DocGo Announces Share Buyback Program

DocGo Inc. (Nasdaq: DCGO) (“DocGo” or the “Company”), a leading provider of technology-enabled mobile health services, announced today that its Board of Directors has approved a new share repurchase program pursuant to which DocGo may purchase up to $36 million of its common stock during a 6-month period ending July 30, 2024. DocGo’s prior share repurchase authorization expired on November 24, 2023. The approved amount represents approximately 10% of DocGo’s outstanding shares based on DocGo’s share price at the time of authorization, although the actual number of shares to be purchased will be based on a variety of factors including market conditions and the actual share price on the purchase dates.

“We are proud of DocGo’s continued strong performance, and confident in our future potential,” said Lee Bienstock, CEO of DocGo. “We believe the recent decline in our share price is not reflective of the value of our Company or our stock, and that a stock repurchase is a value-enhancing deployment of capital. DocGo has consistently delivered on our commitments, is confident in our cash position and cash collections, and possesses strong business fundamentals.”

Under the terms of the repurchase program, DocGo may purchase shares of its common stock on a discretionary basis from time to time through open market repurchases or privately negotiated transactions or through other means, including by entering into Rule 10b5-1 trading plans or accelerated share repurchase programs, in each case, during an “open window” and when DocGo does not possess material non-public information.

“We look forward to initiating this buyback, and we expect to commence purchases depending on prevailing market conditions following the end of our current blackout period, which is set to expire in early March,” said Norm Rosenberg, CFO of DocGo. “We will be aggressive in continuing to monitor and evaluate all of our opportunities – including the company’s share buyback program – with a focus on providing long-term value to shareholders.”

The timing and actual number of shares repurchased under the repurchase program will depend on a variety of factors, including stock price, trading volume, market conditions, corporate and regulatory requirements and other general business considerations. The repurchase program may be modified, suspended, or discontinued at any time without prior notice.