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

© Reuters.

By Dhirendra Tripathi – 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.

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