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LOS ANGELES - PLBY Group, Inc. (NASDAQ:PLBY), the owner of the iconic Playboy brand and currently valued at $91.46 million in market capitalization, announced the cancellation of its special stockholder meeting scheduled for today, which was previously adjourned on March 20, 2025, due to a lack of quorum. The company, which operates in the pleasure and leisure lifestyle sector, has decided to withdraw the proposals intended for stockholder consideration, including the issuance of 16,956,842 shares of common stock at $1.50 per share to an affiliate.
The proposals, which are critical for the company’s plans to raise capital and reduce its substantial $202.04 million debt burden, will be resubmitted at the 2025 annual meeting of stockholders. The definitive proxy statement for this meeting is expected to be filed by April 30, 2025. PLBY Group’s efforts to secure investors and improve its balance sheet hinge on obtaining stockholder approval for these financing measures. InvestingPro analysis reveals the company is quickly burning through cash, with negative free cash flow of $21.4 million in the last twelve months.
PLBY Group emphasizes its mission to create a culture where pleasure is recognized as a fundamental human right. The company’s flagship brand, Playboy, remains a globally recognized entity with a presence in approximately 180 countries. Despite challenging market conditions, the company maintains impressive gross profit margins of 64.02%. The company has a history of over 70 years in media and hospitality, advocating for cultural progress rooted in equality and freedom of expression. For deeper insights into PLBY’s financial health and future prospects, InvestingPro offers comprehensive analysis with 12 additional key investment tips.
The forward-looking statements included in the press release indicate the company’s future plans and objectives, subject to various risks and uncertainties that could cause actual results to differ materially. According to InvestingPro data, analysts do not anticipate profitability this year, with an EPS forecast of -$0.24 for 2025. These risks include maintaining NASDAQ listing, disruptions from completed or proposed transactions, competition, growth management, key employee retention, regulatory changes, and economic factors such as global hostilities, supply chain delays, inflation, and exchange rates.
Investors and stockholders are cautioned not to place undue reliance on these forward-looking statements, which reflect the company’s position only as of the date they were made. PLBY Group has stated it will not undertake any obligation to update or revise these statements in light of new information or future events. This news article is based on a press release statement from PLBY Group, Inc.
In other recent news, PLBY Group reported its Q4 2024 earnings, revealing a wider-than-expected loss with an EPS of -$0.15, missing the forecast of -$0.11. Revenue also fell short at $33.49 million against a projected $37.3 million. The company is aiming to become free cash flow positive in 2025, focusing on asset-light business models and licensing growth. PLBY Group has also adjourned its Special Meeting of Stockholders due to a low quorum, rescheduling it for April 17, 2025, to ensure more stockholder participation. Proxy advisory firms Institutional Shareholder Services Inc. and Glass Lewis have recommended stockholders vote in favor of the proposals at the meeting. Additionally, PLBY Group plans to leverage new revenue streams from its relaunched Playboy magazine and expand licensing opportunities, particularly in the gaming sector. The company remains focused on reducing corporate infrastructure and concentrating on larger licensing deals. Notably, the company’s CEO emphasized the strategic shift to an asset-light model as a necessary step for future growth.
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