Full Press Release Details
Ambulnz (dba DocGo), a Leading Provider
of Last-Mile TeleHealth and Integrated Medical Mobility Services, Announces Agreement to Become Publicly Traded via Merger with
Motion Acquisition Corp.
NEW YORK - March 9, 2021 - Ambulnz, Inc., to be
renamed DocGo, Inc. ("DocGo" or the "Company"), a leading provider of last-mile telehealth and integrated
medical mobility services, and Motion Acquisition Corp. (Nasdaq: MOTN) ("Motion"), a publicly traded special purpose
acquisition company, announced today that they have entered into a definitive agreement for a business combination. Upon closing
of the transaction, DocGo is expected to be listed on Nasdaq under the new ticker symbol "DCGO".
The Company generated preliminary 2020 revenue of $94 million,
nearly double 2019 revenue of $48 million. The Company expects 2021 revenue of more than $155 million and anticipates continued
growth for the remainder of the year. Revenue for 2022 is currently forecasted to exceed $265 million.
DocGo's management team, led by co-founder and CEO Stan
Vashovsky, will continue to lead the combined Company, and Motion's CEO and Director, Michael Burdiek, will join the Company's
board of directors upon completion of the transaction.
Stan Vashovsky, co-founder and CEO of DocGo, said:
"DocGo was built to bring a digital-first approach
to last-mile telehealth and integrated medical mobility services that bridge the gap between physical and virtual care. The unique
combination of our proprietary technology platform and care logistics expertise, along with our highly trained and motivated base
of dedicated field professionals, has led to increased satisfaction and improved outcomes for patients as well as to superior service
and lower cost for providers and payers. We are taking traditional healthcare beyond the walls of hospitals and clinics and offering
in-home healthcare services at affordable price points to the broader community. We believe our rebranding to DocGo is representative
of our mission. We are excited to partner with Motion and our new investors to realize DocGo's full potential as a public
Michael Burdiek, CEO and Director of Motion Acquisition Corp.,
"Motion has been seeking to partner with a vertical
market leader at the intersection of mobility and technology. With a highly experienced management team, best-in-class partners,
proprietary technology, and an innovative, scalable business model, we believe DocGo represents a tremendous opportunity in a large
and attractive market. DocGo has a proven growth strategy and profitable CapEx-light business model, and the Company is now aggressively
expanding its geographic footprint to service the contracted demand from its anchor customers. We look forward to working with
Stan and the entire DocGo team to help bring enhanced healthcare mobility services to the comfort of patients' homes across
a rapidly expanding geographic footprint."
Transaction Overview
The business combination values the combined Company at an approximately
$1.1 billion pro forma equity value and will result in approximately $225 million of cash on the company's balance sheet,
assuming no redemptions by Motion's public stockholders, including a $125 million fully committed common stock PIPE at $10.00
The boards of directors of DocGo and Motion have unanimously
approved the proposed business combination, which is expected to be completed in the second quarter of 2021, subject to, among
other things, the approval by Motion's and DocGo's stockholders of the business combination, the closing of the concurrent
PIPE transaction, and the satisfaction or waiver of other customary closing conditions. Stockholders of DocGo holding a sufficient
number of shares to approve the business combination have executed support agreements to vote in favor of the business combination.
Additional information about the proposed transaction, including
a copy of the merger agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by Motion
with the SEC and available at www.sec.gov.
Conference Call Information
DocGo and Motion will host a joint investor conference call
to discuss the business and the proposed transaction today, Tuesday, March 9, 2021 at 8:00 a.m. ET.
To listen to the prepared remarks, please visit DocGo's
investor website, at www.docgo.com/investors. A replay of the call will be accessible via the webcast link.
Investor Presentation
A link to the Company's investor presentation can be found on
DocGo's investor website, at www.docgo.com/investors.
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 and Gibson, Dunn & Crutcher LLP acted as legal advisor to DocGo.
DocGo is a leading provider of last-mile telehealth and integrated
medical mobility services in 23 states in the U.S. and in the U.K. The Company started as the first technology-enabled, on-demand
ambulance service provider, with systems that deliver intelligent fleet routing, accurate ETAs, and real-time vehicle GPS tracking.
Building on the success of these innovations, DocGo launched its TeleHealth Plus service, which empowers its 1,700 EMTs and paramedics
to provide non-critical medical services to patients in their homes. For more information, please visit www.docgo.com
About Motion Acquisition Corp.
Motion Acquisition Corp. is a Special Purpose Acquisition Company
(SPAC) formed for the purpose of effecting a business combination with one or more target businesses or entities. Motion was founded
by a management team and board comprised of seasoned business executives recognized as pioneers in the transportation software
and technology sector who possess substantial operating and acquisition experience. Motion is listed on Nasdaq under the ticker
symbol "MOTN." For more information, please visit https://motionacquisition.com.
Additional Information and Where to Find It
This press release relates to a proposed transaction between
DocGo and Motion. Motion intends to file a registration statement on Form S-4 with the SEC, which will include a document that
serves as a prospectus and proxy statement of Motion, referred to as a proxy statement/prospectus, and certain related documents,
to be used at the meeting of Motion stockholders to approve the proposed business combination and related matters. Investors
and security holders of Motion are urged to read the registration statement, the proxy statement/prospectus, and any amendments
thereto, and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction
as they become available because they will contain important information about DocGo, Motion, and the proposed transaction.
The definitive proxy statement will be mailed to Motion stockholders as of a record date to be established for voting on the proposed
business combination. Investors and security holders will be able to obtain free copies of the registration statement, the proxy
statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Motion, once such documents are
filed, through the website maintained by the SEC at www.sec.gov.
The documents filed by Motion with the SEC also may be obtained
free of charge at Motion's website at https://motionacquisition.com or upon written request to Motion's counsel, Graubard
Miller, 405 Lexington Avenue, New York, NY 10174.
The information contained on, or that may be accessed through,
the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.
Participants in Solicitation
Motion, DocGo, and certain of their respective directors and
executive officers, under SEC rules, may be deemed to be participants in the eventual solicitation of proxies from Motion's stockholders
in connection with the proposed transaction. A list of the names of such directors and executive officers and information regarding
their interests in the proposed business combination will be contained in the proxy statement/prospectus when available. You may
obtain free copies of these documents as described in the preceding paragraph.
No Offer or Solicitation
This press release shall not constitute a solicitation of a
proxy, consent or authorization with respect to any securities or in respect of the proposed transaction. This press release also
shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any
securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification
under the securities laws of such other jurisdiction. No offering of securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act of 1933, as amended.
Forward-Looking Statements
These statements are based on various assumptions, whether or
not identified in this press release, and on the current expectations of DocGo's management and are not predictions of actual
performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and
must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability.