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. Our focus will be on companies with an enterprise value of approximately $750 million to $2 billion.

The economic dislocation caused by Covid-19 has impacted the financial performance of a large number of otherwise quality middle-market companies, many of which are highly levered due to either private equity ownership or the general expansion of corporate borrowing over the most recent economic cycle. These companies will likely either require comprehensive balance sheet restructurings to right-size their respective capital structures or incremental equity capital to support liquidity and business investment. This process is already playing out across the U.S., as evidenced by the number of corporate bankruptcies through July of 2020 – the highest since 2009.

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.

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. 

(Note: The size of this SPAC IPO was trimmed to 25 million units, down from 30 million units initially, in an SEC filing dated Dec. 2, 2020; the unit price remains at $10 each.)