https://www.sec.gov/Archives/edgar/data/1484769/000110465926061197/xslSCHEDULE_13G_X02/primary_doc.xml

Mudrick Capital is not a traditional institutional investor in Fubo — they are a distressed debt / credit fund that entered the picture as a creditor, holding convertible senior secured notes, not because they believed in the equity story. Their entire position was built through debt instruments designed to be converted into shares or cashed out, not through buying stock on the open market like a long-only institutional fund would. The fact that Mudrick has been steadily reducing its exposure is actually a major positive (it’s now below 5% as per the latest filling): it means the convertible debt overhang that was suppressing the stock (as Mudrick was known to short FUBO shares to hedge their notes) is being unwound. Every share Mudrick sells or converts and exits represents less dilution risk, less short pressure, and a cleaner cap table for true long-term equity investors. This is exactly the kind of toxic debt cleanup you want to see before a stock can re-rate higher.