PLBY Group, Inc. announced on January 31, 2025, the conversion of 25% of its outstanding Series B Convertible Preferred Stock into common stock. This conversion resulted in 3,784,688 shares of common stock being issued at a conversion price of $1.85 per share.
As a result of this action, the number of Series B Stock shares outstanding was reduced to 21,000.00001, and the total common stock outstanding increased to 93,736,325 shares. The company did not receive any proceeds from this conversion.
This move is part of PLBY Group's ongoing efforts to streamline its balance sheet and deleverage the company. The conversion price represents an approximate 23% premium to the price per share in the securities purchase agreement with Byborg Enterprises SA from December 2024.
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