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NFT-Focused Topps Abandons Plan to Go Public in SPAC Merger
The longtime trading card company pulled out of its deal following the loss of its exclusive contract to make cards for Major League Baseball.
Legacy trading card company Topps has pulled out of its plan to go public via a merger with a special purpose acquisition company (SPAC) following the loss of its exclusive deal to make baseball cards with Major League Baseball and MLB's players association, the Wall Street Journal reported Friday.
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- 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 Acquisition Corp. II, a SPAC, and go public. The deal would have valued the combined company at $1.3 billion.
- Topps has been looking at blockchain and the non-fungible token market to be a “growth accelerator” for the 80-year-old company.
- Digital sales represent 6% of Topps’ revenue, according to Joel Belfer, a financial analyst at Guggenheim, but that could soon grow to be significantly more.
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
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