Here's Why SPAC Stock Mudrick Capital Acquisition Soared Today
Shares of Mudrick Capital Acquisition Corp. II (NASDAQ: MUDS) surged 16% on Tuesday after the special purpose acquisition company (SPAC) announced its plans to bring The Topps Company public.
The merger values Topps at an enterprise value of $1.3 billion, or roughly 12.5 times its projected adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2021. The sports card and candy company enjoyed a 23% jump in sales in 2020 to a record $567 million.
Topps is working to broaden its e-commerce and mobile applications as part of its digital initiatives. It's also making a push into the rapidly expanding non-fungible tokens (NFTs) market.
Source Fool.com
