North Mountain Merger and Corcentric said they mutually agreed to terminate their merger agreement.
The proposed merger, announced in December 2021, was conditioned on the satisfaction of all closing conditions. Some of those conditions remained unsatisfied, the companies said in a press release, without offering specifics. Neither party will be required to pay a termination fee.
At announcement, the transaction was expected to deliver $182 million in gross proceeds. The SPAC had a $150 million minimum cash condition for closing a deal with Corcentric. Funding was to come from North Mountain’s $132 million in trust and a $50 million fully-committed PIPE from anchor investors, including Wellington Management and Millais Limited, an affiliate of the SPAC’s sponsor.
Corcentric is a global provider of payments, procurement, accounts payable, and accounts receivable solutions to enterprise and middle-market companies.
North Mountain’s merger deadline is coming up Sept. 22, although the SPAC with shareholder approval could extend the deadline to the end of the year. Read more.
