South Mountain Merger Corp. (Nasdaq: SMMC), a publicly traded SPAC, today announced (via Form 8-K, reviewed by Idaho Reporter) that shareholders voted Tuesday to approve the proposed business combination with Factor Systems, Inc. (Billtrust), making it public.
At the Special Meeting, South Mountain’s stockholders were asked to approve and adopt the previously announced Business Combination Agreement and other such proposals as disclosed in the proxy statement/consent solicitation statement/prospectus relating to the Business Combination.
According to MarketWatch the new entity will be debt free and have $200 million in cash. The combined company will have an implied estimated enterprise value of approximately $1.3 billion at closing.
This is a breaking news, we will update the article as we get more information.