Bregal Sagemount-backed Corcentric ends SPAC merger
North Mountain Merger Corp. and payments software company Corcentric announced the end of their SPAC merger plans yesterday.
Why it matters: The SPAC graveyard continues to deepen.
Driving the news: Citing the difficult "market conditions," North Mountain Merger and Corcentric mutually agreed to break off the deal that valued the company at $1.2 billion.
- According to SPAC Insider, 42 SPAC mergers have been terminated since the start of the year. Among those, five SPACs have gone on to liquidate, ending their search for a partner entirely.
State of play: The now-dead deal would've resulted in $182 million of gross proceeds. Most of that would've gone to buy up existing shares, while $27 million would've gone into the company's coffers.
- Which raises the question: Will Corcentric try to raise capital on its own privately? And will shareholders seek a different way to offload some shares?
Context: Corcentric is backed by private equity firm Bregal Sagemount, which did not respond to a request for comment.
- The company posted $154 million in revenue for 2021 and EBITDA of $29 million.