- PLBY Group ( NASDAQ: PLBY ) shares are trading around -7% on Monday after it commenced a common stock rights offering .
- The rights offering, when fully subscribed, will generate ~$50M less expenses for the group, which plans to use the proceeds to repay senior debt. It will expire on January 17, 2023.
- Under the offering, PLBY will distribute a non-transferable subscription right to purchase 0.30681187 of a share to all shareholders of at least four shares as of December 16, at a subscription price of $3.50 per whole share.
- No fractional shares will be issued. The rights offering will include an over-subscription privilege to buy additional unsubscribed shares at expiration.
- Chairman Suhail Rizvi, who is also Managing Director of Rizvi Traverse Management, the largest beneficial shareholder of PLBY, will participate in the rights offering. CEO Ben Kohn and Builders Union and funds managed by affiliates of Fortress Investment Group, both significant Company stockholders, will also participate.
For further details see:
PLBY shares drop as rights offering commences