PLBY Group Initiates Common Stock Rights Offering

PLBY Group Inc PLBY has commenced its common stock rights offering. PLBY will receive gross proceeds of $50 million, less expenses related to the rights offering.
The company is distributing to all holders of record of its stock, for each share of the common stock held as of the record date, one non-transferable subscription right to purchase 0.30681187 of a share, at a subscription price of $3.50 per whole share.
The company will not issue fractional shares of common stock. To participate in the rights offering, holders of record must hold at least four shares of common stock as of the record date, Dec. 16, 2022.
The company intends to use the net proceeds from the rights offering primarily for repayment of its senior debt and other general corporate purposes.
The rights offering will expire at 5:00 p.m., Eastern Time, on Jan. 17, 2022.
Price Action: PLBY shares are trading lower by 8.75% at $3.23 on the last check Monday.