Shareholders of Mountain Crest Acquisition Corp (NASDAQ: MCAC) have approved the reverse merger with Playboy Enterprises Inc., an American men’s lifestyle and entertainment brand.
What’s Next for Playboy shareholders: Shares of Mountain Crest Acquisition Corp are likely to stop trading as MCAC in two business days from today. Shares of the new company will trade as symbol PLBY on the NASDAQ.
“We are delighted with the overwhelming support for this transaction, which at closing is expected to inject more than $100 million of gross proceeds into PLBY Group, so that we can aggressively capitalize on our well-defined and exciting organic and acquisition-led growth plan.”-said Ben Kohn, CEO of Playboy.
“Playboy Could Be The King of SPACs “-said Jim Osman in October, 2020, but seems like investors are staying away from this merger even though Pleasure For All company is a well known, vintage brand. But maybe that is the biggest problem here, they should market themselves as a tech company and their valuation would go through the roof from there.
Prior to the vote, shares of the special-purpose acquisition company closed at $13.92, up 30 percent from December when the Playboy deal was announced.