In this March 6, 2007 file photo, Topps baseball cards are seen in Boston. Sports trading card company Topps is combining with a special purposes acquisition company in a deal valued at $1.3 billion and seeking a public listing. Topps Co. said Tuesday, April 6, 2021, that it will join with Mudrick Capital Acquisition Corp., which will make a $250 million investment. (AP Photo/Chitose Suzuki, file)
By Michelle Chapman
Sports trading card company Topps is combining with a special purposes acquisition company in a deal valued at $1.3 billion and seeking a public listing.
Topps Co. said Tuesday that it will join with Mudrick Capital Acquisition Corp., which will make a $250 million investment. Other investors include GAMCO Investors and Wells Capital Management.
Former Disney CEO Michael Eisner will continue as Topps chairman. His firm, The Tornante Co., which bought Topps in 2007, will roll all of its equity into the new public company, which will keep the name Topps.
The combined company will be led by Michael Brandstaedter, president and CEO of Topps.
The news follows a spate of similar SPAC deals, including WeWork less than two weeks ago.
Topps, which sells trading cards, stickers and albums and trading card games, has numerous sports partners, including Major League Baseball, Major League Soccer, UEFA, Bundesliga, the National Hockey League and Formula 1. It also has deals with Disney and World Wresting Entertainment. The 80-year-old company had sales of $567 million last year.
The deal is expected to close late in the second or early in the third quarter, subject to approval from Mudrick shareholders. It will remain listed on the Nasdaq but will have the new ticker symbol, “TOPP."
Abortion opponents want the high court to ratify a ruling from a conservative federal appeals court that would limit access to a medication called mifepristone, which was used in nearly two-thirds of abortions last year.
Annie Chechitelli, chief product officer at Turnitin, breaks down how students and teachers alike can learn from artificial intelligence – while still maintaining academic integrity.
Neiman Marcus Group CEO Geoffroy van Raemdonck talks luxury shopping and TikTok, why the company prefers to be private for now, and the benefits of flexible work arrangements.
Rebecca Walser, founder and CEO of Walser Wealth Management, discusses how geopolitical conditions, the bifurcated economy, and other volatility could weigh on markets.
The video announcement Friday came after weeks of speculation spread on social media about her whereabouts and health since she was hospitalized in January for unspecified abdominal surgery.
Chip Giller, co-founder, and Amy Seidenwurm, Chief of Programs and Strategy at Agog: The Immersive Media Institute, discuss how the organization uses the virtual world to make real change.
