In addition to trading cards, fans will soon be able to trade Topps shares.
The company said on Tuesday that it will become a listed company this year by linking with a blank check company or SPAC, a special purpose procurement company.
Topps, for anyone who hasn’t opened the shoe box of trading cards in the attic for a while, has expanded a lot from his Bazooka rubber days and is heading for digital sales, apps, cryptocurrencies and even NFTs or tokens. non-fungible.
His subject has expanded to, among other things, comics, professional wrestling, Formula 1 and film.
Topps Co. said Tuesday it would merge with Mudrick Capital Acquisition Corp., which will make a $ 250 million investment.
Topps was bought in 2007 by former Disney CEO Michael Eisner through his company, The Tornante Co. Eisner will hold the position at Topps as Chairman of the Board.
“The strong emotional connection between the Topps brand and consumers of all ages is truly fundamental and, combined with our growing portfolio of strategic licensing partnerships, creates a profitable business model with significant competitive advantages,” Eisner said in a prepared statement. Tuesday.
Michael Brandstaedter, CEO of Topps, will lead the company.
The companies have chosen to make public through SPACs at a record pace in the last year. A SPAC is usually a group of investors who come together and look for acquisition targets. I can accelerate companies through the public trading process, because the capital to do so has already been established. The initial investment of those larger investors, usually in part, is converted into publicly traded shares available to anyone.
Unlike many companies that have gone public through a SPAC in the last year, Topps is an iconic brand and its sales are booming. The 80-year-old company had sales of $ 567 million last year.
The transaction is expected to end this year, and Topps will be listed on the Nasdaq under the symbol “TOPP”.