North Mountain Merger Corp. and Corcentric Mutually Agree to Terminate Merger Agreement
29 Agosto 2022 - 3:45PM
North Mountain Merger Corp. (NASDAQ: NMMC) (“North Mountain” or
“Company”), a publicly traded special purpose acquisition company,
and Corcentric (“Corcentric”), a leading global provider of
payments, procurement, accounts payable, and accounts receivable
solutions to enterprise and middle-market companies, announced
today that they have mutually agreed to terminate their previously
announced agreement and plan of merger (the “Merger Agreement”),
effective immediately.
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. As of the
date hereof, certain of those conditions remained unsatisfied.
Chuck Bernicker, CEO of North Mountain, commented: “Corcentric
is a leading B2B commerce platform focused on transforming how
businesses purchase, pay, and get paid, with a proven track record
of growth and strong momentum. We are disappointed that market
conditions resulted in the termination of our proposed merger.
Corcentric is a unique company with a strong management team, and
we wish them continued success.”
Doug W. Clark, Founder, CEO, and Chairman of Corcentric,
commented: “We would like to thank Chuck and the entire North
Mountain team for their hard work, diligence, and support
throughout this process. While this may not be the outcome that
both parties hoped for when we started this process, Corcentric’s
underlying business remains healthy, and we continue to believe
there is significant runway for the business to capitalize on
growth opportunities within our existing customer base as well as
through new customer wins, product innovation, and strategic
acquisitions. We remain confident in our long-term growth strategy
and are excited for the future of Corcentric.”
Neither party will be required to pay the other a termination
fee as a result of the mutual decision to terminate the Merger
Agreement. Additional information about the termination of the
Merger Agreement will be provided in a Current Report on Form 8-K
to be filed by North Mountain with the U.S. Securities and Exchange
Commission and available at www.sec.gov.
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 Statements
This press release may include, and oral statements made from
time to time by representatives of North Mountain may include,
“forward-looking statements” within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Statements
regarding possible business combinations and the financing thereof,
and related matters, as well as all other statements other than
statements of historical fact included in this press release are
forward-looking statements. When used in this press release, words
such as “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intend,” “may,” “might,” “plan,” “possible,”
“potential,” “predict,” “project,” “should,” “would” and similar
expressions, as they relate to us or our management team, identify
forward-looking statements. Such forward-looking statements are
based on the beliefs of management, as well as assumptions made by,
and information currently available to, the Company’s management.
Actual results could differ materially from those contemplated by
the forward-looking statements as a result of certain factors
detailed in the Company’s filings with the Securities and Exchange
Commission (“SEC”). All subsequent written or oral forward-looking
statements attributable to us or persons acting on our behalf are
qualified in their entirety by this paragraph. Forward-looking
statements are subject to numerous conditions, many of which are
beyond the control of the Company, including those set forth in the
Risk Factors section of the Company’s registration statement and
prospectus for the Company’s initial public offering filed with the
SEC. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
Investor Contact for Corcentric:Ankit Hira or
Ed YuenSolebury Strategic Communications for
Corcentricir@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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