In addition to their trading cards, fans will soon be able to trade shares of the Topps company.
The company said Tuesday that it will become a publicly traded company this year by linking up with a blank check company, or SPAC, a special purpose acquisition company.
Topps, for anyone who hasn’t opened the trading card shoebox in the attic in a while, has expanded greatly since its Bazooka gum days and is moving toward digital sales, apps, cryptocurrencies, and even NFT, or non-fungible tokens.
Its theme has expanded, among other things, to comics, professional wrestling, Formula 1 and cinema.
Topps Co. said Tuesday that it will 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 serve on Topps as chairman of the board.
“The strong emotional connection between the Topps brand and consumers of all ages is truly critical and, when combined with our growing portfolio of strategic licensing partnerships, creates a profitable business model with significant competitive advantages,” Eisner said in a statement prepared Tuesday.
Topps CEO Michael Brandstaedter will lead the company.
Companies have chosen to go public through SPAC at a record pace in the last year. A SPAC is usually a group of investors who come together and seek acquisition targets. They can speed up the listing process for companies because the capital to do so has already been established. The initial investment of those larger investors, usually a part, is converted into publicly traded shares available to anyone.
Unlike many companies that went public through a SPAC 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 deal is expected to close this year and Topps will be listed on Nasdaq under the ticker symbol “TOPP.”