South Mountain Merger Corp. (NASDAQ:SMMC) announced in an 8-K filing that its shareholders approved its combination with payments software firm Billtrust at a special meeting earlier today.
A total of 26,795,870 (85.74%) of shares participated in the vote and the merger was passed unanimously. The filing did not note if any shares were redeemed in connection with the vote, but few are expected as South Mountain opened this morning at $16.85.
All other measures on the meeting’s ballot were also passed by wide margins but about 11% of shares dissented against a series of governance measures relating to the Board powers.
South Mountain initially announced its $1.3 billion deal with Billtrust on October 19. Billtrust provides enterprise software with order-to-cash credit solutions to improve cashflow and eliminate paper invoicing.
For a full list of measures on the ballot and vote tallies, click HERE.
ADVISORS
- Citi is serving as exclusive financial and capital markets advisor to South Mountain.
- Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to South Mountain in connection with the transaction.
- J.P. Morgan is serving as exclusive financial and capital markets advisor to Billtrust
- Cooley is serving as legal counsel to Billtrust in connection with the transaction.
- Citi and J.P Morgan are serving as placement agents on the concurrent private placement.
- Mayer Brown is serving as legal counsel to the placement agents.
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