North Mountain (NMMC) Terminates Corcentric Deal
by Marlena Haddad on 2022-08-29 at 5:33pm

North Mountain Merger Corp. (NASDAQ:NMMC) announced this afternoon that it has mutually terminated its combination with commerce solutions provider Corcentric, effective immediately.

Similar to most SPACs, North Mountain’s proposed merger was impacted by unfavorable market conditions resulting in the termination of the deal. The $1.2 billion transaction, initially announced on December 10, 2021, was conditioned on the satisfaction of certain closing conditions which remain unsatisfied. As to which closing conditions, they do not say.

North Mountain had to maintain at least $150 million in cash available in order for the deal to close. The SPAC planned on funding the deal with $132 million from its current trust alongside a $50 million fully committed PIPE at $10 per share. The PIPE drew investment from Wellington Management and Millais Limited, an affiliate of the Sponsor.

Ongoing volatility within the SPAC and equity markets are still creating a difficult environment for SPACs and IPOs alike, making North Mountain and Corcentric the 42nd deal to be terminated this year and the 8th in August thus far. Additionally, neither party will be required to pay a termination fee as a result of the mutual decision to terminate the agreement.

North Mountain has a transaction deadline just a few weeks away on September 22, however, NMMC can extend its timeline to December 31 if approved by shareholders. North Mountain raised $132.25 million at its IPO in September 2020 and initially aimed to combine with a fintech company that has a defensible market position and a capable management team.

Cherry Hill, New Jersey-based Corcentric is a provider of B2B commerce solutions for enterprise and middle-market businesses, comprising over 450,000 buyers and 1.4 million suppliers.

 

North Mountain (NMMC) Terminates Corcentric Deal
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