- North Mountain Merger ( NASDAQ: NMMC ), a publicly traded SPAC, and Corcentric, a provider of payments and accounting solutions for enterprise and middle-market companies, mutually agreed to end their plan to combine, the two companies said Monday.
- Neither party will be required to pay the other a termination fee as it was a mutual decision to call off the merger.
- The proposed merger, initially announced in December 2021, was conditioned on the satisfaction of certain closing conditions within the timeframe outlined by the merger agreement. Those conditions remained unsatisfied, they said.
- "We are disappointed that market conditions resulted in the termination of our proposed merger," said Chuck Bernicker, CEO of North Mountain ( NMMC ). "Corcentric is a unique company with a strong management team, and we wish them continued success."
- In December, the two companies announced the deal, which was expected to close in Q2 2022, for Corcentric to go public at ~$1.2B valuation .
For further details see:
Northern Mountain Merger, Corcentric call off SPAC deal