In addition to its trading cards, fans will soon be able to trade company shares in Topps.
The company said Tuesday it will become a listed company this year by committing to a blank check firm or SPAC, a special-purpose acquisition firm.
Topps, for anyone who hasn’t opened the shoebox with trading cards in the attic in a while, has greatly expanded from his Bazooka chewing gum days and is pushing into digital sales, apps, cryptocurrency and even NFTs or non-spongy tokens .
Its subject has been expanded to include comics, professional wrestling, Formula 1 and film.
Topps Co. said Tuesday it will merge with Mudrick Capital Acquisition Corp., which will invest $ 250 million.
Topps was acquired in 2007 by former Disney CEO Michael Eisner through his company, The Tornante Co. Eisner will have his position in Topps as chairman of the board.
“The strong emotional connection between the Topps brand and consumers of all ages is truly fundamental, and when combined with our growing portfolio of strategic licensing partnerships, it creates a profitable business model with meaningful competitive advantages,”
Michael Brandstaedter, CEO of Topps, will lead the company.
Companies have chosen to go through SPACs publicly at a record pace over the past year. A SPAC is usually a group of investors who band together and look for takeover targets. They can speed up businesses through the process of being listed because the capital to do so is already established. The initial investment of the major investors, usually a portion, is converted into listed shares that are available to all.
Unlike many companies that have gone through a SPAC in the past year, Topps is an iconic brand and its sales are booming. The 80-year-old company sold $ 567 million last year.
The deal is expected to close this year, and Topps will be listed on Nasdaq under the ticker symbol “TOP”.