra capital to gasoline development as we develop our geographic footprint in cellular well being providers.”
DocGo offers last-mile cellular well being providers and built-in medical mobility options. The New York-based firm empowers telehealth by facilitating healthcare remedy, in tandem with a distant doctor, within the consolation of a affected person’s dwelling or office. Along with DocGo’s built-in Ambulnz medical transport providers, DocGo bridges the hole between bodily and digital care.
Deutsche Financial institution Securities is DocGo’s monetary and capital markets adviser on the transaction, whereas Barclays Capital is Movement’s monetary and lead capital markets adviser. Gibson Dunn & Crutcher is DocGo’s authorized adviser, and Graubard Miller is Movement’s authorized adviser.
Shares of Movement on Friday rose 1% to $10.35 in after-hours buying and selling. The inventory had fallen 2.3% within the common session.
This text was initially printed by TheStreet.