Software firm Corcentric and blank-check firm North Mountain Merger Corp said on Monday they would terminate their $1.2-billion merger deal, in yet another sign that the SPAC boom has fizzled out.
The De-SPAC Index, which tracks the performance of 25 companies that went public after merging with SPACs, is down nearly 60% so far this year.
Earlier this year, FinAccel, the parent of buy now, pay later platform Kredivo, also scrapped its $2.5-billion blank-check deal citing adverse market conditions.
Read more: Reuters
