DocGo’s 10-Q filed on August 17 reports $25.2 million of unrestricted cash and cash equivalents and nothing drawn on a $55 million revolving line at June 30, and says there is no assurance the line will remain available. As of December 31, 2025, when DocGo held $51.0 million of cash and cash equivalents, it was no longer in compliance with the credit agreement’s minimum liquidity covenant, which the filing describes as based on the prior twelve months’ cash burn and on available cash and borrowing ability. Discussions with the lender to preserve the ability to draw were still progressing as of June 30. The going-concern plan includes using the line, subject to that resolution.
The amended and restated credit agreement dated August 7, 2025 defines consolidated liquidity as cash and cash equivalents held at Citibank and its affiliates plus excess availability under the revolving line, with at least $5.5 million to come from excess availability. Excess availability is limited by the borrowing base, and Section 7.11(b) requires at least $5.5 million at all times. The line is therefore an input to the test whose failure put it in question, and a runway that adds the unused commitment to cash assumes it survives.
Under terms like these, the financing deadline I would give a board is the earliest forecast covenant breach, calculated under the agreement’s definitions, less the time a raise or amendment takes. Applying that rule to DocGo’s reported December 31 breach puts the deadline before that year-end, when it still held $51.0 million.
On August 16 DocGo agreed to acquire Hicuity Health, and the 8-K describes a Perceptive Credit commitment for up to $50 million of new senior secured term loans in three tranches, alongside $52 million of Hicuity term loans that would continue. DocGo’s announcement ties the first $12.5 million to signing a services agreement; the 8-K says DocGo’s subsidiary Ambulnz and Hicuity signed it on August 16. The commitment expires November 14 if no definitive credit agreement is signed by then, and earlier if the merger agreement terminates. The 8-K does not describe financial covenants for the new loans.
In a runway for DocGo I would carry the Citibank line at zero until the lender signs a waiver or amendment, and count the Perceptive loans as each tranche funds. If the definitive agreement has its own liquidity test, I would work backward from the first forecast breach, allowing time for another raise or amendment. The board should have that timetable before the first tranche is spent.