SPAC-tacular: Playboy Enterprises is Going Public
This morning SPAC Mountain Crest Acquisition Corp (NASDAQ:MCAC) announced they filed a definitive proxy statement with the SEC for a proposed merger with privately-held Playboy Enterprises Inc.
We are delighted to enter the final weeks of our go-public process, launch our next phase of growth as a public company and do so under the ‘PLBY Group’ banner.
Ben Kohn, CEO, Playboy
The deal previously announced on October 1, 2020, will see Mountain Crest be renamed PLBY Group, Inc under a new ticker, PLBY on the NASDAQ.
This SPAC deal is almost a decade after Playboy went private in a $207 million deal led by its late founder Hugh Hefner and private equity firm Rizvi Traverse Management.
Playboy describes itself as focused on four categories which comprise The Pleasure Lifestyle: Sexual Wellness, Style & Apparel, Gaming & Lifestyle and Beauty & Grooming. The company stated in the press release they drive more than $3 billion in global consumer spend and sells products across 180 countries, while also indicating it has over $400 million in cash flows contracted through to 2029.
Mountain Crest Acquisition Corp last traded at $11.43 on the NASDAQ under the symbol MCAC.
Information for this briefing was found via Mountain Crest Acquisition Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
SmallCapSteve started blogging in the Winter of 2009. During that time, he was able to spot many take over candidates and pick a variety of stocks that generated returns in excess of 200%. Today he consults with microcap companies helping them with capital markets strategy and focuses on industries including cannabis, tech, and junior mining.
