North Mountain Merger announced that it will redeem all outstanding shares of Class A common stock, effective at the close of business Sept. 30 and liquidate because it will not complete a business combination by tomorrow’s deadline.
The per-share redemption price will be $10. The balance of the trust account as of June 30 was approximately $132,443,616, which the SPAC said includes approximately $193,616 in interest and dividend income.
North Mountain expects to retain up to $100,000 of the interest and dividend income from the trust to pay dissolution expenses. That will not alter the per-share redemption price. Warrants will expire worthless.
North Mountain last month terminated a deal with Corcentric, a global provider of payments, procurement, accounts payable, and accounts receivable solutions to enterprise and middle-market companies.
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 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.
North Mountain could have asked shareholders to approve an extension until the end of the year, permissable under the company’s governing documents. Read more.
