Fathom Holdings and Neighborhood Intelligence scrap merger plan

Fathom Holdings Inc. (NASDAQ: FTHM) and Neighborhood Intelligence Inc. (NASDAQ: NXH) have mutually agreed to terminate their previously announced merger, with both boards citing current valuations as the primary reason for the decision.

The boards of both companies concluded that proceeding with the merger at current valuations would not appropriately reflect the fair value of either company for its shareholders, according to a joint statement.

"At current valuations, we do not believe a merger appropriately reflects the fair value of either company," said Scott Flanders, Fathom's Chairman of the Board.

Marcus Lemonis, Chairman and Chief Executive Officer of Neighborhood Intelligence, said the companies determined "that a merger at current valuations would not appropriately reflect the fair value of either company."

Neighborhood Intelligence said it will retain ownership and control of its blockchain and digital asset investments, a decision the company said is intended to allow shareholders to participate in potential future value. The company also said it remains supportive of tZERO's continued execution of its strategic plan.

The two companies said they intend to explore areas of collaboration, including data sharing and the use of complementary businesses, technology, and relationships, while remaining independent entities focused on their respective operations.

Neighborhood Intelligence, formerly known as Bed Bath & Beyond Inc., describes itself as a data and technology company with holdings that include retail brands such as Overstock, buybuy Baby, Kirkland's, and The Container Store. Fathom Holdings operates a national real estate services platform that includes residential brokerage, mortgage, and title services.

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