Sporadically on-and-off the stock market, Playboy is now back on the NASDAQ exchange as of 9.30 am on February 11. The stock – listed as PLBY – opened at $14.54/share and through the day fluctuated between $13 and $15, Insider Hook reported.
This is not the first or the second time the iconic “Bunny” has been listed. It debuted in 1971, when Hugh Hefner listed Playboy Enterprises on the New York Stock Exchange, but in 2011, Hefner again took it private due to years of declining valuations.
What’s interesting this time, however, is its vehicle of entry – not via an initial public offering (IPO), but through a special purpose acquisition company (SPAC), a relatively quick method to re-enter the stock market, the report added.
Playboy had earlier merged with a blank check company - Mountain Crest Acquisition Corporation, which had its own IPO in June 2020. Now the merger has been completed and the merged entity ‘Playboy Group’ is now trading as PLBY.
Notably, Playboy magazine is no longer in publication and its TV business wound down after Ben Kohn took over the reins in 2016. It is, however, focused on licensing and consumer products – with an updated tagline of ‘Pleasure for All’ versus 'Entertainment for Men,' that it had ealrier.
The company is also doing well in the branded products department.
It needs to be now seen if investors will give them a chance.
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