Topps announced plans to go public through a $1.3B SPAC merger. The 83-year-old company has seen increasing demand for its sports and entertainment collectibles (e.g. trading cards) and recently began expanding into digital goods such as non-fungible tokens (NFTs).
More context: A special purpose acquisition company (a “SPAC”) allows companies to become publicly listed by combining with an existing public entity that was created solely for that purpose (i.e. the SPAC). The structure, which surged in popularity last year, provides an alternative to the traditional IPO process.