Mudrick Capital Acquisition Corporation II Will Redeem Its Public Shares


Mudrick Capital Acquisition Corporation II (“MUDS” or the “company”;NASDAQ: MUDS, MUDSU, MUDSW), a special purpose acquisition company, announced it intends to dissolve and liquidate pursuant to the provisions of its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”). MUDS did not complete a business combination opportunity within the period required by its Amended and Restated Certificate of Incorporation. The company will redeem all of its outstanding shares of Class A common stock issued as part of the units sold in the company’s initial public offering (the “public shares”), effective as of the close of business on September 12, 2022.

Consistent with the provisions of the Amended and Restated Certificate of Incorporation, in connection with its dissolution and liquidation, the company will:

(i)

Cease all operations except for the purpose of winding up.

(ii)

As promptly as reasonably possible, but not more than 10 business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously released to the company to pay its tax obligations (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish MUDS’ public stockholders’ rights as stockholders (and, therefore, the public shares will have no right to receive further liquidating distributions, if any).

(iii)

As promptly as reasonably possible following such redemption, subject to the approval of MUDS’ remaining stockholders and the company’s board of directors, dissolve and liquidate, subject in each case to the company’s obligations under the General Corporation Law of the State of Delaware, to provide for claims of creditors and other requirements of applicable law.

Net of taxes and up to $100,000 of dissolution expenses, MUDS currently expects the per-share redemption price for the public shares will be approximately $10.16 (as finally determined, the “Redemption Amount”).

The Redemption Amount will be paid on or prior to September 23, 2022, to the beneficial owners of public shares held in street name without any required action on their part. The Redemption Amount will be paid to record holders of public shares after delivery of their public shares to the company’s transfer agent, Continental Stock Transfer & Trust Company, on or after September 12, 2022.

MUDS anticipates that the public shares will cease trading before business open on September 13, 2022. As of the close of business on September 12, 2022, the public shares will be deemed cancelled and will represent only the right to receive the Redemption Amount. After September 12, 2022, the company will cease all operations except for those required to wind up the company’s business.

There will be no redemption rights or liquidating distributions with respect to MUDS’ warrants, which will expire worthless. The company’s sponsor, directors and each member of MUDS’ management team have waived their redemption rights with respect to all founder shares held by them.

MUDS expects that NASDAQ will file a Form 25 with the United States Securities and Exchange Commission (the “SEC”) to delist its securities. The company thereafter expects to file a Form 15 with the SEC to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended.


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