[1] Mudrick Capital typically seeks an event, such as a balance sheet restructuring, a spin-off of assets or the modification of a corporate strategy, that can allow it to capture an undervaluation spread.

[7] In response, Verso announced its board had formed a strategic alternatives committee as well as the resignation of its chairman Rob Amen.

[13] Much of the fund’s success that year was the result of its 51 percent ownership interest in NJOY, which it had purchased in 2017, when the company was on the brink of bankruptcy.

[14] In January 2021, Mudrick Capital posted gains of $200 million, or 9.8 percent, most of which came from debt and equity options of AMC Entertainment Holdings, Inc.

[17] According to Reuters, Mudrick Capital was seen as a hero by the retail investors because the firm did not short sell AMC’s stock, but rather helped rescue the company through clever financing.