0000950142-22-002605.txt : 20220829 0000950142-22-002605.hdr.sgml : 20220829 20220829170556 ACCESSION NUMBER: 0000950142-22-002605 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20220829 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Termination of a Material Definitive Agreement ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220829 DATE AS OF CHANGE: 20220829 FILER: COMPANY DATA: COMPANY CONFORMED NAME: North Mountain Merger Corp. CENTRAL INDEX KEY: 0001819157 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 851960216 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39523 FILM NUMBER: 221211940 BUSINESS ADDRESS: STREET 1: 767 FIFTH AVENUE, 9TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10153 BUSINESS PHONE: (646) 446-2700 MAIL ADDRESS: STREET 1: 767 FIFTH AVENUE, 9TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10153 8-K 1 eh220282064_8k.htm FORM 8-K
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________

 

FORM 8-K

___________________

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): August 29, 2022

North Mountain Merger Corp.

(Exact name of registrant as specified in its charter)

 

Delaware 001-39523 85-1960216
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)

 

767 Fifth Avenue, 9th Floor

New York, New York 10153

(Address of principal executive offices, including zip code)

 

(646) 446-2700

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Units, each consisting of one share of Class A common stock, $0.0001 par value, and one-half of one redeemable warrant   NMMCU   The Nasdaq Stock Market LLC
Shares of Class A common stock   NMMC   The Nasdaq Stock Market LLC
Redeemable warrants included as part of the units   NMMCW   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 

 

 

   

 

Item 1.01. Entry into a Material Definitive Agreement.

 

The information disclosed under Item 1.02 of this Current Report on Form 8-K is incorporated by reference into this Item 1.01 to the extent required.

 

Item 1.02 Termination of a Material Definitive Agreement.

 

As previously reported, on December 9, 2021, North Mountain Merger Corp., a Delaware corporation (“North Mountain”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with North Mountain Merger Sub Inc., a wholly owned subsidiary of North Mountain (“Merger Sub I”), North Mountain Merger Sub II, LLC, a wholly owned subsidiary of North Mountain (“Merger Sub II”), and Corcentric, Inc., a Delaware corporation (“Corcentric”).

 

Termination of Merger Agreement

 

On August 29, 2022, North Mountain and Corcentric announced that they had entered into a Letter Agreement (the “Termination Agreement”), pursuant to which the parties agreed to mutually terminate the Merger Agreement, effective immediately.

 

Termination of Related Agreements

 

As a result of the termination of the Merger Agreement, the Merger Agreement will be of no further force and effect, and each of the transaction agreements entered into in connection with the Merger Agreement, including, but not limited to (i) the Share Vesting and Warrant Surrender Agreement (the “Share Vesting and Warrant Surrender Agreement”), dated as of December 9, 2021, by and between North Mountain, North Mountain LLC, a Delaware limited liability company (the “Sponsor”), and Corcentric, (ii) the lockup agreements (the “Lockup Agreements”), each dated as of December 9, 2021, entered into by North Mountain and certain Corcentric stockholders, (iii) the registration rights agreement (the “Registration Rights Agreement”), dated as of December 9, 2021, by and among North Mountain, the Sponsor and certain stockholders of Corcentric, (iv) the subscription agreements (the “Subscription Agreements”), each dated as of December 9, 2021, between North Mountain, investment funds managed by Wellington Management Company LLP, Millais Limited and SMMC Sponsor Interests, LLC and (v) the support agreement (the “Support Agreement”), dated as December 9, 2021, by and among North Mountain, Merger Sub I, Merger Sub II and certain stockholders of Corcentric, will either automatically be terminated in accordance with their terms or be of no further force and effect.

 

The foregoing descriptions of the Merger Agreement, the Termination Agreement, the Share Vesting and Warrant Surrender Agreement, the Lockup Agreements, the Registration Rights Agreement and the Subscription Agreements do not purport to be complete and are qualified in their entirety by the terms and conditions of the full text of the Termination Agreement, which is attached hereto as Exhibit 10.1, the full text of the Merger Agreement, which was previously filed as Exhibit 2.1 to North Mountain’s Current Report on Form 8-K (the “Signing 8-K”) filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 10, 2022, the full text of the Share Vesting and Warrant Surrender Agreement, which was previously filed as Exhibit 10.5 to the Signing 8-K, the full text of the Lockup Agreements, the form of which was previously filed as Exhibit 10.4 to the Signing 8-K, the full text of the Registration Rights Agreement, which was previously filed as Exhibit 10.3 to the Signing 8-K, and the full text of the Subscription Agreements, a form of which was previously filed as Exhibit 10.1 to the Signing 8-K., and the full text of the Support Agreement, which was previously filed as Exhibit 10.2 to the Signing 8-K.

