Fintech SPAC North Mountain Merger files for a $115 million IPO
North Mountain Merger, the second blank check company led by former CardConnect executives targeting the fintech industry, filed on Friday with the SEC to raise up to $115 million in an initial public offering.
The New York, NY-based company plans to raise $115 million by offering 11.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Insiders intend to purchase $12 million worth of units in the offering. At the proposed price, North Mountain Merger would command a market value of $144 million.
The company is led by CEO Charles Bernicker, former CFO of CardConnect, which merged with FinTech Acquisition in 2016 and was acquired by First Data in 2017; and CFO Nicholas Dermatas, former VP of Finance at First Data and SVP of Finance at CardConnect. The company plans to target the financial technology sector, focusing on businesses that will benefit from the rapidly evolving payment ecosystem. The pair's previous SPAC, South Mountain Merger (SMMC), raised $225 million in June 2019.
North Mountain Merger was founded in 2020 and plans to list on the Nasdaq under the symbol NMMCU. Citi is the sole bookrunner on the deal.
The article Fintech SPAC North Mountain Merger files for a $115 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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