Plby Group Inc - PLBY STOCK NEWS

PLBY Group has announced the appointment of Gyorgy Gattyan to its Board of Directors, expanding the board from five to seven directors, with one seat currently vacant. This appointment follows a long-term license agreement with Byborg Enterprises and significant investments totaling $47.79 million from a Byborg affiliate controlled by Gattyan, with $25.44 million pending stockholder approval.

Gattyan brings over 10 years of experience as an entrepreneur and digital technology executive. He is the CEO of Docler Holding S.a.r.l., a multinational IT, media, and entertainment company he founded in 2013. He also founded LiveJasmin, a webcam platform, in 2001. The appointment aligns with Playboy's strategy to pursue a digital-focused, asset-light business model.

PLBY Group (NASDAQ: PLBY) has announced the conversion of 25% of its Series B Convertible Preferred Stock into common stock as part of its balance sheet streamlining and deleveraging strategy. The company converted 7,000 shares of Series B Stock into 3,784,688 common shares at a conversion price of $1.85 per share, representing a 23% premium to the December 2024 securities purchase agreement with Byborg Enterprises SA.

Following the conversion, PLBY Group's outstanding Series B Stock decreased to 21,000.00001 shares, with total common stock outstanding reaching 93,736,325 shares. The company received no proceeds from this conversion but maintains the option to convert additional Series B Stock or redeem it for cash in the future based on common stock price performance.

PLAYBOY magazine announced its return to newsstands on February 10, 2025, with Lori Harvey as the cover model. The reimagined magazine, available for pre-order, will feature an exclusive interview and photo shoot with Harvey, conducted by Editor in Chief Mike Guy. The issue includes a Playboy Interview with comedian Nikki Glaser and marks the return of the Playmate of the Year tradition, with the winner to be unveiled during Big Game Weekend in New Orleans.

The new edition aims to blend the magazine's iconic legacy with contemporary perspectives, featuring a mix of cutting-edge content, bold storytelling, and cultural insights. The magazine will be available at Barnes & Noble locations nationwide, marking a significant milestone in PLAYBOY's publishing history.

PLBY Group has announced its decision to retain Honey Birdette following significant balance sheet improvements after closing the Byborg Enterprises licensing agreement. The company projects approximately $120 million in total revenue for the full year and expects to become cash flow positive in 2025.

The company currently has $36 million in cash on its balance sheet with $120 million in net senior debt, which is expected to decrease to below $100 million by the end of 2025. PLBY Group plans to use the net proceeds from a proposed $25.4 million follow-on investment to reduce senior debt, subject to stockholder approval.

The decision to retain Honey Birdette was based on operational improvements and future growth prospects that are expected to significantly increase its value. The company's transition to an asset-light model, supported by guaranteed royalty and licensing payments, has contributed to a leaner cost structure.

PLBY Group has finalized a strategic partnership with Byborg Enterprises SA, featuring a 15-year exclusive licensing agreement worth $300 million in minimum guaranteed payments. The deal includes Byborg licensing Playboy's digital IP and operating Playboy Plus, Playboy TV, and Playboy Club, with annual payments of $20 million against 25% of net profits.

Additionally, Byborg commits to purchase $25 million of new PLBY shares at $1.50 per share, subject to stockholder approval. The partnership aims to leverage Byborg's 70 million daily visitors and technology expertise to expand Playboy's reach and transition to an asset-light business model, with expected completion by June 30, 2025.

PLBY Group (NASDAQ: PLBY) announced its Q3 2024 financial results, highlighting a 21% decline in total revenue to $12.9 million from the prior year's $16.3 million, primarily due to a decrease in licensing revenue. The company reported a net loss of $33.8 million, up from $7.1 million in Q3 2023, due to impairment charges and reduced licensing income. Adjusted EBITDA swung to a loss of $1.8 million compared to a positive $1.8 million in the previous year. PLBY restructured its debt, reducing senior debt by $66 million to $152 million, and issued $28 million in convertible preferred stock. The company secured a strategic investment from Byborg Enterprises, raising $22.35 million and expects $300 million in guaranteed minimums over 15 years from a pending licensing agreement. PLBY also relaunched Playboy.com and plans to revive Playboy magazine in early 2025.

PLBY Group has completed a $22.35 million private placement through the sale of 14.9 million newly issued, unregistered shares of common stock to an affiliate of Byborg Enterprises SA. The shares were sold at $1.50 per share and are subject to a one-year lock-up period, with exceptions. Following the placement, PLBY Group's total outstanding common stock reached approximately 89.59 million shares.

PLBY Group (NASDAQ: PLBY) announced it will release its third quarter 2024 financial results on Tuesday, November 12, 2024, after market close. The company will issue a press release with quarterly results and management commentary, followed by an analyst Q&A session at 5 p.m. Eastern Time. The session will be webcast and accessible through the company's investor relations website. The format focuses on addressing key questions rather than prepared remarks.

PLBY Group has announced a strategic partnership with Byborg Enterprises SA, featuring two key components. First, Byborg will purchase 14.9 million newly issued shares at $1.50 per share, totaling $22.35 million, with closing expected by November 8, 2024. Second, the companies signed a non-binding LOI for Byborg to license Playboy's digital IP and operate certain digital businesses, with $300 million in minimum guaranteed payments over 15 years.

The partnership aims to develop new revenue streams including AI services and webcam products. Starting 2025, PLBY will appoint a Byborg-nominated director and add a new independent director. Byborg's total holdings will be capped at 29.99%, with an initial one-year lock-up period for the purchased shares.