NEW YORK, NY, and CHERRY HILL, NJ, August 29, 2022 – 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.
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Rob Tacey
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About Corcentric
Corcentric 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 corcentric.com.