Topps and Mudrick Capital Acquisition II mutually terminate the $1.3bn SPAC merger.

Topps, an American company that manufactures chewing gum, candy, and collectibles, and Mudrick Capital Acquisition II, a special purposes acquisition company, mutually terminate the $1.3bn SPAC merger. Transaction includes a PIPE of $250m at $10.15 per share led by Mudrick Capital and leading institutional investors including GAMCO Investors and Wells Capital Management. “We believe Topps’ culture of innovation, strong management team, expanding margins, robust cash flow and conservative balance sheet set it apart from other consumer growth companies. It also is well situated with a universally recognized brand to capitalize on the fast emerging market for collectible NFTs. We are excited to partner with this exceptional organization to help write the next chapter in the long history of its truly iconic brand,” Jason Mudrick, Mudrick Capital Founder and Chief Investment Officer.