Mudrick Capital (MUDS) Announces Shareholders Approve Combination
Mudrick Capital Acquisition Corp. (MUDS), released the results of their shareholder vote this morning to complete their business combination with Hycroft Mining Corporation, and as expected, this combination was approved. Unfortunately, the most important information, the redemption results, were not included in the filing. However, the good news is, we get to move another SPAC to the “completed” column with Mudrick marking the 14th combination to complete in 2020.
Keep in mind that Mudrick did not include a right in its IPO unit. Rights tends to provide much needed liquidity if there are significant redemptions of the share at the completion vote. So if (big IF) Mudrick did have a lot of redemptions, watch out for a low float situation.
No word yet on a closing date, but look for a press release shortly.
- Weil, Gotshal & Manges LLP is acting as legal advisor to MUDS.
- Neal, Gerber & Eisenberg LLP is acting as legal advisor to Hycroft.
- BMO Capital Markets Corp. and Greenhill & Co., Canada, Ltd. acted as financial advisors to Hycroft.
- Duff & Phelps, LLC acted as financial advisor to MUDS.
- Cantor Fitzgerald & Co. acted as capital markets advisor to MUDS.