PLBY Group secures $25M capital commitment from Serruya and Broadband as rights offering backstop

Playboy, Inc.

Purchasers led by Michael Serruya and Broadband Capital commit $15M initial investment plus up to $10M backstop if rights offering undersubscribed.
Commitment fee of $1.25M payable in cash or shares at the Purchasers' election.
Subscription price is the lesser of $3.50 per share or 85% of 10-day VWAP through Jan 20, 2023.
Net proceeds primarily used to repay senior debt under credit agreement; additional prepayments may waive leverage covenants.
Rights offering expires Jan 23, 2023; Chairman Suhail Rizvi, CEO Ben Kohn, and Fortress affiliates intend to participate.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 1.0

Playboy, Inc. entered into Securities Purchase Agreement with purchasers led by Michael Serruya at Serruya Private Equity and Broadband Capital Investments valued at up to $25 million (effective 2023-01-18).

Action: entry
Agreement: equity purchase
Counterparty: purchasers led by Michael Serruya at Serruya Private Equity and Broadband Capital Investments
Value: up to $25 million
Effective: 2023-01-18

Exact text from the filing

On January 18, 2023, PLBY Group, Inc. (the “ Company ”) entered into a Securities Purchase Agreement (the “ Securities Purchase Agreement ”) with purchasers led by Michael Serruya at Serruya Private Equity and Broadband Capital Investments (the “ Purchasers ”) for the sale of up to $25 million of shares of common stock of the Company

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Playboy, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-004477

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