Playboy Enterprises (PLBY) and Mountain Crest Acquisition Corp (MCAC) Announce Closing of Business Combination

Playboy Enterprises Inc., owner of one of the largest and most recognizable lifestyle brands in the world, and Mountain Crest Acquisition Corp (Nasdaq: MCAC), a publicly traded special purpose acquisition company, announced today the completion of their business combination pursuant to which Playboy became a wholly owned subsidiary of Mountain Crest and Mountain Crest changed its name to PLBY Group, Inc.

The business combination was approved at a special meeting of the stockholders of Mountain Crest held on February 9, 2021. The Company’s common stock is expected to trade beginning on February 11, 2021, on the Nasdaq Global Market under the ticker symbol “PLBY.”

“Today is a momentous and proud day for our whole team, our shareholders, and our fans and customers around the world,” said Ben Kohn, Chief Executive Officer of the Company. “Building upon a year of significant growth in 2020, we embark on this next chapter with a robust balance sheet reflecting more than $100 million of unrestricted cash and a newly flexible cap structure. We are well-positioned to execute our organic and inorganic business strategies so that we deliver superior pleasure and leisure products to consumers around the world, and deliver long-term value to our shareholders.”

With the completion of the business combination, the Company receives approximately $108.6 million in gross proceeds following the closing of the transaction before payment of transaction expenses.

Playboy’s return to the public markets presents a transformed, streamlined, and high-growth business, including its iconic brand contracted licensing business, owned-and-operated sexual wellness products available for sale on its owned digital commerce platforms and in over 10,000 major retail stores in the US, and a growing variety of clothing and branded lifestyle and digital gaming products, including one of the leading men’s apparel businesses in China. The Company also recently announced the expansion of its direct-to-consumer and retail store reach with a deal to acquire a leading sexual wellness omni-channel retailer.

Dr. Suying Liu, former Chairman and Chief Executive Officer of Mountain Crest, commented, “I am thrilled to see this merger successfully realized, and I congratulate Ben and the whole Playboy team on this milestone. I look forward to collaborating with Ben and the talented Playboy team on this exciting next chapter of growth.”

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