DocGo Shares Dive 22% as New York City Declines to Renew Migrant-Services Contract

Dow Jones04-10

By Denny Jacob

DocGo shares tumbled 22% following media reports that New York City will scale back its relationship with the company as it declines to renew a contract between the two sides.

The stock recently traded at $3.01 and is down about 47% for the year to date.

New York City contracted DocGo, which previously provided Covid-19 testing services, to provide healthcare, shelter, food, security and other services to asylum seekers in the city. The migrant-care contract, valued at up to $432 million, has sparked backlash from New York City Comptroller Brad Lander and other state and city officials.

The mobile-healthcare company in a securities filing Wednesday said its subsidiary would provide services under an agreement for hotels outside the five boroughs of New York City as well as services to support the transition of provided services to a new provider for hotels within the five boroughs.

It also said its subsidiary entered into a letter agreement with the New York City Department of Housing Preservation and Development in which the contract for the subsidiary to provide services to asylum seekers was extended for the period of May 5 to Dec. 31.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

April 10, 2024 10:04 ET (14:04 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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