• 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

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.