Playboy Enterprises’ Merger With Mountain Crest

Jones Day advised Playboy Enterprises, Inc. on the deal. Loeb & Loeb represented Mountain Crest Acquisition Corp. on the deal.

Playboy Enterprises, Inc. (the “Company” or “Playboy”), and Mountain Crest Acquisition Corp. (Nasdaq: MCAC) (“Mountain Crest”), a publicly-traded special purpose acquisition corporation, announced the signing of a definitive merger agreement to return Playboy to the public markets. In addition, they announced the signing of definitive purchase agreements with institutional and accredited investors for the purchase of $50 million of common stock at $10 per share.

Upon closing of the transaction, Mountain Crest will be renamed and is expected to remain listed on the Nasdaq Stock Market under ticker PLBY, and will be led by Ben Kohn, Playboy’s Chief Executive Officer.

Roth Capital Partners and Craig-Hallum Capital Group LLC are acting as joint placement agents, and M&A advisors to Playboy and Mountain Crest.

Playboy is one of the largest and most recognizable global lifestyle platforms in the world, with a strong consumer business focused on four categories comprising The Pleasure Lifestyle: Sexual Wellness, Style & Apparel, Gaming & Lifestyle and Beauty & Grooming.

Mountain Crest Acquisition Corp is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

The Jones Day team advising Playboy is led by Stuart Ogg (Picture) and Michael Reagan.

The Loeb & Loeb team was led by Mitch Nussbaum.

Involved fees earner: Stuart Ogg – Jones Day; Micheal Reagan – Jones Day; Mitchell Nussbaum – Loeb & Loeb Llp;

Law Firms: Jones Day; Loeb & Loeb Llp;

Clients: Mountain Crest Acquisition Corp.; Playboy Enterprises, Inc. ;

Author: Ambrogio Visconti