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Playboy Enterprises is set to re-enter public markets through a merger with Mountain Crest Acquisition Corp (Nasdaq: MCAC). To bolster its digital commerce platform, Playboy has appointed AJ Saltzman as Vice President of Digital Product and Tittu Nellimoottil as Senior Vice President of Data. Saltzman aims to transform e-commerce into immersive experiences tied to the Playboy brand, while Nellimoottil plans to utilize Playboy's extensive data resources for enhanced product innovation and decision-making. This strategic hiring reflects Playboy's commitment to growth in the digital landscape.
Playboy Enterprises and Mountain Crest Acquisition Corp (MCAC) announced the filing of a preliminary proxy statement with the SEC regarding their upcoming business combination. This transaction will rename Mountain Crest to Playboy Group, Inc., and it is expected to continue trading under the new ticker PLBY on Nasdaq. Playboy boasts over $400 million in contracted cash flows through 2029 and plans to leverage its strong consumer brand across various product categories. Additionally, Mountain Crest plans to raise $50 million to support Playboy's growth initiatives.
Playboy Enterprises announces a supplement to its investor presentation regarding its merger with Mountain Crest Acquisition Corp (Nasdaq: MCAC). The company targets revenue of $137 million and an adjusted EBITDA of $28 million for 2020, achieving $14.3 million in adjusted EBITDA for the first half of 2020. The merger aims to return Playboy to public markets, with Mountain Crest expected to be renamed and listed under ticker PLBY. The investor presentation and additional information can be found in previous filings with the SEC.
Playboy Enterprises and Mountain Crest Acquisition Corp. announced a definitive merger agreement to take Playboy public again. They secured $50 million from institutional investors for common stock at $10 per share. Following the merger, Mountain Crest will be renamed and listed as PLBY on Nasdaq. Playboy boasts over $3 billion in global consumer spend across its brand and projects significant revenue from its Sexual Wellness category, expected to exceed 40% of its earnings this year. The transaction is anticipated to close early in Q1 2021.