Motion Acquisition Corp. Regains Compliance with Nasdaq Listing Rules

Rhea-AI Summary

Motion Acquisition Corp. (NASDAQ: MOTN) has successfully filed its Quarterly Report on Form 10-Q for Q1 2021, resolving its compliance issue with Nasdaq Listing Rule 5250(c)(1). This filing allows the company to regain its compliance status, closing the matter. Motion Acquisition Corp. is a SPAC aimed at merging with target businesses, and it has announced a definitive agreement to combine with Ambulnz, Inc., expected to operate under the DocGo name post-transaction, with a new ticker symbol 'DCGO'.

Positive

• Regained compliance with Nasdaq after timely filing of Form 10-Q.
• Strategic merger with Ambulnz, expected to enhance market presence.

Negative

• Initial non-compliance with Nasdaq could indicate operational delays.

New York, NY, June 03, 2021 (GLOBE NEWSWIRE) -- Motion Acquisition Corp. (NASDAQ: MOTN) ("Motion" or the "Company"), a special purpose acquisition company (SPAC), previously received notice from The Nasdaq Stock Market (“Nasdaq”) that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the Company not having timely filed its Quarterly Report on Form 10-Q for the three months ended March 31, 2021. Upon filing this Form 10-Q with the Securities and Exchange Commission earlier today, the Company regained compliance with this Nasdaq listing rule and the matter is now closed.

About Motion Acquisition Corp.

Motion Acquisition Corp. (NASDAQ: MOTN) is a special purpose acquisition company 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 that possess substantial operating and acquisition experience.  Motion previously announced that it entered into a definitive business combination agreement with Ambulnz, Inc., dba DocGo. Upon closing of the transaction, the combined company is expected to operate under the DocGo name and be listed on Nasdaq under the new ticker symbol “DCGO”.  For more information, please visit https://motionacquisition.com.

Investor Relations:                                                                                        

Blueshirt Capital Advisors
Jonathan Schaffer / Cameron Felton
ir@docgo.com

FAQ

What is the significance of Motion Acquisition Corp.'s recent Form 10-Q filing?

The filing allowed Motion Acquisition Corp. to regain compliance with Nasdaq Listing Rules, closing the previously noted compliance issue.

What is the impact of the merger with Ambulnz for MOTNU shareholders?

The merger is expected to enhance market presence and could provide growth opportunities for shareholders.

What is the new ticker symbol after the merger with Ambulnz?

After the merger, the combined company will be listed on Nasdaq under the new ticker symbol 'DCGO'.

When did Motion Acquisition Corp. regain compliance with Nasdaq?

Motion regained compliance on June 3, 2021, after filing its Quarterly Report.