PLBY Group (PLBY) said Friday it has converted 25% of its outstanding Series B Convertible Preferred Stock into common stock to streamline its balance sheet and reduce leverage.

The company said it converted 7,000 shares of Series B Stock into 3.8 million shares of common stock at a conversion price of $1.85 per share, a 23% premium to the price per share in a securities purchase agreement entered into with Byborg Enterprises SA in December.

Following the conversion, the company said 21,000 Series B shares and 93.7 million common shares remain outstanding.

No proceeds were received from the conversion, the company added.