Blank-check company Motion Acquisition said its shareholders voted in fasvor of combining with DocGo, a provider of mobile health services and integrated medical mobility solutions. The SPAC said 99% of the votes cast were in favor of the business combination, however, approximately 60% of Motion’s shares were redeemed ahead of the vote.
When announced in March, DocGo was expected to receive approximately $225 million of cash and cash equivalents, including the $115 million then in Motion’s trust account. With 60% redemptions, Motion would have about $46 million remaining in trust. The deal also included a $125 million PIPE led by Light Street Capital with participation by existing stockholder Moore Strategic Ventures.
Motion and DocGo in a news release said they would “look to complete the proposed business combination as soon as possible subject to the parties satisfying all other remaining closing conditions.” Read more.
