PLBY Group, Inc. Announces Cancellation of Special Meeting
PLBY Group (NASDAQ: PLBY) has announced the cancellation of its previously adjourned special meeting of stockholders originally scheduled for March 20, 2025, due to lack of required quorum. The meeting was meant to vote on proposals including the sale and issuance of 16,956,842 shares of common stock at $1.50 per share to an affiliate.
The company has decided to include these proposals in its upcoming 2025 Annual Meeting, with the proxy statement expected by April 30, 2025. PLBY Group emphasized that these matters are important for raising critical capital and reducing debt. The company requires stockholder approval to proceed with the planned financing to support its business plans and improve its balance sheet.
PLBY Group (NASDAQ: PLBY) ha annunciato la cancellazione della riunione speciale degli azionisti precedentemente rinviata, originariamente prevista per il 20 marzo 2025, a causa della mancanza del quorum necessario. L'incontro avrebbe dovuto votare su proposte che includevano la vendita e l'emissione di 16.956.842 azioni ordinarie al prezzo di 1,50 $ per azione a una società affiliata.
L'azienda ha deciso di includere queste proposte nella prossima Assemblea Annuale 2025, con il prospetto informativo previsto entro il 30 aprile 2025. PLBY Group ha sottolineato che queste questioni sono fondamentali per raccogliere capitale cruciale e ridurre il debito. La società necessita dell'approvazione degli azionisti per procedere con il finanziamento pianificato, a sostegno dei propri piani aziendali e per migliorare il bilancio.
PLBY Group (NASDAQ: PLBY) ha anunciado la cancelación de su reunión especial de accionistas previamente aplazada, originalmente programada para el 20 de marzo de 2025, debido a la falta del quórum requerido. La reunión tenía como objetivo votar sobre propuestas que incluían la venta y emisión de 16.956.842 acciones ordinarias a $1.50 por acción a una afiliada.
La compañía ha decidido incluir estas propuestas en su próxima Junta Anual 2025, con la declaración de poder esperada para el 30 de abril de 2025. PLBY Group enfatizó que estos asuntos son importantes para recaudar capital crítico y reducir deuda. La empresa requiere la aprobación de los accionistas para proceder con la financiación planificada que apoyará sus planes de negocio y mejorará su balance.
PLBY Group (NASDAQ: PLBY)는 2025년 3월 20일로 예정되었던 주주 특별총회를 필요한 정족수 부족으로 인해 취소했다고 발표했습니다. 이 총회는 16,956,842주의 보통주를 주당 $1.50에 계열사에 매각 및 발행하는 안건에 대해 투표할 예정이었습니다.
회사는 이 안건들을 다가오는 2025년 연례 주주총회에 포함시키기로 결정했으며, 위임장 설명서는 2025년 4월 30일까지 제공될 예정입니다. PLBY Group은 이 사안들이 중요한 자본 조달과 부채 감축을 위해 필수적임을 강조했습니다. 회사는 사업 계획을 지원하고 재무 상태를 개선하기 위해 계획된 자금 조달을 진행하려면 주주 승인이 필요합니다.
PLBY Group (NASDAQ : PLBY) a annoncé l'annulation de sa réunion spéciale des actionnaires précédemment ajournée, initialement prévue le 20 mars 2025, en raison de l'absence du quorum requis. Cette réunion devait permettre de voter sur des propositions incluant la vente et l'émission de 16 956 842 actions ordinaires au prix de 1,50 $ par action à une société affiliée.
L'entreprise a décidé d'inclure ces propositions lors de sa prochaine Assemblée Générale Annuelle 2025, avec la déclaration de procuration attendue pour le 30 avril 2025. PLBY Group a souligné que ces questions sont essentielles pour lever des capitaux cruciaux et réduire la dette. La société a besoin de l'approbation des actionnaires pour procéder au financement prévu afin de soutenir ses plans d'affaires et d'améliorer son bilan.
PLBY Group (NASDAQ: PLBY) hat die Absage seiner zuvor vertagten außerordentlichen Hauptversammlung der Aktionäre bekanntgegeben, die ursprünglich für den 20. März 2025 geplant war, aufgrund fehlender erforderlicher Beschlussfähigkeit. Die Versammlung sollte über Vorschläge abstimmen, darunter den Verkauf und die Ausgabe von 16.956.842 Stammaktien zu 1,50 $ pro Aktie an eine Tochtergesellschaft.
Das Unternehmen hat beschlossen, diese Vorschläge in seine bevorstehende Jahreshauptversammlung 2025 aufzunehmen, wobei die Vollmachtsunterlagen voraussichtlich bis zum 30. April 2025 vorliegen werden. PLBY Group betonte, dass diese Angelegenheiten wichtig sind, um dringend benötigtes Kapital zu beschaffen und Schulden zu reduzieren. Das Unternehmen benötigt die Zustimmung der Aktionäre, um die geplante Finanzierung zur Unterstützung seiner Geschäftspläne und zur Verbesserung der Bilanz durchzuführen.
- Company has secured potential investors for financing
- Strategic initiative to reduce debt through capital raising
- Failure to achieve quorum for critical stockholder vote
- Delay in securing necessary capital for business operations
- Potential risk of maintaining Nasdaq listing
- Inability to proceed with full financing without stockholder approval
Insights
PLBY Group failed to secure quorum for critical financing vote, delaying $25.4M capital raise needed for debt reduction and operations.