 

 2 

 

Item 7.01 Regulation FD Disclosure.

 

On August 29, 2022, North Mountain and Corcentric issued a joint press release announcing the termination of the Merger Agreement. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

 

As a result of the termination of the Merger Agreement, the special meeting of the stockholders of North Mountain, which was to be held for the purpose of voting on the Merger Agreement and proposed transactions related thereto, will not take place, and North Mountain intends to withdraw the Registration Statement on Form S-4 originally filed with the SEC on January 7, 2022, as amended from time to time.

 

The foregoing is being furnished pursuant to Item 7.01 and will not be deemed to be filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that section, nor will it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits:

 

Exhibit   Description
10.1   Letter Agreement
99.1   Press Release
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 3 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  NORTH MOUNTAIN MERGER CORP.  
       
Date: August 29, 2022      
       
  By: /s/ Nicholas Dermatas  
    Name: Nicholas Dermatas  
    Title: Chief Financial Officer  

 

 

 

 4 

 

EX-10.1 2 eh220282064_ex1001.htm EXHIBIT 10.1

EXHIBIT 10.1

 

 

Corcentric, Inc.

200 Lake Drive East

Cherry Hill, NJ 08002

North Mountain Merger Corp.

767 Fifth Avenue, 9th Floor

New York, New York 10153

 

 

 

August 29, 2022

 

 

RE: Termination of the Merger Agreement

 

 

Reference is made to that certain Agreement and Plan of Merger, dated as of December 9, 2021 (the “Merger Agreement”), by and among Corcentric, Inc. (the “Company”), North Mountain Merger Corp. (“Acquiror”), North Mountain Merger Sub Inc. and North Mountain Merger Sub II, LLC. Capitalized terms used herein shall have the same meaning as ascribed to them in the Merger Agreement.

 

Pursuant to Section 10.0l(a) of the Merger Agreement, by executing below, the Company and Acquiror each hereby agree to cause the termination of the Merger Agreement and the transactions contemplated thereby, effective immediately, giving effect to the express terms of Section 10.02(a) of the Merger Agreement.

 

 

 

Acknowledged and agreed to as of the date first written above

 

 

 

  CORCENTRIC, INC.  
       
  By: /s/ Douglas Clark  
    Name: Douglas Clark  
    Title: Chief Executive Officer  
       
       
  NORTH MOUNTAIN MERGER CORP.  
       
  By: Charles Bernicker  
    Name: Charles Bernicker  
    Title: Chief Executive Officer  

 

 

   

 

EX-99.1 3 eh220282064_ex9901.htm EXHIBIT 99.1

EXHIBIT 99.1

North Mountain Merger Corp. and Corcentric Mutually Agree to Terminate Merger Agreement

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.

  

 

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 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 Yuen

Solebury Strategic Communications for Corcentric
ir@corcentric.com

(800) 846-6166

 

Media Contact for Corcentric:
Stacy Bronstein
Director of Communications
sbronstein@corcentric.com  

(267) 807-0164

 

Contact for North Mountain Merger Corp.:
Charles B. Bernicker
(646) 446-2700

 

 

  

 

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Aug. 29, 2022
Document Type 8-K
Amendment Flag false
Document Period End Date Aug. 29, 2022
Entity File Number 001-39523
Entity Registrant Name North Mountain Merger Corp.
Entity Central Index Key 0001819157
Entity Tax Identification Number 85-1960216
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 767 Fifth Avenue
Entity Address, Address Line Two 9th Floor
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10153
City Area Code 646
Local Phone Number 446-2700
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Elected Not To Use the Extended Transition Period false
Units, each consisting of one share of Class A common stock, $0.0001 par value, and one-half of one redeemable warrant  
Title of 12(b) Security Units, each consisting of one share of Class A common stock, $0.0001 par value, and one-half of one redeemable warrant
Trading Symbol NMMCU
Security Exchange Name NASDAQ
Shares of Class A common stock  
Title of 12(b) Security Shares of Class A common stock
Trading Symbol NMMC
Security Exchange Name NASDAQ
Redeemable warrants included as part of the units  
Title of 12(b) Security Redeemable warrants included as part of the units
Trading Symbol NMMCW
Security Exchange Name NASDAQ

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