NEW YORK and CHERRY HILL, NJ, Aug. 05, 2022 (GLOBE NEWSWIRE) — Corcentric, a leading global provider of payments, procurement, accounts payable and accounts receivable solutions for enterprises and mid-market businesses, today announced its participation in Needham Virtual FinTech & Digital Transformation 1×1 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 traded company through a business combination with North Mountain Merger Corp. (NASDAQ: NMMC) (“NMMC” or “North Mountain”), a special purpose IPO. company.
Transaction overview
As previously announced on December 10, 2021, Corcentric and North Mountain announced that they have entered into a definitive agreement to complete a business combination (the “Transaction”). Upon completion of the transaction, the combined entity (the “Company”) will be called Corcentric, Inc. and will become a publicly traded company. The company’s ordinary shares are 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 necessary regulatory approvals and the approval of the shareholders of North Mountain.
About Corcentric
Corcentric is a leading global provider of solutions for payments, procurement, accounts payable and accounts receivable for businesses and mid-market companies. Corcentric provides software, consulting services and payments with a focus on reducing costs, optimizing working capital and unlocking revenue. To learn more, visit www.corcentric.com.
About North Mountain Merger Corp.
North Mountain Merger Corp. is a special purpose acquisition company (or SPAC) that raised $132.25 million in its September 2020 IPO 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
Certain statements herein are not historical facts, but are forward-looking statements under the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally 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 conditions. These forward-looking statements include, but are not limited to, statements about future events, the Transaction, the estimated or expected future results and benefits of the combined company following the Transaction, including the likelihood and ability of the parties to complete 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 should not be relied upon 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 could differ materially. These risks and uncertainties include, but are not limited to, the ability to satisfy the closing conditions to the transaction, including the approval of the 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 is acquired under conditions that are not expected; delay in completing 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 does not meet the expectations of investors or securities analysts; the amount of redemption requests made by North Mountain’s public shareholders; the ability of North Mountain or the combined company to issue equity or equity-related securities in connection with the Transaction or in the future; the effects of pending and future legislation; risks related to interruption of management time from ongoing business operations due to the proposed transaction; business interruption 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 growth; adjusting Corcentric’s cost structure to quickly reflect changes in revenue; maintenance and renewal of customer contracts and subscriptions; competition in the software and payment solutions industry; Corcentric’s ability to raise additional capital; reliance on Corcentric’s relationships with service providers and suppliers; successful integration of potential targets, products or technologies; Corcentric’s ability to improve its operational, financial and management controls; Corcentric’s failure to provide high quality customer support; Corcentric’s ability to maintain its revenues and margins while offering discounts to private merchant network buyers and suppliers; Corcentric’s failure to maintain and increase awareness of its brand; Corcentric’s failure to maintain contracts with buyers and suppliers of private merchant network solutions; increased costs associated with being a public company; the unpredictable sales cycles of Corcentric’s end markets; risks associated with Corcentric’s brokerage business as sellers of capital equipment; cyber security 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 property rights; infringement of intellectual property, data protection and other losses; compliance with federal, state and local laws as well as statutory and regulatory requirements; risks in implementing controls and procedures required for public companies following the Transaction; and Corcentric’s or the combined company’s ability to issue equity or equity-related 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 North Mountain documents filed or to be filed with the SEC.
If any of these risks materialize or if the assumptions prove to be incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks of which North Mountain or Corcentric is not currently aware, or which North Mountain or Corcentric currently believes to be immaterial, which 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 expect that subsequent events and developments will cause their assessments to change. However, while North Mountain or Corcentric may choose 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 judgments as of any date subsequent to the date of this press release. Accordingly, no reliance should be placed on the forward-looking statements.
Important additional information and where to find it
In connection with the proposed transaction, North Mountain has filed a preliminary registration statement on Form S-4 (the “Registration Statement”), which included a proxy statement/prospectus, with the US Securities and Exchange Commission (“SEC”). A final proxy statement/final prospectus will also be sent to the shareholders of North Mountain, to seek any necessary shareholder approval. This press release is not a substitute for the final proxy statement/prospectus or any other document that North Mountain will send to its shareholders. Before making any votes or investment decisions, investors and security holders of North Mountain are urged to read carefully the entire registration statement and proxy statement/prospectus, and all other relevant documents filed with the SEC, as well as any amendments or supplements to those documents because they will contain important information about Corcentric, North Mountain and the proposed transaction. Shareholders 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 may 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 found on, or accessible through, the websites referred to in this press release is not incorporated by reference into, and is not a part of, this press release.
Participants in the call
North Mountain, North Mountain’s sponsor, Corcentric and certain of their respective directors and officers may be deemed to be participants in the solicitation of proxies from the shareholders of North Mountain in connection with the proposed transaction. Information about North Mountain’s directors and executive officers can be found in North Mountain’s Annual Report on Form 10-K for the year ended December 31, 2021, which has been filed with the SEC. Additional information about the interests of these participants, the directors and executive officers of Corcentric and other persons who may be considered participants in the transaction can be obtained by reading the registration statement and 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 solicitation
This 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 with respect to the proposed transaction. Nor shall this press release 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 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 a waiver thereof.
Investor contact for Corcentric:
Ankit Hira or Ed Yuen
Solebury Trout for Corcentric
[email protected]
(800) 846-6166
Corcentric media contact:
Stacy Bronstein
Director of Communications
[email protected]
(267) 807-0164
Contact for North Mountain Merger Corp.
Charles B. Bernicker
(646) 446-2700
