NFT-Focused Topps Abandons Plan to Go Public in SPAC Merger

NFT-Focused Topps Abandons Plan to Go Public in SPAC Merger

Legacy trading card company Topps has pulled out of its plan to go public via a SPAC merger following the loss of its exclusive deal to make baseball cards with Major League Baseball (MLB) and that league’s players association, the Wall Street Journal reported Friday.

  • MLB and its players association instead signed an exclusive deal with sports merchandise retailer Fanatics that begins in several years.
  • Topps had reached a deal in April to merge with Mudrick Capital, a special purpose acquisition company (SPAC), and go public. The deal would have valued the combined company at $1.3 billion.
  • Topps has been looking at blockchain and the NFT market to be a “growth accelerator” for the 80-year-old company.
  • Digital sales currently represent 6% of Topps’ revenue, according to Joel Belfer, a financial analyst at Guggenheim, but that could soon grow to be significantly more.
  • Source