Docgo Inc. current report, 28 May 2021

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SEC Form 8-K Summary

Registrant: Motion Acquisition Corp. The provided metadata identifies DocGo Inc., but the filing itself names Motion Acquisition Corp. as the registrant.

Report date: May 28, 2021. The filing concerns a Nasdaq listing-compliance matter related to the quarterly period ended March 31, 2021.

Business Context and Reporting Period

Motion Acquisition Corp. received written notice from the Nasdaq Listing Qualifications Department that it was not in compliance with Nasdaq Listing Rule 5250(c)(1) because it had not filed its Form 10-Q for the quarter ended March 31, 2021.

Financial and Operating Metrics

  • The filing does not provide revenue, profit, cash flow, margin, debt, liquidity, or other operating metrics.
  • The filing does not provide a clear explanation for the delayed Form 10-Q beyond the company’s statement that it was working to complete the report.

Material Changes and Listing Status

  • The delinquent Form 10-Q created a Nasdaq continued-listing compliance deficiency.
  • The notice had no immediate effect on the listing of the company’s securities.
  • The company’s units, Class A common stock, and redeemable warrants remained registered for trading on Nasdaq as of the filing date.

Outlook, Risks, and Contingencies

  • The company stated that it was continuing to work diligently to complete the delinquent Form 10-Q.
  • If the report could not be filed by July 26, 2021, the company intended to submit a plan to regain compliance with Nasdaq.
  • If Nasdaq accepted the plan, Nasdaq could grant an extension of up to 180 calendar days from the report’s due date, potentially through November 22, 2021.
  • There was no assurance that the company would regain compliance or satisfy other Nasdaq listing requirements.
  • The filing included a May 28, 2021 press release as Exhibit 99.1.

Important Facts for Investors to Verify

  • Whether the Form 10-Q for the quarter ended March 31, 2021 was subsequently filed.
  • Whether Nasdaq accepted a compliance plan and granted an extension.
  • Whether the company ultimately regained compliance and maintained its Nasdaq listing.
  • Whether the filing relates to Motion Acquisition Corp. or a later DocGo Inc. entity, given the discrepancy between the request metadata and the filing text.