Playboy, Inc. announced on August 25, 2025, the conversion of all remaining outstanding shares of its Series B Convertible Preferred Stock into common stock. This action resulted in the issuance of 12,439,730 shares of common stock at a conversion price of $1.74448 per share.
As a result of this conversion, Playboy no longer has any preferred stock outstanding, and its total common stock outstanding now stands at 107,548,055 shares. This move is a key part of the company's ongoing efforts to streamline its balance sheet and deleverage.
The conversion price represents a more than 6% premium to the common stock's closing price on August 21, 2025, and a more than 16% premium to the private placement price in Q4 2024. The company calculated undiscounted interest savings of $6.992 million through the remaining term of the Series B Stock, which was scheduled to run through the end of 2027. Net debt was reduced by approximately $70 million over the past 12 months to $128 million.
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