Prospectus Supplement No. 11
(to prospectus dated March 22, 2022)
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Filed Pursuant to Rule 424(b)(3)
Registration No. 333-261363
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Up to 22,223,858 Shares of Common Stock
Up to 6,317,057 Shares of Common Stock Issuable
Upon
Exercise of the Warrants
Up to 2,533,333 Private Warrants
This prospectus supplement no. 11 is being filed to update and
supplement the prospectus dated March 22, 2022 (the “Prospectus”)
related to (1) the issuance by us of up to 6,317,057 shares of our
common stock, par value $0.0001 per share (“Common Stock”) that may
be issued upon exercise of warrants to purchase Common Stock at an
exercise price of $11.50 per share of Common Stock, including the
public warrants and the Private Warrants (as defined in the
Prospectus); and (2) the offer and sale, from time to time, by the
Selling Securityholders (as defined in the Prospectus) identified
in the Prospectus, or their permitted transferees, of (a) up to
22,223,858 shares of Common Stock and (b) up to 2,533,333 Private
Warrants, with the information contained in our Current Report on
Form 8-K, filed with the Securities and Exchange Commission on
November 2, 2022 (the “Current Report”). Accordingly, we have
attached the Current Report to this prospectus supplement. Any
document, exhibit or information contained in the Current Report
that has been deemed furnished and not filed in accordance with
Securities and Exchange Commission rules shall not be included in
this prospectus supplement. This prospectus supplement updates and
supplements the information in the Prospectus and is not complete
without, and may not be delivered or utilized except in combination
with, the Prospectus, including any amendments or supplements
thereto. This prospectus supplement should be read in conjunction
with the Prospectus and any prior amendments or supplements thereto
and if there is any inconsistency between the information therein
and this prospectus supplement, you should rely on the information
in this prospectus supplement.
Our Common Stock is listed on the Capital Market of the Nasdaq
Stock Market LLC (“Nasdaq”), under the symbol “DCGO”. On November
9, 2022, the closing price of our Common Stock was $7.34.
Investing in our securities involves a high degree of risks. See
the section entitled “Risk Factors” beginning on page
17 of the Prospectus and any applicable prospectus
supplement.
Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these
securities or determined if this prospectus supplement is truthful
or complete. Any representation to the contrary is a criminal
offense.
The date of this prospectus supplement is November 10, 2022.
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or
15(d)
of the Securities Exchange Act of
1934
Date of Report (Date of earliest
event reported): November 1, 2022
DOCGO
INC.
(Exact name of registrant as
specified in its charter)
Delaware |
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001-39618 |
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85-2515483 |
(State
or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(IRS
Employer
Identification No.) |
35 West 35th Street,
Floor 6, New York, New
York |
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10001 |
(Address of principal executive offices)
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|
(Zip Code) |
(844)
443-6246
(Registrant’s telephone number,
including area code)
N/A
(Former name or former address, if
changed since last report)
Check the appropriate box below if
the Form 8-K is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425) |
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12) |
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b)) |
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c)) |
Securities registered pursuant to
Section 12(b) of the Act:
Title
of each class |
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Trading Symbol(s)
|
|
Name of each exchange on which
registered
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Common stock, par value $0.0001 per share |
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DCGO |
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The
Nasdaq Stock Market LLC |
Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of
the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this
chapter).
Emerging growth company
☒
If an emerging growth company,
indicate by check mark if the registrant has elected not to use the
extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a)
of the Exchange Act. ☐
Item
1.01 Entry
into a Material Definitive Agreement.
On November 1, 2022 (the “Closing
Date”), DocGo Inc. (the “Corporation”) entered into a credit
agreement (the “Credit Agreement”) together with each lender party
thereto (collectively, the “Lenders”), and Citibank, N.A., as
administrative agent (in such capacity, the “Agent”).
The Credit Agreement provides for a
revolving credit facility in the initial aggregate principal amount
of $90 million (the “Revolving Facility”). The Revolving Facility
includes the ability for the Corporation to request an increase to
the commitments under the Revolving Facility by an additional
aggregate principal amount of up to $50 million, though no Lender
(nor the Lenders collectively) is obligated to increase their
respective commitments under the Revolving Facility upon such a
request. The Revolving Facility remained undrawn as of the Closing
Date.
A summary of the other material terms
of the Credit Agreement are set forth below.
