MUDSU = 1C + 1/2W
1W + $11.50. Call $18.
Term = 21 months.
Trust = $10.15. ------- $320,993,750.
Mudrick 1 merged with Hycroft Mining HYMC
JEFFRIES
Closed on 12/10/20
On December 10, 2020, Mudrick Capital Acquisition Corporation II (the “Company”) consummated its initial public offering (the “IPO”) of 27,500,000 units (the “Units”). Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share (“Class A Common Stock”), and one-half of one redeemable warrant of the Company (“Warrant”), with each whole Warrant entitling the holder thereof to purchase one share of Class A Common Stock for $11.50 per share. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $275,000,000. The Company has granted the underwriters a 45-day option to purchase up to an additional 4,125,000 Units at the initial public offering price to cover over-allotments, if any.
On December 14, 2020, Jefferies exercised the Over-Allotment Option in full and purchased an additional 4,125,000 Units, which were sold at an offering price of $10.00 per Unit, generating gross proceeds of $41,250,000. Simultaneously with the exercise of the Over-Allotment Option, the Company closed the Over-Allotment Private Placement which generated gross proceeds to the Company in the aggregate of $1,443,750. Following the closing of the Over-Allotment Option and the Over-Allotment Private Placement, an additional aggregate amount of $41,868,750 or $10.15 per Unit, has been placed in the Company’s trust account established in connection with the IPO. Following the deposit of $41,868,750, there is a total of $320,993,750 in the Company’s trust account.
Our business strategy is to identify, combine with and maximize the value of a company that has either recently emerged from bankruptcy court protection or will require incremental capital as part of a balance sheet restructuring. In particular, we believe that many post-restructured companies suffer from a valuation discount due to their opaqueness, complexity, non-long term ownership base and overall illiquidity. We believe that our in depth understanding of restructurings and post-restructuring company analysis, coupled with the more liquid publicly traded vehicle the company offers in an initial business combination, could result in significant value creation for our stockholders. Creating value for our stockholders is the ultimate goal of this business strategy.
Our management team is led by Jason Mudrick, our Chairman and Chief Executive Officer. Mr. Mudrick is also the President of Mudrick Capital and has more than 18 years of experience investing in the public and private markets for distressed debt and post-restructured equities. Mr. Mudrick has served on numerous ad hoc creditors’ committees and corporate boards and has a long track record of creating value both through identifying undervalued businesses for investment and working with management teams. Our management team and board of directors also include Victor Danh and David Kirsch, both Managing Directors at Mudrick Capital. Mr. Danh and Mr. Kirsch have over 30 years of combined distressed investing and restructuring experience. Our management team will be supported by and work closely with the rest of the Mudrick Capital investment team, which consists of eight investment professionals.
Our sponsor was formed by Mudrick Capital, which was founded in 2009 to focus on investment opportunities in distressed credit and post-restructured equities. As of September 18, 2020, Mudrick Capital managed approximately $2.6 billion, primarily for institutional clients such as pension funds, endowments, foundations, insurance companies, family offices, funds of funds and high net worth individuals. Mudrick Capital currently has 26 seasoned employees, including 11 investment professionals with over 100 years of combined distressed and post-restructuring investment experience. Mudrick Capital has been deploying capital for over 10 years across over 180 distressed or post-restructuring investments since the fund’s inception, including 27 investments with active involvement via board of directors and/or credit committee representation. In addition, Mudrick Capital sponsored Mudrick Capital Acquisition Corporation, a prior special purpose acquisition company that raised approximately $250 million in its initial public offering and which subsequently merged with Hycroft Mining Corporation (“Hycroft”), a US-based, gold and silver producer with proven and probable mineral reserves of approximately 18 million gold equivalent ounces.