Playboy becomes public company by combining with Mountain Crest Acquisition Corp.

Client(s) Playboy Enterprises, Inc.

Jones Day advised Playboy Enterprises, Inc. in its business combination with Mountain Crest Acquisition Corp. (Nasdaq: MCAC) ("Mountain Crest"), a publicly-traded special purpose acquisition corporation (SPAC), whereby Playboy shareholders received shares of common stock in Mountain Crest, and Mountain Crest assumed outstanding Playboy debt, for a total purchase price valued at approximately $381 million.

The transaction re-introduced Playboy as a publicly-traded company. Mountain Crest changed its name to PLBY Group, Inc. and remained listed on the Nasdaq Stock Market under ticker PLBY. Playboy is currently majority-owned by entities affiliated with firm client Rizvi Traverse Management LLC, which together with other existing Playboy shareholders and management retained approximately 66% of the equity interests in the combined company at closing. As part of the transaction, Mountain Crest also sold $50 million of its common stock to institutional and accredited investors.