Mudrick Capital Acquisition II, the second blank check company formed by distressed debt investor Jason Mudrick to acquire a post-bankruptcy business, lowered the proposed deal size for its upcoming IPO on Thursday.
The New York, NY-based company now plans to raise $250 million by offering 25 million units at a price of $10. The company had previously filed to offer 30 million units at the same price. Each unit will still consist of one share of common stock and one-half of a warrant, exercisable $11.50. At the revised deal size, Mudrick Capital Acquisition II will raise -17% less in proceeds than previously anticipated.
The company is led by CEO and Chairman Jason Mudrick, the founder and CIO of distressed debt investment firm Mudrick Capital Management. Mudrick's previous SPAC, Mudrick Capital Acquisition, went public in February of 2018 and completed its acquisition of Hycroft Mining Holding (HYMC; -26% from $10 offer price) this past May. Mudrick Capital Acquisition II plans to implement a similar strategy as its predecessor, targeting companies that have either recently emerged from bankruptcy court protection or will require incremental capital as part of a balance sheet restructuring.
Mudrick Capital Acquisition II was founded in 2020 and plans to list on the Nasdaq under the symbol MUDSU. Jefferies is the sole bookrunner on the deal.
