Watch for the closing of the Hicuity merger (triggers Term Loan C funding) and subsequent quarterly filings to track Mobile Health Net Revenue against the escalating minimum covenants ($97M for Sep 2026 TTM, rising to $180M by Sep 2029). The $25M Term Loan D is contingent on achieving a $120M-$130M Mobile Health Net Revenue milestone by December 2027.
Price Chart
Executive Summary
DocGo Inc. entered into an amended and restated credit agreement with Perceptive Credit Holdings IV, LP, refinancing $52M in existing term loans and adding up to $50M in new tranches (Term Loan B $12.5M, Term Loan C $12.5M, Term Loan D $25M) to fund the pending acquisition of Hicuity Health, Inc. The deal also grants Perceptive a warrant to purchase up to 4M shares of DocGo common stock at $0.5039 per share. The new credit facility imposes minimum liquidity of $10M and escalating minimum Mobile Health Net Revenue covenants starting at $97M for the twelve months ending September 30, 2026, rising to $180M by September 30, 2029.
Key Financial Metrics
Key Facts
- Existing $52M term loans converted to Term Loan A under the amended credit agreement.
- New Term Loan B commitment of $12.5M and Term Loan C commitment of $12.5M added.
- New Term Loan D commitment of $25M available until December 31, 2027, subject to a $120M-$130M Mobile Health Net Revenue milestone.
- Perceptive Credit Holdings IV, LP received a warrant to purchase up to 4M shares of DocGo common stock at $0.5039 per share.
- Minimum liquidity covenant set at $10M in Unrestricted Cash at all times.
- Minimum Mobile Health Net Revenue covenant starts at $97M for the twelve months ending September 30, 2026, rising to $180M by September 30, 2029.
- The credit agreement funds the pending merger of Hicuity Health into a DocGo subsidiary.
- Existing Citi credit facility was paid off as a condition to closing.
- Interest rate is Term SOFR + 7.50% per annum, with a 3.50% floor.
- Maturity date is December 6, 2029.
Financial Impact
Up to $50M in new debt capacity ($12.5M Term Loan B, $12.5M Term Loan C, $25M Term Loan D) plus refinancing of $52M existing term loans. Warrant covers up to 4M shares at $0.5039/share, representing approximately 3.7% dilution based on ~108M shares outstanding.
Risk Factors
- Aggressive minimum Mobile Health Net Revenue covenants escalate from $97M to $180M over three years, creating potential default risk if organic growth or the Hicuity acquisition underperforms.
- High interest rate of Term SOFR + 7.50% (with 3.50% floor) creates significant cash interest burden.
- Warrant dilution of up to 4M shares (approx. 3.7%) at a very low exercise price ($0.5039) could pressure common stock if exercised.
- Prepayment premium of 2% (through Dec 2028) and 1% thereafter limits refinancing flexibility.
- Integration risk from the Hicuity merger and associated restructuring.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-064740 |
| Document: warrantcertificate.htm | 0001628280-26-064740 |
| Document: amendedandrestatedsecurity.htm | 0001628280-26-064740 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 22d ago | 8-K | $0.3650 | awaiting T+20 | — | $0.2850 (−21.92%) |
Sep 22, 2026 4w ago | Institutional Cluster | $0.3583 $0.2591 | ▲ +27.69% | ▲ +27.13% | $0.2850 (+20.46%) |
May 11, 2026 24w ago | 8-K | $0.5950 $0.5560 | ▼ −6.55% | ▼ −4.83% | $0.2850 (−52.10%) |
Apr 22, 2026 26w ago | DEFA14A | $0.6880 $0.6140 | ▼ −10.76% | ▼ −15.39% | $0.2850 (−58.58%) |
Apr 21, 2026 26w ago | 8-K | $0.7360 $0.5670 | ▼ −22.96% | ▼ −26.13% | $0.2850 (−61.28%) |
Feb 28, 2026 34w ago | Institutional Cluster | $0.6900 $0.6000 | ▼ −13.04% | ▼ −5.11% | $0.2850 (−58.70%) |
US Market Status
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