Corcentric, a leading global provider of payments,
procurement, accounts payable, and accounts receivable solutions to
enterprise and middle-market companies, today announced its
participation in the Needham Virtual FinTech & Digital
Transformation 1x1 Conference on Wednesday, August 17,
2022. Founder, CEO, and Chairman Doug W. Clark,
President and COO Matt Clark, and CFO Tom Sabol will be available
for one-on-one and small group meetings with investors.
As a reminder, in December 2021 Corcentric announced its plans
to become a publicly-listed company through a business combination
with North Mountain Merger Corp. (NASDAQ: NMMC) (“NMMC” or “North
Mountain”), a publicly traded special purpose acquisition
company.
Transaction OverviewAs previously announced on
December 10, 2021, Corcentric and North Mountain announced that
they have entered into a definitive agreement to consummate a
business combination (the “Transaction”). Upon the closing of the
Transaction, the combined entity (the “Company”) will be named
Corcentric, Inc. and will become a publicly traded company. The
Company’s common stock is expected to be listed on the Nasdaq
Global Market.
The Transaction has been unanimously approved by the Board of
Directors of Corcentric and the Board of Directors of North
Mountain and is expected to close in the third quarter of 2022,
subject to the satisfaction of customary closing conditions,
including the receipt of requisite regulatory approvals and the
approval of the shareholders of North Mountain.
About CorcentricCorcentric is a leading global
provider of payments, procurement, accounts payable, and accounts
receivable solutions to enterprise and middle-market companies.
Corcentric delivers software, advisory services, and payments
focused on reducing costs, optimizing working capital, and
unlocking revenue. To learn more, please visit
www.corcentric.com.
About North Mountain Merger Corp.North Mountain
Merger Corp. is a special purpose acquisition company (or SPAC)
which raised $132.25 million in its IPO in September 2020 and is
listed on the Nasdaq Capital Market (NASDAQ: NMMC). North Mountain
Merger Corp. was founded to pursue an initial business combination,
with a specific focus on businesses in the financial technology
segment of the broader financial services industry. For more
information, please visit www.northmountainmerger.com.
Forward-Looking StatementsCertain statements
made herein are not historical facts but are forward-looking
statements for purposes of the safe harbor provisions under The
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as “believe,”
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding future
events, the Transaction, the estimated or anticipated future
results and benefits of the combined company following the
Transaction, including the likelihood and ability of the parties to
successfully consummate the Transaction, future opportunities for
the combined company (including, but not limited to, actual revenue
generated from new or existing customer contracts), and other
statements that are not historical facts. These statements are
based on the current expectations of North Mountain’s and
Corcentric’s management and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on, by any investor as a guarantee, an
assurance, a prediction, or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of North Mountain
and Corcentric. These statements are subject to a number of risks
and uncertainties regarding Corcentric’s businesses and the
Transaction, and actual results may differ materially. These risks
and uncertainties include, but are not limited to, ability to meet
the closing conditions to the Transaction, including approval by
stockholders of North Mountain and Corcentric on the expected terms
and schedule and the risk that regulatory approvals required for
the Transaction are not obtained or are obtained subject to
conditions that are not anticipated; delay in closing the
Transaction; failure to realize the benefits expected from the
proposed Transaction; a decline in the price of our securities
following the Transaction if it fails to meet the expectations of
investors or securities analysts; the amount of redemption requests
made by North Mountain’s public stockholders; the ability of North
Mountain or the combined company to issue equity or equity-linked
securities in connection with the Transaction or in the future; the
effects of pending and future legislation; risks related to
disruption of management time from ongoing business operations due
to the proposed Transaction; business disruption following the
Transaction; risks related to the impact of the COVID-19 pandemic
on the financial condition and results of operations of North
Mountain and Corcentric; risks related to North Mountain’s or
Corcentric’s indebtedness; other consequences associated with
mergers, acquisitions, and divestitures and legislative and
regulatory actions and reforms; Corcentric’s ability to maintain
its current rate of growth; adjusting Corcentric’s cost structure
to quickly reflect changes in revenues; maintenance and renewal of
customer contracts and subscriptions; competition in the software
and payments solutions industries; Corcentric’s ability to raise
additional capital; reliance on Corcentric’s relationships with
service providers and suppliers; the successful integration of
potential targets, products, or technologies; Corcentric’s ability
to improve its operational, financial, and management controls;
Corcentric’s failure to offer high-quality customer support;
Corcentric’s ability to maintain its revenues and margins while
offering discounts for its private commerce network buyers and
suppliers; Corcentric’s failure to maintain and enhance awareness
of its brand; Corcentric’s failure to maintain contracts with
private commerce network solutions buyers and suppliers; increased
costs associated with being a public company; the unpredictable
sales cycles of Corcentric’s end markets; risks associated with
Corcentric’s brokerage activities as sellers of capital equipment;
cybersecurity incidents; ability to prevent fraudulent activities
by Corcentric’s customers, employees, or other third parties;
potential interruptions or delays in third-party services;
protection of proprietary rights; intellectual property
infringement, data protection, and other losses; compliance with
federal, state, and local laws as well as statutory and regulatory
requirements; risks of implementing controls and procedures
required for public companies following the Transaction; and the
ability of Corcentric or the combined Company to issue equity or
equity-linked securities with the proposed Transaction or in the
future; and those factors discussed in North Mountain’s Form 10-K
for the year ended December 31, 2021, under Risk Factors in Part I,
Item 1A and other documents of North Mountain filed, or to be
filed, with the SEC.
