Playboy owner extends rally after securing $25 mln capital commitment

Playboy

18/01/2023 17:37

** PLBY Group Inc's  PLBY.O  shares up 7.9% at $3.29 after
Playboy brands' owner raises capital
    ** PLBY shares have now gained ~30% amid 5-day winning
streak. Stock hit record low of $2.46 on Jan 11
    ** Co early Weds said it secured $25 mln capital commitment
led by Michael Serruya at Serruya Private Equity and Broadband
Capital Investments
    ** As part of securities purchase agreement, purchasers to
buy $15 mln of shares, based on final rights offering
subscription price, and up to $10 mln of shares to extent rights
offering is not fully subscribed
    ** PLBY plans to use net rights offering proceeds primarily
to repay debt, remainder for general purposes
    ** Co had roughly $140 mln market cap through Tues close,
per Refinitiv
    ** Shares on Tues finished up 9.7% after co entered JV with
Charactopia Licensing Ltd to form "Playboy China"
    ** Including move on the session, shares have lost >80% over
the past year
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))