Money in Rely on As well as PIPE Proceeds Exceed $100 Million
LOS ANGELES, Feb. 10, 2021 (World NEWSWIRE) — Playboy Enterprises Inc., (“Playboy”), operator of one particular of the premier and most recognizable lifestyle manufacturers in the world, and Mountain Crest Acquisition Corp (Nasdaq: MCAC) (“Mountain Crest”), a publicly traded specific goal acquisition firm, announced today the completion of their company combination (the “business combination”), pursuant to which Playboy grew to become a wholly owned subsidiary of Mountain Crest and Mountain Crest adjusted its name to PLBY Team, Inc. (the “Company”). The organization mixture was authorised at a unique meeting of the stockholders of Mountain Crest held on February 9, 2021. The Company’s typical stock is expected to trade beginning on February 11, 2021, on the Nasdaq Worldwide Current market underneath the ticker image “PLBY.”
“Today is a momentous and proud day for our total staff, our shareholders, and our admirers and prospects about the globe,” claimed Ben Kohn, Chief Executive Officer of the Firm. “Building on a year of substantial advancement in 2020, we embark on this future chapter with a sturdy balance sheet reflecting far more than $100 million of unrestricted cash and a recently flexible cap composition. We are perfectly-positioned to execute our natural and organic and inorganic business enterprise strategies so that we produce top-quality enjoyment and leisure products to individuals all-around the globe, and produce long-time period price to our shareholders.”
With the completion of the company mixture, the Business receives approximately $108.6 million in gross proceeds adhering to the closing of the transaction prior to payment of transaction fees.
Playboy’s return to the public marketplaces provides a reworked, streamlined, and substantial-growth business, which includes its legendary manufacturer contracted licensing small business, owned-and-operated sexual wellness goods offered for sale on its owned digital commerce platforms and in about 10,000 major retail retailers in the US, and a rising variety of garments and branded life-style and electronic gaming goods, including one particular of the main men’s apparel organizations in China. The Business also not too long ago introduced the expansion of its direct-to-client and retail shop attain with a deal to obtain a top 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 efficiently understood, and I congratulate Ben and the complete Playboy team on this milestone. I glimpse ahead to collaborating with Ben and the proficient Playboy group on this enjoyable subsequent chapter of development.”
Playboy is one particular of the major and most recognizable worldwide life style platforms in the entire world, with a robust shopper business centered on 4 groups comprising The Pleasure Way of living: Sexual Wellness, Design and style & Apparel, Gaming & Lifestyle and Elegance & Grooming. Underneath its mission of Satisfaction for All, the 67-year-old Playboy model drives much more than $3 billion in world wide customer invest and sells solutions throughout 180 countries. Playboy is a single of the most legendary makes in background.
About Mountain Crest
Mountain Crest is a blank look at enterprise shaped for the function of effecting a merger, share trade, asset acquisition, share obtain, reorganization or equivalent company combination with just one or additional businesses. Mountain Crest’s attempts to discover a prospective goal business enterprise was not constrained to a certain business or geographic region, even though the Organization focused on working firms in North The united states. Take a look at https://www.mcacquisition.com/.
This push launch contains “forward-seeking statements” within just the which means of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The Company’s real effects could differ from their expectations, estimates, and projections and, as a result, you should really not count on these ahead-hunting statements as predictions of long term events. Phrases these kinds of as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and very similar expressions (or the damaging variations of this kind of text or expressions) are intended to detect these forward-seeking statements. These forward-hunting statements involve, without the need of limitation, the Company’s anticipations with regard to long run performance, development ideas and anticipated financial impacts of the proposed enterprise blend and pending transactions.
These ahead-on the lookout statements contain important challenges and uncertainties that could induce the true success to differ materially from individuals mentioned in the ahead-on the lookout statements. Factors that might trigger these types of differences contain, but are not restricted to: (1) the effects of COVID-19 pandemic on the Company’s company (2) the incapacity to receive or retain the listing of the Company’s shares of widespread stock on Nasdaq following the company mix (3) the risk that the enterprise mixture disrupts the Company’s existing strategies and operations (4) the potential to figure out the anticipated gains of the proposed business blend, which could be affected by, amid other things, level of competition, the capacity of the Enterprise to expand and regulate advancement profitably, and keep its critical workers (5) expenditures relevant to the organization combination (6) adjustments in relevant laws or rules (7) the risk that the Business might be adversely afflicted by other financial, small business, and/or aggressive variables (7) risks relating to the uncertainty of the projected economical information of the Business (8) challenges associated to the natural and organic and inorganic progress of the Company’s small business and the timing of anticipated business enterprise milestones and (9) other challenges and uncertainties indicated from time to time in the ultimate prospectus of Mountain Crest for its first general public giving and the definitive proxy assertion relating to the small business blend, such as people less than “Risk Factors” therein, and in the Company’s other filings with the SEC. The Business cautions that the foregoing checklist of aspects is not unique, and readers need to not to spot undue reliance on any ahead-searching statements, which talk only as of the date created. The Organization does not undertake or accept any obligation or enterprise to launch publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any adjust in gatherings, disorders, or conditions on which any these types of statement is primarily based.