Playboy Enterprises, Inc. is merging with publicly traded special purpose acquisition corporation Mountain Crest Acquisition Corp. to return Playboy to the public markets, the companies announced Thursday.
Playboy was taken private in 2011 by founder Hugh Hefner.
When the transaction is closed and approved by the SEC, Mountain Crest will be renamed and will remain listed on the NASDAQ Stock Market under ticker PLBY. Playboy CEO Ben Kohn will still lead the company.
The company has set the timetable for 60-90 days.
Playboy and Mountain Crest announced definitive investor purchase agreements for the purchase of $50 million of common stock at $10 per share.