Topps announced on Tuesday that it will publish via the company for the acquisition of special purposes Mudrick Capital Acquisition Corporation II (NASDAQ: MUDS). The deal values Topps at $ 1.3 billion.
Topps is best known for its sports trading cards, which have been specializing in baseball cards for over 75 years. The company recently entered the non-fungible drawing space.
Using blockchain technology, an NFT is unique and cannot be copied, similar to owning an individual trading card.
See also: Trading Card Company Topps Announces SPAC Transaction, Continued NFT Expansion
Eisner On The Topps SPAC Deal: Topps followed the SPAC route due to the speed and the sponsors, Michael Eisner, the company’s chairman and former CEO of Walt Disney Co. (NYSE: DIS), said on Tuesday on CNBC’s “Squawk Box”.
He appears alongside Mudrick Capital CIO Jason Mudrick.
“There’s a lot of flexibility,” Eisner said. “It seemed like the right thing to do at this time.”
Mudrick said Topps generated more than $ 500 million in revenue last year and is expected to grow by more than 20% this year.
Eisner said the company’s sports and entertainment industry is booming.
The cardboard cards appeal to children, while the digital cards appeal to teenagers and young adults, he said.
“The company has exactly the same financial position as Disney was in 1984 when I went there. If we do a tenth as well as Disney, I’ll be very happy.”
The transaction is expected to close at the end of the second quarter or at the beginning of the third year. At the time, Topps would become a Nasdaq-listed company and trade under the symbol “TOPP”.
Co-presenter Dennis Dick said on Tuesday at Benzinga’s ‘PreMarket Prep’ show that the ‘announcements about the acquisition are fading fast’.
MUDS price action: Mudrick Capital Acquisition Corp II rose 13.54% to $ 11.24 on Tuesday with the last check.
Image by HeungSoon via Pixabay.
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