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LOS ANGELES - PLBY Group, Inc. (NASDAQ:PLBY), the parent company of Playboy, announced today that its Special Meeting of Stockholders was adjourned as the required quorum was not met. Trading at $1.16, with a market capitalization of approximately $110 million, the company faces significant challenges with its debt burden of over $202 million. The meeting, initially scheduled for today, aimed to address proposals outlined in the proxy statement filed on February 4, 2025. The company has rescheduled the meeting for April 17, 2025, to allow more stockholders to participate.
The adjournment is a procedural step as PLBY Group seeks to engage with its stockholders on decisions critical to the company’s direction. According to InvestingPro data, the company’s stock has shown significant volatility, with a 63.5% price increase over the past six months despite an overall weak financial health score. The proposals up for vote remain unchanged, and the company’s board has unanimously recommended stockholders to vote in favor of all items. Discover 12 more exclusive InvestingPro Tips and comprehensive analysis in our detailed Pro Research Report. Notably, prominent proxy advisory firms Institutional Shareholder Services Inc. and Glass Lewis have also advised shareholders to vote for the proposals.
Stockholders of record as of January 23, 2025, are eligible to cast their votes. They can do so online, by telephone, or during the reconvened meeting via a live audio webcast. The company has urged those who have not yet voted to do so by April 16, 2025, at 11:59 p.m. Eastern Time.
PLBY Group, a global pleasure and leisure lifestyle company, has maintained its commitment to providing products and experiences that align with its mission of promoting a culture of pleasure. While maintaining impressive gross profit margins of 64%, the company faces challenges with an 18.8% revenue decline over the last twelve months. The company’s flagship brand, Playboy, continues to be a leading icon in the industry, with a presence in approximately 180 countries. Get deeper insights into PLBY’s financial health and future prospects with InvestingPro’s exclusive analysis and Fair Value calculations.
Stockholders can access the company’s SEC filings, including the proxy statement, for free on the SEC’s website, which contain detailed information about the Special Meeting. Today’s adjournment is a call for increased stockholder participation, ensuring that the strategic decisions ahead reflect the collective input of PLBY Group’s investor base. This article is based on a press release statement from PLBY Group.
In other recent news, PLBY Group reported its Q4 2024 earnings, revealing a wider-than-expected loss with an EPS of -$0.15, falling short of the forecasted -$0.11. The company’s revenue also missed expectations, coming in at $33.49 million compared to the projected $37.3 million. These results reflect ongoing challenges as PLBY Group transitions to an asset-light business model, focusing on licensing growth and strategic repositioning. Analysts have noted the company’s efforts to become free cash flow positive by 2025, with plans to leverage new revenue streams from its relaunched Playboy magazine and expand licensing opportunities in the gaming sector. The company aims to reduce corporate infrastructure and focus on larger licensing deals. CEO Ben Cone emphasized the strategic shift and potential for new revenue models, such as paid fan voting and sponsorships. The company also completed the BIBOR deal, which is expected to positively impact profitability and cash flow. Despite the challenges, PLBY Group remains optimistic about its growth prospects moving forward.
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