Ambulnz to Go Public Via Motion Acquisition SPAC
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March 19, 2021
March 19, 2021
Ambulnz Inc., a provider of mobile medical services and patient transportation, has agreed to go public through a merger with
Motion Acquisition Corp.
Light Street Capital and
Moore Strategic Ventures to support the transaction, which is set to value the combined entity at about $1.1 billion, according to a statement Tuesday, following an earlier Bloomberg report.
Ambulnz, to be renamed
DocGo Inc., is led by chief executive officer
Stan Vashovsky. The New York-based company, which operates in 23 U.S. states and the U.K., offers non-critical medical services to patients at home including vaccinations, blood work and testing, according to the statement.
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A company specializing in last mile telehealth and medical mobility services is going public in a SPAC deal announced Tuesday.
The SPAC Deal: Ambulnz is going public in a $1.1 billion deal with
Motion Acquisition Corp (NASDAQ: MOTN). As part of the merger, the company will rebrand as DocGo and trade with ticker DCGO after the merger closes.
Funds from the SPAC deal are expected to be used for “rapid geographic expansion,” according to the company. Current Motion Acquisition shareholders will own 10% of the new company.
About The Future DocGo: Founded in 2015, Ambulnz has a network of over 1,700 paramedics and EMTs that provide testing, vaccination, bloodwork, IV/hydration, wound care and mobile imaging.
AlleyWatch
CBS MarketWatch declared 2020: The Year of the SPAC (Special Purpose Acquisition Corporation). A record 219 companies went public through this fundraising vehicle that uses a reverse merger with an existing private business to create a publicly-listed entity. This accounted for more than $73 billion dollars of investment, providing private equity startups a new outlet to raise capital and provide shareholder liquidity. According to Goldman Sachs, the current trend represents a “year-over-year jump of 462% and outpacing traditional IPOs by $6 billion.” In response to the interest in SPACs, the Securities and Exchange Commission agreed recently to allow private companies to raise capital through direct listings, providing even more access to the public markets outside of Wall Street’s traditional institutional gatekeepers.
Greenberg Traurig’s Alan Annex Leads Over $25 Billion in SPAC Transactions in 2020
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Over the past year, Alan I. Annex, co-chair of Greenberg Traurig, P.A.’s Global Corporate Practice, has led numerous multi-disciplinary teams of attorneys assisting clients involved in more than $25 billion in Special Purpose Acquisition Company (SPAC) transactions, both nationally and internationally. MIAMI, FL (PRWEB) January 06, 2021 Over the past year, Alan I. Annex, co-chair of Greenberg Traurig, P.A.’s Global Corporate Practice, has led numerous multi-disciplinary teams of attorneys assisting clients involved in more than $25 billion in Special Purpose Acquisition Company (SPAC) transactions, both nationally and internationally. These transactions, which include both Initial Public Offerings (IPOs) and business combinations, show no signs of slowing in 2021.