Interest Rate and
Fees
Borrowings under the Revolving
Facility bear interest at a per annum rate equal to: (i) at the
Corporation’s option, the (x) the base rate or (y) the adjusted
term SOFR rate, plus (ii) the applicable margin. The applicable
margins are based on the Corporation’s consolidated net leverage
ratio (the “Consolidated Net Leverage Ratio”), adjusted on a
quarterly basis. The initial applicable margins are 1.25% for an
adjusted term SOFR loan and 0.25% for a base rate loan, and will be
updated based on the Consolidated Net Leverage Ratio reported in
the first compliance certificate (“Compliance Certificate”) to be
delivered 45 days after the fiscal quarter ended September 30,
2022.
The Corporation is required to pay a
commitment fee to the Lenders under the Revolving Facility in
respect of any unutilized commitments thereunder. The commitment
fee is based on the Corporation’s Consolidated Net Leverage Ratio.
The initial commitment fee is 0.200% and will be updated based on
delivery of the first Compliance Certificate.
Maturity
The Revolving Facility matures on the
five-year anniversary of the Closing Date.
Prepayments
The Corporation may voluntarily repay
outstanding loans and terminate commitments under the Revolving
Facility at any time without premium or penalty.
Guarantees;
Security
The Corporation’s obligations under
the Revolving Facility are guaranteed by the Corporation’s
subsidiaries (the “Subsidiary Guarantors”), subject to certain
customary exceptions and limitations. The Revolving Facility is
secured by a first-priority lien on substantially all of the
Corporation’s and the Subsidiary Guarantors’ present and future
personal assets and intangible assets and the outstanding capital
stock of the Corporation’s subsidiaries owned by the Corporation or
any Subsidiary Guarantor, in each case, subject to certain
customary exceptions and limitations.
Certain Covenants and Events of
Default
The Credit Agreement contains a
number of significant affirmative and negative covenants. Such
covenants, among other things, restrict, subject to certain
exceptions, the ability of the Corporation and its subsidiaries
to:
● |
incur
or guarantee additional indebtedness; |
● |
pay
dividends and make other distributions on, or redeem or repurchase,
capital stock; |
● |
make
certain investments; |
● |
enter
into transactions with affiliates; |
● |
merge
or consolidate; and |
● |
transfer or sell assets. |
The Credit Agreement requires the
Corporation to also maintain the following financial
covenants:
● |
maintain a consolidated interest coverage ratio
for the immediately preceding four fiscal quarters ending as of the
last day of each fiscal quarter (each such period, a “Measurement
Period”) of at least 3.50 to 1; and |
● |
maintain a Consolidated Net Leverage Ratio as of
the last day of each Measurement Period of not more than 3.25 to
1.00, or, in certain instances and subject to certain conditions,
not more than 3.75 to 1.00. |
For purposes of determining the
Corporation’s compliance with the foregoing financial covenants and
the applicable interest rate and commitment fee in respect of the
Revolving Facility, the consolidated interest coverage ratio metric
and the Consolidated Net Leverage Ratio metric (including, in each
case, any component thereof) are each calculated as set forth in
the Credit Agreement.
The Credit Agreement also contains
customary events of default, and if an event of default occurs and
continues, the Corporation is subject to certain actions by the
Agent, including, without limitation, the acceleration of repayment
of all amounts outstanding under the Credit Agreement and the
foreclosure of Agent’s lien on the assets of the Corporation and
the Subsidiary Guarantors and the exercise by Agent of other
customary secured creditor rights.
The foregoing description of the
Credit Agreement is only a summary and is qualified in its entirety
by reference to the full text of the Credit Agreement filed as
Exhibit 10.1 to this report and is incorporated into this Item 1.01
as if fully set forth herein.
Item
2.03 Creation
of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item
1.01 of this Current Report on Form 8-K is incorporated by
reference into this Item 2.03.
Item 7.01 Regulation FD Disclosure.
On November 2, 2022, the Company issued a press release announcing
the Company’s entry into the Credit Agreement. A copy of that press
release is furnished as Exhibit 99.1 to this Current Report on Form
8-K.
The information set forth in Item 7.01 of this Current Report on
Form 8-K and in the attached Exhibit 99.1 is deemed to be
“furnished” and shall not be deemed to be “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), or otherwise subject to the liabilities of that
Section. The information set forth in Item 7.01 of this Current
Report on Form 8-K, including Exhibit 99.1, shall not be deemed
incorporated by reference into any filing under the Exchange Act or
the Securities Act of 1933, as amended, regardless of any general
incorporation language in such filing.
Item
9.01 Financial
Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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DOCGO
INC. |
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By: |
/s/
Andre Oberholzer |
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Name: |
Andre
Oberholzer |
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Title: |
Chief
Financial Officer |
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Date:
November 2, 2022 |
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