MUDSW - Topps: A Well Priced Company With Substantial Upside

• Mudrick Acquisition II is a SPAC that has entered into a deal to merge with Topps Playing Cards. The combined entity's valuation currently sits at $1.6B.
• This valuation conservatively prices the profitability of the legacy playing card and confectionery business, but leaves substantial upside for the digital/NFT business.
• The company is well positioned to experience explosive growth if the recent boom in NFTs continues.
• Without growth in NFTs, the company will likely still benefit from shifting its product mix to NFTs and generate substantially higher margins on similar revenues.

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