If any of these risks materialize or if assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. There may be
additional risks that North Mountain or Corcentric presently do not
know or that North Mountain or Corcentric currently believe are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements provide North Mountain’s and
Corcentric’s expectations, plans, or forecasts of future events and
views as of the date of this press release. North Mountain and
Corcentric anticipate that subsequent events and developments will
cause their assessments to change. However, while North Mountain or
Corcentric may elect to update these forward-looking statements at
some point in the future, North Mountain and Corcentric
specifically disclaim any obligation to do so. These
forward-looking statements should not be relied upon as
representing North Mountain’s or Corcentric’s assessments as of any
date subsequent to the date of this press release. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
Important Additional Information and Where to Find
ItIn connection with the contemplated Transaction, North
Mountain has filed a preliminary registration statement on Form S-4
(the “Registration Statement”), which included a proxy
statement/prospectus, with the U.S. Securities and Exchange
Commission (the “SEC”). A definitive proxy statement/final
prospectus will also be sent to the stockholders of North Mountain,
seeking any required stockholder approval. This press release is
not a substitute for the definitive proxy statement/final
prospectus, or any other document that North Mountain will send to
its stockholders. Before making any voting or investment decision,
investors and security holders of North Mountain are urged to
carefully read the entire Registration Statement and proxy
statement/prospectus, and any other relevant documents filed with
the SEC as well as any amendments or supplements to these documents
because they will contain important information about Corcentric,
North Mountain and the proposed Transaction. Stockholders will also
be able to obtain copies of such documents, without charge, at the
SEC’s website located at www.sec.gov. In addition, the documents
filed by North Mountain may be obtained free of charge from North
Mountain at www.nmmergercorp.com. Alternatively, these documents
can be obtained free of charge from North Mountain upon written
request to North Mountain Merger Corp., 767 Fifth Avenue, 9th
Floor, New York, NY, 10153, ATTN: Secretary, or by calling (646)
446-2700. The information contained on, or that may be accessed
through, the websites referenced in this press release is not
incorporated by reference into, and is not a part of, this press
release.
Participants in the SolicitationNorth Mountain,
North Mountain’s sponsor, Corcentric and certain of their
respective directors and executive officers may be deemed to be
participants in the solicitation of proxies from the stockholders
of North Mountain, in connection with the proposed Transaction.
Information regarding North Mountain’s directors and executive
officers is contained in North Mountain’s Annual Report on Form
10-K for the year ended December 31, 2021, which is filed with the
SEC. Additional information regarding the interests of those
participants, the directors and executive officers of Corcentric
and other persons who may be deemed participants in the Transaction
may be obtained by reading the Registration Statement and the proxy
statement/prospectus and other relevant documents filed with the
SEC. Free copies of these documents may be obtained as described
above.
No Offer or SolicitationThis press release is
for informational purposes only and shall not constitute a proxy
statement or solicitation of a proxy, consent, or authorization
with respect to any securities or in respect of the proposed
Transaction. This press release shall also not constitute an offer
to sell or a solicitation of an offer to buy any securities, nor
shall there be any sale, issuance, or transfer of securities in any
state or jurisdiction in which such offer, solicitation, or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. No offering of
securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act of 1933, as
amended, or an exemption therefrom.
Investor Contact for Corcentric:Ankit Hira or
Ed Yuen Solebury Trout for
Corcentric ir@corcentric.com (800) 846-6166
Media Contact for Corcentric:Stacy
BronsteinDirector of
Communicationssbronstein@corcentric.com (267)
807-0164
Contact for North Mountain Merger Corp.Charles
B. Bernicker(646) 446-2700
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