SPACInsider Logo
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 Kristi Marvin on 2023-02-04 at 12:57am

Terms Tracker for the Week Ending February 3, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. The month of February started with an IPO, thanks to the pricing of Cetus Capital Acquisition Corp (Nasdaq: CETU) which began trading on February 1....

by Marlena Haddad on 2023-02-03 at 5:50pm

Forest Road II (NYSE:FRXB) and 10X Capital Venture III (NYSE:VCXB) both announced this afternoon that they have mutually terminated their business combinations. Forest Road II intended to combine with transportation technology developer HyperloopTT, but the parties decided to nix the deal due to timing constraints along with unfavorable market conditions. Tom Staggs and Kevin Mayer, Co-CEOs and...

by Marlena Haddad on 2023-02-03 at 5:30pm

Intelligent Medicine Acquisition Corp. (NASDAQ:IQMD) and AMCI Acquisition Corp. II (Nasdaq: AMCI) announced this afternoon that they have adjourned their special meetings with shareholders. Intelligent Medicine originally scheduled its meeting to be held today, but is now postponing its vote until Wednesday, February 8. Stockholders may elect to redeem their shares by no later than...

by Marlena Haddad on 2023-02-03 at 11:41am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Comcast dumps 18.5% of its BuzzFeed stock Comcast Dumps 6 Million Shares of Buzzfeed After Media Company Finally Gets a Bump Comcast dumped 18.5% of its BuzzFeed (NASDAQ:BZFD) stock in recent days, reducing its...

by Nicholas Alan Clayton on 2023-02-03 at 11:37am

Viveon Health (NYSE:VHAQ) announced this morning that it is unilaterally terminating its combination with Suneva Medical “based upon material breaches” of the merger agreement. The SPAC did not elaborate further on its claims against Suneva, but noted it will continue on and seek a new business combination. Just last week, Viveon Health was working to...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved