Mudrick Capital Acquisition II, the second blank check company formed by distressed debt investor Jason Mudrick to acquire a post-bankruptcy business, raised $275 million by offering 27.5 million units at $10. The company offered 2.5 million more units than anticipated, but had previously downsized the proposed offering from 30 million units earlier this month. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
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; -27% 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 plans to list on the Nasdaq under the symbol MUDSU. Jefferies acted as a lead manager on the deal.