PLBY Group's announcement reveals significant financial constraints as the company struggles to complete a crucial capital raise. The company planned to sell 16,956,842 shares at
The most concerning aspect is PLBY's explicit statement that this financing is "necessary to raise critical capital to support its business plans and reduce debt." The company's inability to secure even a quorum for this vote indicates either significant shareholder apathy or active resistance to the potential dilution. For context, this issuance would represent approximately
The decision to delay this vote until the annual meeting creates uncertainty around PLBY's near-term liquidity. The statement that they "cannot move forward with such financing in full" without shareholder approval suggests their operations and debt management strategies are now in limbo for at least several weeks until the annual meeting, scheduled by April 30th.
This situation reflects the broader challenges faced by the company in monetizing the Playboy brand effectively, despite its global recognition. The need for "critical capital" coupled with the inability to rally enough shareholder participation for a crucial vote suggests governance challenges and possible investor skepticism about the company's direction.
The Proposal to Sell and Issue 16,956,842 Shares of Common Stock, at a Sale Price of
LOS ANGELES, April 17, 2025 (GLOBE NEWSWIRE) -- PLBY Group, Inc. (Nasdaq: PLBY) (the “Company” or “PLBY Group”), a leading pleasure and leisure lifestyle company and owner of Playboy, one of the most recognizable and iconic brands in the world, announced today that the Company determined to cancel its previously adjourned special meeting of stockholders (the “Special Meeting”), which had been scheduled to reconvene on April 17, 2025, at 1 p.m. Eastern Time.
The Special Meeting was originally scheduled for, and convened on, March 20, 2025, but was adjourned without any business being conducted, due to the lack of the required quorum as of the original meeting time. As of today, the Company has still not received proxies that would constitute a quorum and has decided to cancel the Special Meeting and to withdraw from consideration by the Company’s stockholders the proposals set forth in the definitive proxy statement filed with the U.S. Securities and Exchange Commission on February 4, 2025. However, the Company has determined to include such proposals in its definitive proxy statement for the Company’s 2025 annual meeting of stockholders (the “2025 Annual Meeting”), which proxy statement is anticipated to be filed no later than April 30, 2025.
The matters submitted to stockholders at the Special Meeting, and similar matters which will be submitted again at the 2025 Annual Meeting, are necessary for the Company to raise critical capital to support its business plans and reduce debt. The Company has worked to secure investors and improve its balance sheet; however, it cannot move forward with such financing in full unless and until it receives the applicable stockholder approval.
About PLBY Group, Inc.
PLBY Group is a global pleasure and leisure company connecting consumers with products, content, and experiences that help them lead more fulfilling lives. PLBY Group’s flagship consumer brand, Playboy, is one of the most recognizable brands in the world, with products and content available in approximately 180 countries. PLBY Group’s mission—to create a culture where all people can pursue pleasure — builds upon over 70 years of creating groundbreaking media and hospitality experiences and fighting for cultural progress rooted in the core values of equality, freedom of expression and the idea that pleasure is a fundamental human right. Learn more at http://www.plbygroup.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “forecast”, “anticipate”, “intend”, “plan”, “may”, “will”, “could”, “should”, “believes”, “predicts”, “potential”, “continue”, and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Factors that may cause such differences include, but are not limited to: (1) the inability to maintain the listing of the Company’s shares of common stock on Nasdaq; (2) the risk that the Company’s completed or proposed transactions disrupt the Company’s current plans and/or operations, including the risk that the Company does not complete any such proposed transactions or achieve the expected benefits from any transactions; (3) the ability to recognize the anticipated benefits of corporate transactions, commercial collaborations, commercialization of digital assets, cost reduction initiatives and proposed transactions, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably, and the Company’s ability to retain its key employees; (4) costs related to being a public company, corporate transactions, commercial collaborations and proposed transactions; (5) changes in applicable laws or regulations; (6) the possibility that the Company may be adversely affected by global hostilities, supply chain delays, inflation, interest rates, foreign currency exchange rates or other economic, business, and/or competitive factors; (7) risks relating to the uncertainty of the projected financial information of the Company, including changes in the Company’s estimates of cash flows and the fair value of certain of its intangible assets, including goodwill; (8) risks related to the organic and inorganic growth of the Company’s businesses, and the timing of expected business milestones; (9) changing demand or shopping patterns for the Company’s products and services; (10) failure of licensees, suppliers or other third-parties to fulfill their obligations to the Company; (11) the Company’s ability to comply with the terms of its indebtedness and other obligations; (12) changes in financing markets or the inability of the Company to obtain financing on attractive terms; and (13) other risks and uncertainties indicated from time to time in the Company’s annual report on Form 10-K, including those under “Risk Factors” therein, and in the Company’s other filings with the SEC. The Company cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date which they were made. The Company does not undertake any obligation to update or revise any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
Contact:
Investors: FNK IR – Rob Fink / Matt Chesler, CFA – investors@plbygroup.com
Media: press@plbygroup.com
FAQ
What is the price per share for PLBY Group's proposed stock issuance?
How many shares does PLBY Group plan to issue in the proposed offering?
Why was PLBY Group's special stockholder meeting cancelled?
When will PLBY Group's proposals be voted on after the special meeting cancellation?
