South Mountain Merger SMCCU = 1C + 1/2W
Full Warrant 1 + 11.50 call 18. Adjust below 9.20.
Closed June 24 2019 - A total of $250,000,000, comprised of $245,445,500 of the proceeds from the IPO, including $7,970,375 of the underwriters’ deferred discount, and $4,554,500 of the proceeds of the sale of the Private Placement Warrants were placed in a U.S.-based trust account at Citibank, N.A., maintained by Continental Stock Transfer & Trust Company, acting as trustee.
financial services and financial technology industries
Based upon current interest rates, we expect the trust account to generate approximately $3,375,000 of interest annually (assuming an interest rate of 1.5% per year);
A fund managed by an affiliate of our sponsor will purchase 2,227,500 units in this offering at the public offering price. The underwriter will not receive any underwriting discount or commissions on units purchased by such fund and these units (and their constituent shares and warrants) will not be subject to the restrictions on transfer applicable to the founder shares and private placement warrants.
$11.50 per share of Class A common stock, subject to adjustment as described herein. In addition, if we issue additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per share of common stock (
Deep SPAC Market Experience. Our management team has deep experience with the SPAC acquisition process. Our Chief Executive Officer, Charles B. Bernicker, served as the Chief Financial Officer of CardConnect from 2012 until the sale to First Data (NYSE: FDC) in July 2017. Mr. Bernicker was involved in all aspects of the reverse merger of CardConnect with FinTech Acquisition Corp. (NASDAQ: CCN), a SPAC, in July 2016. In his capacity as Chief Financial Officer, Mr. Bernicker participated in all aspects of the FinTech Aquisition Corp. merger, including pre-merger evaluation, due diligence, equity and debt capital raising, and public company reporting. Post-merger responsibilities also included investor relations. Mr. Bernicker's employment with First Data terminated in March 2018, and he began providing consulting services to private companies that were evaluating mergers with SPACs, as well as to SPAC sponsor teams. Mr. Bernicker acted as a strategic adviser to International Money Express Inc. (NASDAQ: IMXI) (“Intermex”) from April 2018 through closing of their merger with FinTech Acquisition Corp. II in July 2017. Mr. Bernicker provided strategic consulting related to investor relations, investor marketing, public company reporting, warrant redemption strategy and general consulting to the senior management team. From September 2018 through April 2019, Mr. Bernicker served as a strategic adviser to Repay Holdings, LLC (“Repay”) for the pending merger with Thunderbridge Acquisition Corp. (NASDAQ: TBRG). Mr. Bernicker provided strategic consulting related to investor relations, investor marketing, public company reporting, SPAC structuring and general consulting to the Chief Financial Officer and Chief Executive Officer. From August 2018 through March 2019, Mr. Bernicker provided consulting services to Gordon Pointe Acquisition Corporation (NASDAQ: GPAQ) including target evaluation and negotiation and merger structuring. Mr. Bernicker was compensated in cash for his services as a consultant to the companies mentioned above. Our Chief Financial Officer, Nicholas Dermatas, served as the Vice President of Finance for CardConnect from 2012 until the sale to First Data (NYSE: FDC) in July 2017. Mr. Dermatas was involved in the reverse merger of CardConnect with FinTech Acquisition Corp. (NASDAQ: CCN), in July 2016. In his capacity as Vice President of Finance, Mr. Dermatas coordinated the due diligence in the SPAC merger, assisted in external financial reporting, as well as investor relations.