Former CardConnect CFO Chuck Bernicker has successfully closed a $250 million initial public offering for South Mountain Merger Corp., a "blank check" company formed for the purpose of acquiring financial technology businesses.
"While we may pursue an initial business combination in any sector," the company's website states, "we intend to focus our efforts on businesses in the financial technology segment of the broader financial services industry, where we believe our management team’s expertise will provide us with a competitive advantage.
Bernicker, who is CEO of SMMC, served as chief financial officer of King of Prussia-based fintech CardConnect, which was acquired by Betsy Zubrow Cohen's FinTech Acqusition Corp. in 2016.
SMMC sold 25 million units priced at $10.00 per unit. Each unit consists of one share of the Company’s Class A common stock and one-half of one warrant. Each whole warrant is exercisable to purchase one share of the Company’s Class A common stock at a price of $11.50 per share.
Citigroup Global Markets Inc. acted as sole book-running manager for the offering.