Mudrick Capital Acquisition II in a press release said it intends to dissolve and liquidate because it failed to complete a business combination by deadline.
The company will redeem all outstanding shares of Class A common stock effective at the close of business Sept. 12.
The news comes less than a month after Mudrick II terminated a merger agreement with online jewelry dealer Blue Nile. At the same time, Blue Nile announced it would instead be acquired by Signet Jewelers for $360 million in an all-cash transaction.
In the deal with Mudrick II, which was announced in June, Blue Nile had a pro forma enterprise value of approximately $683 million. The transaction was expected to deliver approximately $450 million to Blue Nile — 20% more than the Signet deal.
Blue Nile is now on the hook for a $10 million termination fee to Mudrick Capital II.
That was the SPAC’s second deal to collapse in a year. Mudrick II in August 2021 terminated a merger agreement with trading card company Topps after rival Fanatics was awarded exclusive licensing agreements with unions representing players in Major League Baseball, the National Basketball Association and the National Football League. Read more.
