Incorporation Motion Acquisition Corp. (the “Company”)
was incorporated as a Delaware corporation on August 11, 2020. The Company’s sponsor is Motion Acquisition LLC, a Delaware
limited liability company (the “Sponsor”). Fiscal Year End The Company has selected December 31 as
its fiscal year end. Business Purpose The Company was formed for the purpose
of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination
(“Business Combination”) with one or more businesses or entities that it has not yet selected (a “target business”).
Although the Company is not limited to a particular industry or sector for purposes of consummating a Business Combination, the
Company is initially focusing its search on target businesses in the connected
vehicle industry. The Company has neither engaged in any operations nor generated revenue to date. The Company’s management has broad
discretion with respect to the specific application of the net proceeds of its initial public offering of units (the “Initial
Public Offering”), although substantially all of the net proceeds of the Initial Public Offering are intended to be generally
applied toward completing a Business Combination. Furthermore, there is no assurance that the Company will be able to successfully
complete a Business Combination. Financing The registration statement for the Company’s
Initial Public Offering was declared effective on October 14, 2020. On October 19, 2020, the Company consummated its Initial
Public Offering of 11,500,000 units (the “Units” and, with respect to the Class A common stock included
in the Units being offered, the “Public Shares”) at $10.00 per Unit, generating gross proceeds of $115.0 million,
and incurring offering costs of approximately $6.7 million, inclusive of $4.0 million in deferred underwriting commissions
(Note 3). Simultaneously with the closing of the
Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 2,533,333 warrants (each,
a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) at a price of $1.50 per
Private Placement Warrant in a private placement to the Sponsor, generating gross proceeds of $3.8 million (Note 4). The Company granted the underwriter a 45-day
option from the date of Initial Public Offering to purchase up to 1,725,000 additional Units to cover over-allotments, if any,
at the Initial Public Offering price less the underwriting discounts and commissions. On November 16, 2020, the underwriter advised
the Company that it will not exercise the over-allotment option (Note 3). Trust Account Upon the closing of the Initial Public
Offering and the Private Placement, $115.0 million ($10.00 per Unit) of the net proceeds of the sale of the Units in the Initial
Public Offering and Private Placement Warrants in the Private Placement were placed in a trust account (“Trust
Account”) located in the United States with Continental Stock Transfer & Trust Company acting as trustee. The proceeds
held in the Trust Account will either be held as cash or invested only in U.S. “government securities,” within the
meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in money market funds
meeting certain conditions under the Investment Company Act, which invest only in direct U.S. government treasury obligations,
as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the
Trust Account as described below. Pursuant to stock exchange listing rules,
the Company must complete an initial Business Combination with one or more target businesses that together have an aggregate fair
market value of at least 80% of the assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions
and taxes payable
Free historical financial statements for DocGo Inc..
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Data imported from DocGo Inc. SEC filings. Check original filings before making any investment decision.