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.
At the SPAC of Dawn As a rough week in the market comes to a close, at least one de-SPAC has some cause to show off. Many fashion brands were among the hard hit in recent days and not simply for macro reasons. Luis Vuitton-owner LVMH (PA:MC) dropped this week after an earnings miss led...
Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...