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.
At the SPAC of Dawn During a week in which rare earth mining and space de-SPACs have seen major gains, another blast from the past is making serious waves in the market. EV battery developer QuantumScape (NYSE:QS) rose to a 52-week high of $13.79 yesterday and is cruising even higher in the pre-market. The company...
Cantor Equity Partners I (NASDAQ:CEPO) has entered into a definitive agreement to combine with Bitcoin Standard Treasury in a transaction that is worth about $4.8 billion. Bitcoin Standard Treasury aims to bring in capital from a number of equity instruments to build up one of the largest US-listed Bitcoin treasuries. The combined company is expected...
At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...
Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...
At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...