Playboy, Inc. announced the conversion of the remaining outstanding shares of its Series B Convertible Preferred Stock into shares of its common stock.
The conversion price was $1.74448 per share, representing a premium to the Common Stock's closing price on August 21, 2025.
This move is part of Playboy's efforts to streamline its balance sheet and eliminate preferred stock.
Conversion Details
12,439,730 shares of Common Stock were issued at a conversion price of $1.74448 per share.
Balance Sheet Improvement
The Company has reduced its net debt by approximately $70 million over the past 12 months.
Share Price Premium
The conversion price represents a 6% premium to the Common Stock's closing price on August 21, 2025.
Interest Savings Calculation
Playboy calculated undiscounted interest savings of $6.992 million through the remaining term of the Series B Stock.
- The final conversion reflects the Board's view that Playboy's share price is undervalued.
- Playboy's balance sheet has been streamlined with the elimination of preferred stock.
- The Company reduced its net debt by approximately $70 million over the past 12 months.
Playboy's strategic conversion of preferred shares to common stock at a premium price demonstrates its commitment to improving financial health and shareholder value.