Playboy converts remaining preferred shares to common stock

Playboy (PLBY) 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, 2025, 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. As of the date of the Conversion, the Company had approximately $128 million in net debt, a reduction of approximately $70 million over the past 12 months. The Company did not receive any proceeds in connection with the Conversion. The final conversion of the Series B Stock reflects the view of Playboy’s Board of Directors that the Company’s share price continues to be undervalued, as well as the Company’s ongoing efforts to streamline its balance sheet and deleverage the Company. By completing the Conversion at an above-market-price and in advance of maturity of the Series B Stock, the Company has calculated its undiscounted interest savings through the remaining term of the Series B Stock to be $6.992 million, which was scheduled to run through the end of 2027 prior to the Conversion.