South Mountain Merger Corp. (SMMCU), filed their 8-a12b and their CERT today, indicating they are getting ready to price their $200 million fintech-focused SPAC, or more specifically, “…on businesses that will benefit from the rapidly evolving payment ecosystem…”. South Mountain is being led by Charles Bernicker, the former CFO of CardConnect, which merged with FinTech Acquisition Corp I (another SPAC), back in July of 2016, and the combined company was ultimately bought by First Data in 2017 for $15.00 a share.
Additionally, Mr. Bernicker ALSO served as a consultant to the International Money Express management team (NASDAQ: IMXI) on their merger with FinTech Acquisition Corp. II, in July 2018. As a result, Mr. Bernicker has experience with two very successful SPAC transactions. Albeit, from the vantage point of the other side of the negotiating table.
This SPAC will make it number 27 for 2019’s year-to-date count and push total gross proceeds over $6 billion. Stay tuned for any surprise up-sizes or changes to terms.
Summary of terms below:
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...