LOS ANGELES, Feb. 10, 2021 (World NEWSWIRE) — Playboy Enterprises Inc., (“Playboy”), operator of 1 of the greatest and most recognizable lifestyle makes in the world, and Mountain Crest Acquisition Corp (NASDAQ:MCAC) (“Mountain Crest”), a publicly traded particular purpose acquisition company, introduced these days the completion of their business combination (the “company mixture”), pursuant to which Playboy turned a wholly owned subsidiary of Mountain Crest and Mountain Crest transformed its title to PLBY Group, Inc. (the “Company”). The enterprise blend was authorised at a particular assembly of the stockholders of Mountain Crest held on February 9, 2021. The Firm’s common stock is predicted to trade beginning on February 11, 2021, on the Nasdaq Global Market under the ticker symbol “PLBY.”
“Right now is a momentous and very pleased working day for our whole team, our shareholders, and our admirers and clients all around the environment,” claimed Ben Kohn, Main Executive Officer of the Corporation. “Constructing on a calendar year of substantial progress in 2020, we embark on this following chapter with a robust equilibrium sheet reflecting a lot more than $100 million of unrestricted cash and a recently versatile cap structure. We are very well-positioned to execute our natural and organic and inorganic organization approaches so that we produce superior pleasure and leisure products to customers about the environment, and provide prolonged-term benefit to our shareholders.”
With the completion of the enterprise mixture, the Business gets about $108.6 million in gross proceeds subsequent the closing of the transaction in advance of payment of transaction expenses.
Playboy’s return to the public markets provides a reworked, streamlined, and substantial-growth business enterprise, which includes its legendary brand name contracted licensing small business, owned-and-operated sexual wellness solutions obtainable for sale on its owned digital commerce platforms and in over 10,000 main retail shops in the US, and a escalating wide variety of apparel and branded way of living and electronic gaming merchandise, like 1 of the top men’s clothing businesses in China. The Enterprise also not long ago declared the enlargement of its immediate-to-shopper and retail shop achieve with a deal to acquire a foremost sexual wellness omni-channel retailer.
Dr. Suying Liu, previous Chairman and Main Government Officer of Mountain Crest, commented, “I am thrilled to see this merger properly understood, and I congratulate Ben and the complete Playboy team on this milestone. I search ahead to collaborating with Ben and the gifted Playboy crew on this interesting upcoming chapter of growth.”
Playboy is a single of the major and most recognizable global way of living platforms in the entire world, with a strong buyer business enterprise targeted on 4 groups comprising The Enjoyment Way of living: Sexual Wellness, Type & Apparel, Gaming & Life style and Magnificence & Grooming. Below its mission of Satisfaction for All, the 67-year-old Playboy brand name drives extra than $3 billion in international consumer commit and sells products throughout 180 countries. Playboy is just one of the most iconic brand names in record.
About Mountain Crest
Mountain Crest is a blank verify company fashioned for the goal of effecting a merger, share exchange, asset acquisition, share buy, reorganization or comparable enterprise mixture with one or more organizations. Mountain Crest’s initiatives to identify a prospective target company was not constrained to a individual field or geographic region, whilst the Firm concentrated on working organizations in North The united states. Visit https://www.mcacquisition.com/.
This push release contains “forward-hunting statements” in just the indicating of the “protected harbor” provisions of the United States Personal Securities Litigation Reform Act of 1995. The Firm’s actual benefits could differ from their anticipations, estimates, and projections and, as a result, you should really not count on these forward-wanting statements as predictions of future occasions. Phrases these as “hope,” “estimate,” “venture,” “spending budget,” “forecast,” “foresee,” “intend,” “program,” “might,” “will,” “could,” “need to,” “thinks,” “predicts,” “possible,” “keep on,” and similar expressions (or the adverse variations of this sort of words or expressions) are intended to recognize these kinds of forward-hunting statements. These forward-hunting statements involve, without the need of limitation, the Firm’s expectations with respect to upcoming functionality, progress plans and predicted financial impacts of the proposed company combination and pending transactions.
These ahead-looking statements require sizeable hazards and uncertainties that could cause the actual results to differ materially from all those discussed in the forward-wanting statements. Elements that may possibly cause this sort of dissimilarities contain, but are not restricted to: (1) the effects of COVID-19 pandemic on the Firm’s business (2) the incapacity to obtain or keep the listing of the Company’s shares of popular inventory on Nasdaq adhering to the company combination (3) the risk that the organization mix disrupts the Company’s present-day ideas and operations (4) the means to understand the predicted positive aspects of the proposed company blend, which may perhaps be afflicted by, between other points, opposition, the potential of the Firm to develop and regulate expansion profitably, and keep its critical staff (5) expenses linked to the business mix (6) changes in relevant laws or laws (7) the likelihood that the Corporation may well be adversely impacted by other financial, company, and/or competitive things (7) pitfalls relating to the uncertainty of the projected monetary facts of the Firm (8) risks relevant to the organic and natural and inorganic expansion of the Company’s organization and the timing of predicted organization milestones and (9) other pitfalls and uncertainties indicated from time to time in the remaining prospectus of Mountain Crest for its preliminary general public featuring and the definitive proxy statement relating to the small business mix, such as those beneath “Possibility Aspects” therein, and in the Firm’s other filings with the SEC. The Enterprise cautions that the foregoing record of components is not special, and visitors ought to not to put undue reliance on any forward-wanting statements, which communicate only as of the date produced. The Corporation does not undertake or accept any obligation or endeavor to launch publicly any updates or revisions to any ahead-searching statements to reflect any adjust in their anticipations or any change in gatherings, circumstances, or situations on which any this kind of assertion is based.
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