Mudrick Acquisition Corp. II (NASDAQ:MUDS) has terminated its combination with collectible card-maker Topps after it announced it would not see a renewal of its foundational contract with Major League Baseball (MLB) for producing its signature cards. Topps had previously held a 70-year hold on the license for cards on individual MLB players that has been in place since 1952.
Mudrick II shareholders were set to vote on the deal on August 25th, with an August 23 redemption deadline, but in light of losing a crucial part of the Topps business, most likely redemptions would have been very heavy. Terminating the deal was the smart move. MUDS still has nearly 13 months left on its clock, an estimated $321 million cash held in trust, and will now be free to chase other opportunities.
Additionally, in the current regulatory environment, perhaps even with a backstop and PIPE covering a potential full redemption of the trust, “getting public” that way no longer passes muster. Regulators have been keeping a close eye on the SPAC asset class and, in the case of Stable Road, willing to levy fines and make examples.


Terms Tracker for the Week Ending June 27, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. June continued its late-month rally with another five SPAC IPOs pricing this week, bringing the monthly total to 10 and the 2025 year-to-date count to...
Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...
At the SPAC of Dawn The markets appear to poised to continue a rosy week with futures in the green in anticipation of PCE inflation readings. Space is one of the sectors feeling the most love recently and launch services firm Rocket Lab (NASDAQ:RKLB) is keeping up the momentum, scheduling two launches within 48 hours...
FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...
Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...