Blue Nile plans to go public through merger with SPAC Mudrick Capital

Blue Nile Inc. plans to become a publicly traded company following a merger agreement with special purpose acquisition firm Mudrick Capital Acquisition Corp. II.

Mudrick Capital MUDS,
has been trading as a SPAC on the Nasdaq since January 29, 2021 and has ended, “by mutual agreement”, plans announced in April 2021 to merge with trading card company Topps Co. Blue Nile sells jewelry refined and diamonds online since 1999.

With an expected closing in the fourth quarter, the resulting company will be named “Blue Nile” and will retain Blue Nile Chief Executive Sean Kell and his management team.

Blue Nile and Mudrick said the deal is expected to raise $450 million before expenses, with $50 million in new funds from Mudrick and $80 million from sponsors Bain Capital Private Equity, Bow Street and Adama Partners, and of Mudrick Capital.

Shares of SPAC rose 0.1% to close at $10.07 on Friday, for a market capitalization of $398 million, and were up 0.5% in the extended session. SPAC shares are down nearly 16% in the past 12 months, versus an 8% drop in the S&P 500 SPX index,

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Post expires at 10:11pm on Tuesday June 21st, 2022

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