What do you get when you cross collectors items and a billion dollar industry?
A whole bunch of greedy investors.
Topps, best known for their baseball cards and Bazooka candy line, has agreed to go public through a SPAC deal with Mudrick Capital Acquisition Corporation II, a deal that values Topps at $1.3 billion. SPACs have been hit or miss lately, and I have not really cared about them. I just think they're saturated and manipulated now. I think this is a really cool headline though, but I'm not buying into this. Okay I admit I did buy some when I read the news, but I already sold. It may get steam though, this NFT theme is getting bigger and bigger by the day. Even Playboy has skin in the game.
The deal is expected to close in the late second or early third quarter. The combined company will be called Topps and will trade under the ticker symbol "TOPP". Topps' net sales rose 23% in 2020 to $567 million, a new record for the company. Amazing how valuable trading cards can be, and while that's what Topps is primarily known for, it's branched out into interactive mobile apps to connect collectors and recently expanded into non-fungible tokens. Each NFT is unique and can't be duplicated, just like owning an original painting or a rare baseball card.
Pretty amazing how many companies and personalities jump into the next hot trend, eh?
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