Playboy Enterprises will once again become a public company, 10 years after it was taken private.
The company famous for its bunny logo and nightclubs will undertake a complex financial arrangement, merging with Mountain Crest Acquisition, a special purpose acquisition company (SPAC), before trading on the Nasdaq under the symbol “PLBY” early next year.
Playboy Enterprises was founded in 1953 by Hugh Hefner.
Its first magazine in December that year featured Marilyn Monroe on the cover. The magazine is now closed.
The company plans to use proceeds of the deal to expand into the sexual wellness space and to acquire consumer brands and platforms.
A SPAC uses capital raised through an initial public offering to buy a private company, usually within two years.