Merger MUDS2

Famed trading card company Topps to go public through merger with Mudrick Capital Acquisition Corporation II

, SEC

Mudrick Capital Acquisition Corporation II (NASDAQ: MUDS) and The Topps Company, a global leader in sports and entertainment collectibles and confections announced a definitive business combination agreement.

The transaction implies a pro forma enterprise value for The Topps Company of approximately $1.3 billion, or 12.5x 2021 projected adjusted EBITDA with estimated net debt of less than $150 million.

The transaction includes a PIPE of $250 million at $10.15 per share led by Mudrick Capital and leading institutional investors including GAMCO Investors and Wells Capital Management.

The transaction is anticipated to generate gross proceeds of up to approximately $571 million of cash (assuming no redemptions).

The transaction is expected to close in the late second or early third quarter of 2021.

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