A Topps trading card was arranged for a photo in Richmond, Virginia.
Jay Paul | Bloomberg | Getty Images
Topps is known for its baseball card and bazooka candy series, and the company has agreed to go public through a merger with a special purpose acquisition company, Mudrick Capital Acquisition Corporation II, which valued Topps at $1
Former Disney CEO Michael Eisner (Michael Eisner) will continue to serve as Chairman of Topps. Mudrick Capital and funds and accounts managed by GAMCO Investors and Wells Capital Management are expected to invest an additional $250 million in SPAC.
The transaction is expected to be completed at the end of the second quarter or the beginning of the third quarter. The combined company will be called Topps and will be traded on the Nasdaq under the ticker symbol “TOPP.” The New York Times’ “Trading Book” was the first report to report a transaction.
Topps’ net sales increased by 23% in 2020, reaching 567 million US dollars, a record high in the company’s history. Although Topps is known for its sports trading cards, it has expanded into interactive mobile applications to connect collectors, and recently expanded into an irreplaceable token, a new type of digital asset. The ownership of NFTs is recorded on the blockchain, similar to the network that supports cryptocurrency. Each NFT is unique and cannot be copied, just like having an original painting or a rare baseball card.
Other companies from Taco Bell to Atari have also joined the NFT trend. Funko, which produces collectible vinyl figurines, recently purchased an NFT startup to help it navigate new trends. But executives told Dealbook that although sports-related NFTs have been increasing rapidly, the Topps deal is not due to its recent expansion in NFTs. In late February, Dapper Labs stated that consumers have spent more than $230 million on purchases and deals from the National Basketball Association.
Topps also owns a gift card business called Topps Digital Services, which works with companies such as Netflix, Airbnb and Nike. Its candy market includes iconic brands such as Bazooka, Ring Pop and Baby Bottle Pop.
Watch CNBC at 8:15 am Eastern Time, accepting the former CEO of Disney, current Topps chairman Michael Eisner (Michael Eisner) and Mudrick Capital Management founder and chief investment officer Jason · Interview with Jason Mudrick.