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.

 

Recent Posts
by Nicholas Alan Clayton on 2024-03-18 at 8:06am

At the SPAC of Dawn Much of the action around SPAC votes this week is back-loaded towards Friday. Monday through Wednesday will see four extension votes and one completion vote, while Thursday and Friday is set to host three of each. The headliner of these completion votes is of course Digital World‘s (NASDAQ:DWAC) long-awaited special...

by Kristi Marvin on 2024-03-16 at 11:45am

Terms Tracker for the Week Ending March 15, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Maybe it’s the weather, but there was a perceptible change this week in the air. That’s not to say that we should expect a big...

by Nicholas Alan Clayton on 2024-03-15 at 1:34pm

Deals and Amendments Keyarch (NASDAQ:KYCH) has tweaked the earnout provision of its combination with EV charging firm ZOOZ Power. Under the new terms, ZOOZ shareholders will still receive 1,000,000 shares if it achieves $10 million or more in gross revenue for any four quarters within five or if its shares hit a VWAP of $12....

by Nicholas Alan Clayton on 2024-03-15 at 8:00am

In the current market conditions, SPACs looking for a target have to thread multiple needles at once. Many in the market now – particularly of the 2021 vintage – set out with teams experienced in high-growth technology sectors, but a risk-off market spooked by inflation has expressed itself in an appetite for more “sure things.”...

by Nicholas Alan Clayton on 2024-03-15 at 7:50am

At the SPAC of Dawn Despite some Thursday ripples in the market on economic data readings, there appears to be growing consensus that the Fed won’t budge much over its initial plans for three rate cuts in 2024 and four more in 2025. But, other regulatory changes could have more direct impact on de-SPACs this...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved