LOS ANGELES, Feb. 10, 2021 (Globe NEWSWIRE) — Playboy Enterprises Inc., (“Playboy”), owner of one particular of the most significant and most recognizable lifestyle models in the world, and Mountain Crest Acquisition Corp (Nasdaq: MCAC) (“Mountain Crest”), a publicly traded distinctive reason acquisition company, announced right now the completion of their small business mixture (the “business combination”), pursuant to which Playboy grew to become a wholly owned subsidiary of Mountain Crest and Mountain Crest changed its title to PLBY Group, Inc. (the “Company”). The company mix was approved at a special conference of the stockholders of Mountain Crest held on February 9, 2021. The Company’s prevalent inventory is expected to trade commencing on February 11, 2021, on the Nasdaq International Industry below the ticker image “PLBY.”
“Today is a momentous and very pleased working day for our total crew, our shareholders, and our lovers and buyers all-around the planet,” stated Ben Kohn, Main Government Officer of the Company. “Building upon a 12 months of sizeable growth in 2020, we embark on this next chapter with a strong equilibrium sheet reflecting more than $100 million of unrestricted income and a freshly flexible cap structure. We are properly-positioned to execute our organic and inorganic enterprise strategies so that we supply outstanding pleasure and leisure products and solutions to buyers all-around the entire world, and supply prolonged-time period value to our shareholders.”
With the completion of the organization mix, the Company gets approximately $108.6 million in gross proceeds following the closing of the transaction ahead of payment of transaction fees.
Playboy’s return to the community marketplaces presents a reworked, streamlined, and substantial-growth business enterprise, together with its iconic brand name contracted licensing business enterprise, owned-and-operated sexual wellness merchandise offered for sale on its owned electronic commerce platforms and in in excess of 10,000 important retail shops in the US, and a increasing variety of clothing and branded life style and electronic gaming products and solutions, such as a person of the leading men’s attire companies in China. The Enterprise also a short while ago introduced the enlargement of its direct-to-buyer and retail keep achieve with a offer to receive a leading sexual wellness omni-channel retailer.
Dr. Suying Liu, former Chairman and Main Executive Officer of Mountain Crest, commented, “I am thrilled to see this merger properly realized, and I congratulate Ben and the complete Playboy crew on this milestone. I glimpse forward to collaborating with Ben and the proficient Playboy group on this thrilling following chapter of expansion.”
Playboy is just one of the largest and most recognizable world-wide life-style platforms in the environment, with a robust purchaser company targeted on four groups comprising The Enjoyment Life style: Sexual Wellness, Style & Attire, Gaming & Life-style and Attractiveness & Grooming. Under its mission of Enjoyment for All, the 67-year-outdated Playboy manufacturer drives additional than $3 billion in world customer shell out and sells items across 180 nations around the world. Playboy is just one of the most iconic brand names in background.
About Mountain Crest
Mountain Crest is a blank verify organization fashioned for the intent of effecting a merger, share trade, asset acquisition, share order, reorganization or very similar business combination with a single or a lot more corporations. Mountain Crest’s attempts to identify a future focus on enterprise was not restricted to a particular business or geographic region, even though the Business centered on working organizations in North America. Visit https://www.mcacquisition.com/.
This press release consists of “forward-wanting statements” within just the indicating of the “safe harbor” provisions of the United States Personal Securities Litigation Reform Act of 1995. The Company’s true results may perhaps vary from their anticipations, estimates, and projections and, for that reason, you really should not rely on these forward-on the lookout statements as predictions of potential occasions. Terms this sort of as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and identical expressions (or the destructive versions of these words and phrases or expressions) are meant to discover these kinds of ahead-on the lookout statements. These ahead-hunting statements incorporate, without the need of limitation, the Company’s expectations with respect to long term overall performance, growth programs and anticipated economical impacts of the proposed small business combination and pending transactions.
These forward-looking statements entail considerable challenges and uncertainties that could cause the actual success to vary materially from these discussed in the ahead-wanting statements. Factors that may perhaps result in this sort of distinctions consist of, but are not limited to: (1) the effects of COVID-19 pandemic on the Company’s enterprise (2) the lack of ability to get hold of or sustain the listing of the Company’s shares of prevalent inventory on Nasdaq following the company blend (3) the risk that the company blend disrupts the Company’s recent strategies and operations (4) the potential to identify the expected advantages of the proposed business enterprise mixture, which may perhaps be influenced by, among the other factors, opposition, the capacity of the Business to improve and take care of advancement profitably, and keep its vital workforce (5) costs similar to the organization combination (6) alterations in applicable rules or rules (7) the likelihood that the Corporation might be adversely impacted by other economic, business, and/or competitive factors (7) risks relating to the uncertainty of the projected financial details of the Corporation (8) challenges related to the natural and organic and inorganic development of the Company’s small business and the timing of predicted organization milestones and (9) other hazards and uncertainties indicated from time to time in the final prospectus of Mountain Crest for its first public offering and the definitive proxy assertion relating to the business enterprise combination, which include those less than “Risk Factors” therein, and in the Company’s other filings with the SEC. The Organization cautions that the foregoing checklist of factors is not exceptional, and visitors really should not to put undue reliance upon any ahead-looking statements, which converse only as of the date created. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to mirror any alter in their expectations or any adjust in occasions, circumstances, or conditions on which any this sort of statement is dependent.