• PLBY Group (NASDAQ:PLBY), which owns the brand Playboy, was up ~35% Thursday pre-market after the group announced a $22.35M equity investment by Byborg Enterprises.
• Byborg, a privately-held online entertainment company, has agreed to purchase 14.9M newly issued, unregistered shares of common stock at $1.50 per share.
• The transaction is expected to close on or before November 8.
• Concurrently, Byborg and PLBY Group have signed a non-binding letter of intent for the licensing of certain Playboy digital intellectual property and operating certain Playboy digital businesses.
• The LOI includes $20M in annual minimum guaranteed payments to PLBY over the initial 15-year term for a total of $300M. It also includes a profit share based on performance.
• The two parties expect to enter into definitive agreements before 2024-end.
• Source: Press Release

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