Risk Factors Update Summary

• Common Stock designated as "penny stock" may reduce liquidity and trading activity significantly.
• DocGo's revenue growth has been significant, with revenues reaching approximately $624.3 million in 2023.
• Accounts receivable deemed uncollectible are offset against Property and Equipment at cost.
• The company faces challenges complying with evolving state privacy laws, with some laws effective between 2024-2026.
• DocGo's business strategy includes expanding mobile health solutions, selective acquisitions, and enhancing operational efficiencies.
• Labor costs increased from 73% to 60% of revenues in 2023, impacting profitability.
• DocGo relies significantly on contractual relationships with healthcare providers, facing risks like partner disagreements and regulatory challenges.
• Annual Base Salary increased to $372,000 from the prior undisclosed amount.
• Share repurchase program may impact investor confidence if expectations are not met.
• Stock Incentive Plan changes: Added Form of Grant Notice for Restricted Stock Unit Award. This enhances employee incentives.
• Changes in the estimated collectability of account receivable are now recorded in the results of operations.
• DocGo faces intense competition in the medical transportation and mobile health markets, risking loss of market share and profitability.
• Recorded stock-based compensation expense related to RSUs decreased from $177 million to $821 million.
• The company granted a target number of performance stock units (PSUs) under the 2021 Stock Incentive Plan.
• Compliance with data protection laws may lead to substantial costs or require changes adverse to business.
• Failure to recruit and retain healthcare professionals could adversely affect operations.
• DocGo attained ISO 27001 certification for its subsidiary Dara Technologies, LLC in November 2021.
• DocGo's growth strategy heavily relies on acquisitions for geographic expansion, facing risks like regulatory reviews and financial constraints.
• DocGo's accumulated deficit increased to approximately $21.4 million as of December 31, 2023.
• DocGo incurs significant up-front costs in client relationships, impacting profitability if unable to maintain and grow.
• DocGo faces challenges in integrating acquired businesses efficiently, risking disruptions, loss of key personnel, and cost overruns.
• DocGo is now subject to a variety of federal, local laws, and regulatory regimes.
• Failure to comply with healthcare regulations could harm the company's financial condition and operations.
• Credit Agreement changes: First Amendment to Credit Agreement with Citibank, N.A., dated January 30, 2024.
• PSUs vest upon satisfaction of the Service Requirement and final level of achievement of the Performance Goal.
• Capital expenditures rose to $6.8 million in 2023, impacting financial condition and operations.
• Negative media coverage could harm DocGo's reputation, affecting its ability to secure contracts and win new business.
• Anti-takeover provisions could delay or prevent change of control, limiting stockholder options.
• Weighted average grant date fair value of PSUs granted in 2023 was $5.6 million.
• DocGo's employee base has grown to over 4,000 employees as of December 31, 2023.
• Unrecognized compensation cost related to unvested RSUs increased from $2.2 billion to $12.6 billion.
• Annual Bonus targeted at 50% of Base Salary, subject to Board discretion.
• DocGo's success depends on key management personnel, and the loss of any key personnel could impact its operations.
• DocGo's success relies on its ability to retain and attract qualified personnel in the future.
• Exclusive forum provision may limit stockholders' ability to bring claims in favorable judicial forums.
• Changes in Medicare reimbursement rates could significantly impact the company's revenues and operations.
• DocGo invested in and implemented upgraded information systems and processes in 2023.
• Total lease assets decreased from $9.6 billion to $9.1 billion as of December 31, 2023.
• In case of Termination of Employment, PSUs may be forfeited unless vested as per terms.
• Executive entitled to equity awards as determined by the Board or Compensation Committee.
• Weighted average period for recognizing unrecognized compensation cost for RSUs increased from 1 year to 5 years.
• Governance updates: Added DocGo's Compensation Recoupment (Clawback) Policy, enhancing accountability.
• Recorded stock-based compensation expense related to PSUs increased from $0 to $72.8 thousand.
• Lease expiring dates were extended from 2029 to 2032.
• The Company may impose restrictions on resales of shares issued upon exercise of PSUs.
• DocGo's future indebtedness could limit funds for operations and business opportunities, affecting profitability.
• Future issuances of debt or equity securities may adversely affect market price and be dilutive.
• The Company requires arrangements for withholding tax obligations before issuing shares for PSUs.
• Nasdaq delisting could limit investor transactions and subject DocGo to additional trading restrictions.
• Securities class-action litigation following market volatility could result in substantial costs.
• The Company has a Compensation Recoupment (Clawback) Policy for excess Incentive-Based Compensation.
• Changes in accounting principles, policies, and guidelines may impact financial reporting accuracy.
• The Company's subsidiaries and affiliates list was updated as of December 31, 2023.