Topps announced on Tuesday that it will go public through the special purpose acquisition company Mudrick Capital Acquisition Corporation II (NASDAQ: MUDS). The deal values Topps at US $ 1.3 billion.
Topps is best known for its sports cards, specializing in baseball cards for over 75 years. The company recently entered the non-fungible token space.
Using blockchain technology, an NFT is unique and cannot be copied, similar to having an individual business card.
See also: Trading Card Company Topps Announces SPAC Agreement, Continued NFT Expansion
Eisner in the Topps SPAC business: Topps opted for SPAC due to speed and sponsors, Michael Eisner, company president and former CEO of Walt Disney Co (NYSE: DIS), said Tuesday on CNBC’s “Squawk Box”.
He appeared with Mudrick Capital’s CIO, Jason Mudrick.
“There is a lot of flexibility,” said Eisner. “It seemed like the right thing to do at this point.”
Mudrick said that Topps had revenue in excess of $ 500 million last year and that it is expected to grow more than 20% this year.
Eisner said the company’s sports and entertainment business is booming.
Cardboards attract children, while digital cards attract teenagers and young adults, he said.
“The company is in exactly the same financial position as Disney was in 1984 when I went there. If we do a tenth as well as Disney, I will be very happy.”
The deal is expected to close at the end of the second quarter or the beginning of the third. At that time, Topps would become a Nasdaq listed company and trade under the symbol “TOPP”.
On Benzinga’s “PreMarket Prep” program on Tuesday, co-host Dennis Dick said “acquisition ads disappear quickly”.
MUDS price action: Mudrick Capital Acquisition Corp II was trading up 13.54% to $ 11.24 on the last check on Tuesday.
Image by HeungSoon from Pixabay.
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