- SPAC North Mountain Merger ( NASDAQ: NMMC ) said Tuesday it will redeem all outstanding class A stock and cease all operations as it will not close an business combination within the required timeframe.
- The per-share redemption price for the shares will be ~$10.
- The balance of NMMC's trust account as of Jun. 30 was ~$132.4M.
- NMMC expects to retain up to $100K of the trust account's interest and dividend income to pay dissolution costs.
- As of business close on Sept. 30, the shares will be deemed cancelled and will only represent the right to receive the redemption amount.
- There will be no redemption rights or liquidating distributions for NMMC's warrants, which will expire worthless.
- NMMC and Corcentric, a payments and accounting solution provider, last month mutually agreed to end their plan to combine .
For further details see:
SPAC North Mountain Merger to redeem public stock, cease operations