Cases & Deals

Playboy to become public company by combining with Mountain Crest Acquisition Corp.

Clients Playboy Enterprises, Inc.

Jones Day is advising Playboy Enterprises, Inc. in its definitive merger agreement with Mountain Crest Acquisition Corp. (Nasdaq: MCAC) ("Mountain Crest"), a publicly-traded special purpose acquisition corporation (SPAC), whereby Playboy shareholders will be entitled to receive shares of common stock in Mountain Crest, and Mountain Crest will assume outstanding Playboy debt, for a total purchase price valued at approximately $381 million.

The proposed transaction will re-introduce Playboy as a publicly-traded company with an anticipated enterprise value of approximately $415 million. Upon closing of the transaction, Mountain Crest will be renamed Playboy Group, Inc. and is expected to remain 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 are expected to continue to retain approximately 66% of the equity interests in the combined company. As part of the transaction, Mountain Crest has also signed definitive purchase agreements for the sale of $50 million of its common stock to institutional and accredited investors.

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