Playboy, Inc. (PLBY), the pleasure and leisure company, Monday announced that it has agreed to repurchase around 16.6 million of its common stock, i.e. the entire equity held by affiliates of Fortress Investment Group at a fixed price of $1.05 per share, for a total of $17.4 million.
As per the agreement, Playboy paid $2 million at execution and will pay the remaining approximately $15.4 million in three scheduled installments through December 31, at a fixed price of $1.05 per share.
Further, the agreement is fully guaranteed by an affiliate of Rizvi Traverse Management, LLC and The Million S.a.r.l., an affiliate of Byborg Enterprises SA, who have agreed to purchase the shares directly from Fortress, pro rata based on their current Playboy stockholdings, to the extent the company does not.
In pre-market activity, PLBY shares were trading at $1.60, up 10.96% on the Nasdaq.
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