DocGo Secures $102M Credit Facility with Perceptive, Issues 4M-Share Warrant
DCGO sits 17% above its 52-week low of $0.311.
Summary
DocGo finalized a $102M credit facility with Perceptive to fund its Hicuity Health acquisition, issuing a 4M-share warrant at $0.5039 as part of the deal. The high-interest financing (SOFR + 7.50%) and new financial covenants reflect the company's constrained position.
Key Events · Financing and Capital Events · DCGO
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$102M Credit Facility Finalized
An amended and restated credit agreement with Perceptive Credit Holdings IV provides $52M continued term loans, $12.5M funded immediately, $12.5M upon merger closing, and $25M delayed draw available through December 31, 2027.
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High-Cost Debt Terms
Interest accrues at Term SOFR (3.50% floor) plus 7.50% margin, with maturity December 6, 2029 and no scheduled principal repayments before maturity. Prepayment premiums of 2% through December 2028 and 1% thereafter.
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4M-Share Warrant Issued
Perceptive received a warrant to purchase 4,000,000 shares at $0.5039 per share, fully vested immediately with a 10-year term. Against 98.99M shares outstanding, this represents approximately 4% potential dilution.
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Financial Covenants Imposed
The credit agreement requires minimum unrestricted cash of $10M at all times and minimum Mobile Health Net Revenue of $97M for the twelve months ended September 30, 2026, escalating to $180M by September 2029.
Analysis · DCGO · Industrial Applications And Services
The financing structure for the Hicuity Health acquisition is now finalized, with DocGo entering into a $102 million amended and restated credit agreement with Perceptive Credit Holdings IV. The package includes $52 million of continued existing term loans, $12.5 million funded immediately, $12.5 million upon merger closing, and a $25 million delayed draw facility available through December 2027. Interest accrues at Term SOFR (3.50% floor) plus 7.50% margin — a high-cost structure reflecting the company's distressed position. As part of the consideration, DocGo issued Perceptive a warrant for 4 million shares at $0.5039 per share, representing potential dilution of roughly 4% against the 98.99 million shares outstanding. The credit agreement also imposes a $10 million minimum liquidity covenant and escalating Mobile Health Net Revenue requirements starting at $97 million for the twelve months ended September 30, 2026. This financing replaces the prior Citibank revolving facility and provides the capital needed to close the Hicuity acquisition, but at significant cost and with meaningful equity dilution to existing holders.
How filings like this one have moved
In the 30 days to Oct 5, 2026, 36.9% of the 964 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.65%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, DCGO was trading at $0.36 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $36.6M. The 52-week trading range was $0.31 to $1.65. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.