DealsOct 28, 2026, 04:12 PM
Playboy: The Million to Buy $5M in Shares; Rizvi Exits Tranche 3 Commitment
AI Summary
Playboy, Inc. amended its backstop agreement, with The Million S.a.r.l. now solely responsible for purchasing 4,761,905 shares of Common Stock (Tranche 3) for $5,000,000.25 by November 1, 2026. Rizvi Master LLC's commitment for these shares has been reduced to zero, and neither party will receive a backstop fee for Tranche 3. Commitments for Tranche 4 shares remain unchanged.
Key Highlights
- The Million S.a.r.l. to purchase 4,761,905 Playboy shares for $5,000,000.25 by November 1, 2026.
- Rizvi Master LLC's commitment to purchase Tranche 3 shares reduced to zero.
- The Million S.a.r.l. assumes 100% of the commitment for Tranche 3 shares.
- No backstop fees will be paid to Rizvi or The Million for Tranche 3 shares.
- Tranche 4 commitments and fees remain unchanged, with The Million at ~44.5% and Rizvi at ~55.5%.
Price Impact
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