Playboy, Inc. current report, 09 February 2021

Filing Overview

Registrant: Mountain Crest Acquisition Corp. (MCAC), which proposed to become PLBY Group, Inc. The Form 8-K was filed on February 9, 2021, reporting results of the special stockholder meeting held that day.

MCAC sought approval of its merger with Playboy Enterprises, Inc. Playboy would become a wholly owned subsidiary of MCAC, subject to consummation of the Business Combination.

Business Combination and Stockholder Vote

Of 7,542,491 shares entitled to vote as of January 13, 2021, 4,449,114 shares were present or represented by proxy.

ProposalForAgainstAbstain
Business Combination4,435,33215213,630
Proposed amended and restated charter4,343,19390,91615,005
Nasdaq-related share issuances and change in control4,430,37228418,458
2021 Equity and Incentive Compensation Plan4,196,509234,30418,301

All proposals were approved, including all twelve non-binding advisory charter sub-proposals. The five nominees—Suhail Rizvi, Ben Kohn, Suying Liu, Tracey Edmonds and James Yaffe—were elected to the Combined Company board, effective upon consummation of the Business Combination.

Financial Metrics and Liquidity

This Form 8-K does not provide revenue, profit, cash flow, margins, debt, cash balances, liquidity measures or other operating financial metrics. The filing is focused on stockholder voting results and transaction-related corporate actions.

Material Changes, Outlook and Risks

  • Stockholder approval authorizes the proposed merger, the renaming of MCAC to PLBY Group, Inc., the proposed charter changes, specified share issuances, the board composition and the equity incentive plan.
  • The approved charter would authorize 155,000,000 shares, consisting of 150,000,000 common shares and 5,000,000 preferred shares.
  • The charter provisions include governance rights and enhanced voting or amendment thresholds tied to the ownership of RT-ICON Holdings LLC and its affiliates.
  • The filing does not state that the Business Combination had closed as of February 9, 2021. Investors should review subsequent filings for closing conditions, transaction completion, financing proceeds, redemption activity and the final capitalization.
  • No management guidance, operating outlook, contingencies or unusual financial items are provided in the filing.

Investor Verification Checklist

  • Confirm the closing date and final terms of the MCAC-Playboy Business Combination.
  • Verify the number of shares issued, redeemed or converted in connection with the transaction and PIPE Investment.
  • Review post-closing financial statements for Playboy/PLBY Group revenue, profitability, cash flow, debt and liquidity.
  • Assess the effects of the approved charter, including authorized shares, governance rights and voting thresholds.
  • Confirm the implementation and dilution impact of the 2021 Equity and Incentive Compensation Plan.