Plby Group Inc Stock Price, News & Analysis

PLBY Group announced the successful completion of its $50 million rights offering, generating total gross proceeds of $65 million through combined offerings. A total of 19,561,050 shares of common stock were issued at a subscription price of $2.5561 per share. The company plans to use at least 80% of these proceeds for repaying senior debt, following a $25 million repayment in December 2022. Notably, Rizvi Traverse Management and CEO Ben Kohn fully participated in the offering. The rights offering was oversubscribed, leading to no shares being issued under a backstop commitment. The company continues to focus on its strategic initiatives and enhancing its capital structure.

PLBY Group announced a $25 million capital commitment led by Michael Serruya and Broadband Capital Investments. This investment includes a $15 million purchase of common stock at the rights offering subscription price and up to $10 million more depending on the offering's subscription level. A commitment fee of $1.25 million will also be paid at closing. The rights offering period ends on January 23, 2023, with a subscription price set between $2.50 and $3.50. Proceeds from the investment will primarily be used to repay senior debt and for general corporate purposes.

PLBY Group has announced a joint venture with Charactopia to operate the Playboy branded consumer products business in China. This venture aims to revitalize the Playboy apparel market, enhancing both online and offline retail strategies. Valued at US$250 million, the joint venture will be headquartered in Shanghai, focusing on expanding product categories and licensing partnerships. PLBY retains majority ownership. The initiative plans to capitalize on Playboy's established presence in the Chinese market, aiming for accelerated growth in the first quarter of 2023 and creating a unified global brand strategy.

Playboy Spirits, a joint venture of PLBY Group and XL Ventures, has successfully raised over $13 million through a private placement of senior secured convertible notes. PLBY Group owns 40% of Playboy Spirits, while XL Ventures holds 60%. The funds will support operations, including acquiring rare spirits under the Rare Hare brand. The venture plans to expand into ready-to-drink beverages in 2023. However, conversion of the notes may dilute ownership by up to 50%, although managerial control remains intact. The venture aims to leverage the iconic Playboy brand for growth.

PLBY Group, Inc. (NASDAQ: PLBY) has amended its rights offering, extending the expiration date to January 23, 2023, and adjusting the subscription price to the lesser of $3.50 or 85% of the VWAP for the ten trading days before January 20, 2023. Each right allows holders to purchase 0.30681187 of a share of Common Stock. The offering includes an over-subscription privilege, subject to pro-rata allocation. Net proceeds will primarily repay senior debt. Notable stockholders, including the company's chairman and CEO, have indicated a non-binding intent to participate.

PLBY Group, Inc. (NASDAQ: PLBY) has initiated a common stock rights offering aiming to raise $50 million in gross proceeds. Eligible shareholders as of December 16, 2022, may purchase 0.30681187 shares at $3.50 each for every share held. The offering, expiring on January 17, 2022, includes an over-subscription privilege. Major shareholders, including the Company's Chairman, have expressed interest in participating. Proceeds will primarily be used for senior debt repayment and general corporate purposes. The rights are non-transferable and won’t be listed on Nasdaq.

PLBY Group announced that CEO Ben Kohn and other executives will sell about 600,000 shares of common stock to cover tax withholding obligations from the settlement of 1.2 million vested RSUs. After these transactions, Kohn will own roughly 2.6 million shares, equivalent to 5.4% of the company’s outstanding stock. This stock sale is in line with the company’s practices for fulfilling withholding tax obligations. The press release also included forward-looking statements regarding market conditions and potential risks to the business.

PLBY Group announced a successful amendment to its senior secured credit agreement, allowing waivers of net leverage ratio covenants until Q2 2024. This change is linked to expected debt paydowns from cash reserves and proceeds from a newly announced rights offering. CEO Ben Kohn emphasized that these moves are designed to alleviate cash burdens and enhance financial flexibility, supporting long-term growth plans for Playboy and Honey Birdette. Further details will be disclosed in a forthcoming SEC filing.