- Title: Playboy returns to Wall Street after going private in 2011
- Date: 10th February 2021
- Summary: JACKSON HOLE, WYOMING, UNITED STATES (FEBRUARY 10, 2021) (REUTERS) (SOUNDBITE) (English) PLBY GROUP, CEO, BEN KOHN, SAYING: "(The) Decision to go public actually started about three years ago. When I took over as CEO of the company in 2017, my plan was always to reemerge Playboy as a public company. I wanted to have the most flexible capital structure possible. My backgrou
- Embargoed: 24th February 2021 19:07
- Keywords: Ben Kohn IPO Mountain Crest Acquisition PLBY Group Playboy initial public offering stockholders
- Location: NEW YORK, NEW YORK, JACKSON HOLE, WYOMING, + JACKSON HOLE, WYOMING, + LOS ANGELES, CALIFORNIA, + WASHINGTON, D.C., UNITED STATES, UNKNOWN LOCATIONS
- City: NEW YORK, NEW YORK, JACKSON HOLE, WYOMING, + JACKSON HOLE, WYOMING, + LOS ANGELES, CALIFORNIA, + WASHINGTON, D.C., UNITED STATES, UNKNOWN LOCATIONS
- Country: USA
- Topics: Company News Markets,Economic Events,United States
- Reuters ID: LVA002DZ2B1VR
- Aspect Ratio: 16:9
- Story Text: Playboy will return to Wall Street on Thursday (February 11) after going private in 2011.
Shareholders of Mountain Crest Acquisition Corporation approved the purchase of Playboy Enterprises on Tuesday (February 9) in a deal that values the iconic adult-entertainment brand at about $381 million.
Mountain Crest will change its name to "PLBY Group, Inc," and will begin trading on the Nasdaq Global Market, under the new ticker symbol "PLBY" on February 11, 2021.
Playboy CEO Ben Kohn, who will keep his job, called the company's planned return to markets "a momentous occasion for one of the world's most iconic brands."
Playboy's private investors will receive 23.9 million shares of the new company, according to the company's press release.
The SPAC will assume about $142 million of existing debt.
The combined company will also receive about $58.5 million cash from the deal, including $50 million from Mountain Crest buying some of the company's stock for its institutional and accredited investors.
The late Huge Hefner founded Playboy in 1953 and turned it into one of the most popular men's magazine in the world with circulation of 7 million at its peak in 1972.
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