By Dean Seal
Shares of PLBY Group rose to their highest level in more than a year after the company converted a quarter of its preferred shares to common stock.
The stock jumped 47% to a high of $2.44 in early trading. Shares haven't traded this high since February 2023 and hit a low of 44 cents in November of that year.
The producer of Playboy magazine said before the opening bell that it has converted 25% of its preferred stock into shares of common stock at a price of $1.85 apiece.
That marks a 23% premium to the price it struck in a stock sale with Byborg Enterprises in December.
The company didn't receive any proceeds in connection with the conversion.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
January 31, 2025 11:27 ET (16:27 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。