North Mountain Merger Corp. (NMMC) to Liquidate Trust
by Marlena Haddad on 2022-09-20 at 5:31pm

North Mountain Merger Corp. (NASDAQ:NMMC) announced in a press release this afternoon that it will not be able to complete a business combination and will instead liquidate its trust.

The SPAC, which had 24 months on its clock to complete a deal, will cease trading on September 30 and shareholders are expected to receive their pro rata share of the trust estimated at $10.00 per share. The balance of NMMC’s trust account as of June 30, 2022 was approximately $132,443,616, which includes $193,616 in interest and dividend income, excess of cash over $132,250,000, the funds deposited into the trust account.

In accordance with the trust agreement, North Mountain expects to retain up to $100,000 of the interest and dividend income from the trust account to pay dissolution expenses. Accordingly, there is expected to be a total of $132,343,616 available for redemption of the 13,225,000 public shares outstanding.

North Mountain’s liquidation comes less than a month after it mutually terminated its deal with commerce solutions provider Corcentric on August 29. Similar to most other SPACs, North Mountain felt the pressure of deteriorating market conditions resulting in the termination of the deal. The $1.2 billion transaction was initially announced on December 10, 2021.

North Mountain marks the 26th SPAC to liquidate this year. It raised $132.25 million at IPO in September 2020 and initially aimed to combine with a fintech company that has a defensible market position and a capable management team.


Recent Posts
by Kristi Marvin on 2024-04-06 at 11:45am

Terms Tracker for the Week Ending April 5, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. There are slow weeks, and then there are s-l-o-w weeks. This past one being in the latter camp. However, next week promises to be a...

by Nicholas Alan Clayton on 2024-04-05 at 2:24pm

The financial press may not always jump at the chance to tell SPAC success stories and given that de-SPACs frequently have a period of post-close churn, the most recent deals tend to confirm the mainstream’s priors. But, given time to prove themselves to the market, a great deal of de-SPACs from the boom year of...

by Nicholas Alan Clayton on 2024-04-05 at 7:35am

At the SPAC of Dawn A busy week of Fed chatter culminates this week with an update on March’s job numbers at 8:30 am ET, which economists expect to come in at 275,000 new jobs added. Of course, great job news is not necessarily great rate cut news, but there has been increasing suspicion that...

by Nicholas Alan Clayton on 2024-04-04 at 7:50am

At the SPAC of Dawn After a couple months of smaller IPOs with an overall inconclusive performance, the debuts of Reddit (NYSE:RDDT) and Astera (NASDAQ:ALAB) have seemingly put the first real wind into the sails of the IPO market. 2024 is now officially having the best start of the year for fresh IPOs since 2019...

by Nicholas Alan Clayton on 2024-04-03 at 7:48am

At the SPAC of Dawn While a handful of de-SPACs have captured investor excitement in the bottle after close, it has seemed as though the days of SPACs trading significantly above their trust value before close were a particularity of the 2021 high times. The lone exception was of course Digital World, but AltC (NYSE:ALCC)...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved