Stocks

Topps To Go Public On Merger With Mudrick; SPAC Gains 16% By Investing.com

© Reuters.

By Dhirendra Tripathi

Investing.com – Shares of Mudrick Capital Acquisition Corporation II (NASDAQ:) jumped Tuesday after the The Topps Company, promoted by Disney’s former CEO Michael Eisner, agreed on a merger with the special purpose acquisition company.

The shares rose 16% and touched a high of $16.55 in the session so far.

The Topps Company is a long-standing icon in sports and entertainment collectibles and confections. Eisner bought it in 2007.

It recorded revenues of $567 million in 2020, a 23% year-on-year increase. Eisner will remain its chairman after the deal is complete. Eisner said he didn’t sell a single share of Topps in this transaction.

Mudrick Capital Acquisition is the second blank check company formed by distressed debt investor Jason Mudrick to acquire a post-bankruptcy business. It raised $250 million through an initial public offering in December.

A SPAC is a blank-check shell company that uses proceeds from an IPO to take private firms public. It is usually set up by high profile people with relevant industry experience and that’s what gets it the valuation.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button