Nearly a decade after it was taken private by founder Hugh Hefner, Playboy Enterprises will return to the public markets. The company has agreed to merge with a Special Purpose Acquisition Company (SPAC) called Mountain Crest Acquisition Corp., after which it will trade on the Nasdaq stock market under the ticker "PLBY." The public company will be led by Ben Kohn, Playboy’s CEO.
The deal values the company at $415 million, with institutional investors committing to a $50 million cash infusion at closing.
While Playboy is best known for the magazine founded by Hefner, the new company is focused more on utilizing the corporate brand on consumer products.
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