North Mountain Merger, the second blank check company led by former CardConnect executives targeting the fintech industry, raised $115 million by offering 11.5 million units at $10 on Friday. North Mountain Merger began trading on the Nasdaq under the symbol NMMCU; units ended the day up 1.2% on Friday. Citi acted as lead manager on the deal.
Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Millais Limited, an affiliate of the sponsor, agreed to purchase 10% of the units offered.
The company is led by CEO Charles Bernicker, former CFO of CardConnect; and CFO Nicholas Dermatas, former VP of Finance at First Data and SVP of Finance at CardConnect. The pair's previous SPAC, South Mountain Merger (SMMC), raised $225 million in June 2019.
