Playboy Enterprises and Mountain Crest filed a preliminary proxy in connection with the proposed business combination announced last month. The deal is valued at about $381 million.
As part of the deal, Playboy will retain its management team, led by CEO Ben Kohn, who joined Playboy in 2016.
Playboy’s return to the public markets presents a transformed, streamlined and high-growth business. According to the filing and a press release, the company has over $400 million in cash flows contracted through 2029.
As part of the transaction, Mountain Crest has signed definitive purchase agreements for the sale of $50 million of its common stock to institutional and accredited investors, which will be used to fund Playboy’s growth plans. Read more.
