US gum, candy and collectible company, Topps, has cancelled plans to go public after Major League Baseball (MLB) ended its 70-year partnership with Topps as the official producer of baseball trading cards. Learn more about the withdrawn IPO, and find out about similar companies you can invest in from Canada.
Note: All dollar amounts on this page are in US dollars unless otherwise stated.
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What we know about the Topps IPO
On Friday August 20, 2021, The Topps Company announced it was cancelling its plans to go public via merger with Mudrick Capital Acquisition Corporation II, a special purpose acquisition company (SPAC). Originally, Topps planned to go public on the Nasdaq under the ticker symbol “MUDSU.” You can read about the merger in detail in an official document submitted to the US Securities and Exchange Commission on April 6, 2021.
The cancellation comes immediately after it was announced that MLB would not renew its agreement with Topps to produce collectible baseball cards. The agreement has been in place since 1952 and is slated to end in 2022 after a 70-year run. MLB plans to partner instead with a company owned by Fanatics, a US-based licensed sports retailer. The company does not yet have a name.
This wouldn’t have been the first time Topps had gone public. The company, originally named Topps Chewing Gum, had its first IPO in 1972, but was taken private again after it was acquired by a group of investors in 1984. Topps went public again in 1987, this time as The Topps Company, Inc. It was once again taken private in 2007 after being bought by Michael Eisner’s Torante Company in partnership with Madison Dearborn Partners.
Buy stocks in similar companies
Even though you won’t be able to buy The Topps Company stock, you can still invest in other companies that sell, or operate marketplaces to sell, licensed sports merchandise and collectibles. You can even invest in the Atlanta Braves and the Toronto Blue Jays, two MLB teams that are owned by publicly traded companies.
Company
Description
Market Capitalization
Stock info
Academy Sports and Outdoors, Inc.
Sells sports fan merchandise for MLB, NHL, NBA, NFL and more.
$3.415 billion
NasdaqGS: ASO
DICK’S Sporting Goods, Inc.
Sells sports fan merchandise for MLB, NHL, NBA, NFL and more.
Marketplace for the sale of sports paraphernalia and collectibles.
$1.621 trillion
NasdaqGS: AMZN
How to buy stocks in a company
You’ll need a brokerage account to buy and sell shares. Here’s how it works:
Compare share trading platforms. If you’re a beginner, look for a platform with low commissions, expert ratings and investment tools to track your portfolio. Narrow down top brands with our comparison table.
Open and fund your brokerage account. Complete an application with your personal and financial details, like your ID and bank information. Fund your account with a bank transfer, credit card or debit card.
Search for the company you want to invest in. Find the stock by name or ticker symbol (for example, EBAY). Research its history to confirm it’s a solid investment against your financial goals.
Purchase now or later. Buy immediately with a market order or use a limit order to delay your purchase until the stock reaches your desired price. To spread out your purchase, look into dollar-cost averaging, which smooths out buying at consistent intervals and amounts.
Decide on how many to buy. Weigh your budget against a diversified portfolio that can minimize risk through the market’s ups and downs. You may be able to buy fractional shares of companies, depending on your broker.
Check in on your investment. Congratulations, you own part of a company! Optimize your portfolio by tracking how your stock — and even the business — performs with an eye on the long term. You may be eligible for dividends and shareholder voting rights on directors and management that can affect your stock.
Tax implications of buying US stocks in Canada
Agreements between Canada and the US require Canadians holding US stock investments to pay the US Internal Revenue Service (IRS) a 15% withholding tax on any dividends earned on their US stocks. Interest earned from bonds or other interest-yielding US investments are similarly taxed at a rate of 10%.
An exception is made for stock investments held in trust exclusively designed to provide retirement income. Such trusts include RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs are also exempt from US withholding tax if you own US investments in the form of US stocks, bonds or ETFs.
Investment accounts that do not qualify for this exemption include RESPs, TFSAs and RDSPs.
All income from investments, including foreign investments, must be declared as part of your income on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you’ll be double taxed on those earnings — first by the IRS, then by the CRA. However, the CRA may allow you to claim foreign tax credits for any taxes you’ve already paid to the IRS.
Speak with a tax professional to find out what rules and exceptions apply to your circumstances.
Open a stock trading account
You can compare features of stock trading platforms in the table below. Once you’ve decided on the right fit for your needs, click the “Go to site” button to get started.
Note: The dollar amounts in this table are in Canadian dollars.
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades. Read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for the product on the provider's website.
Stacie Hurst is an editor at Finder, specializing in a wide range of topics including stock trading, money transfers, loans, banking products, online shopping and streaming. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, Stacie can usually be found watching K-dramas or playing games with her friends and family.
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