Playboy converts remaining preferred shares to common stock at over $1.74 per share

Playboy (NASDAQ:PLBY [https://seekingalpha.com/symbol/PLBY]) on Monday announced [https://seekingalpha.com/pr/20209995-playboy-converts-remaining-preferred-shares-to-common-stock-at-over-1_74-per-share]that it converted the remaining outstanding shares of its Series B convertible preferred stock into shares of its common stock as it continues to streamline its balance sheet.

The company converted all remaining Series B stock into 12,439,730 shares of the company’s common stock at a conversion price of $1.74448 per share in accordance with the terms of the Series B Stock.

The conversion price represents a more than 6% premium to the common stock's closing price on August 21, the date of the conversion, and a more than 16% premium to the per share price in the company's private placement of common stock in the fourth quarter of 2024.

As a result of the conversion, the company no longer has any preferred stock outstanding and has 107,548,055 shares of common stock outstanding.

Playboy (NASDAQ:PLBY [https://seekingalpha.com/symbol/PLBY]) +3% premarket.

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