Core Viewpoint - Playboy, Inc. has successfully converted all remaining Series B Convertible Preferred Stock into common stock, reflecting its ongoing efforts to improve its balance sheet and reduce debt [1][2][3] Group 1: Conversion Details - The conversion resulted in 12,439,730 shares of common stock being issued at a conversion price of $1.74448 per share, which is over 6% higher than the common stock's closing price on August 21, 2025 [2] - The conversion price also represents a more than 16% premium compared to the price during the company's private placement of common stock in Q4 2024 [2] - Following the conversion, Playboy has no preferred stock outstanding and a total of 107,548,055 shares of common stock [2] Group 2: Financial Impact - As of the conversion date, the company reported approximately $128 million in net debt, which is a reduction of about $70 million over the past year [2] - The Board of Directors believes the company's share price is undervalued and anticipates undiscounted interest savings of $6.992 million through the remaining term of the Series B Stock, which was set to mature at the end of 2027 [3] Group 3: Company Overview - Playboy, Inc. is a global pleasure and leisure company with a mission to create a culture where all people can pursue pleasure, operating in approximately 180 countries [4] - The company has a history of over 70 years in creating media and hospitality experiences while advocating for cultural progress based on equality and freedom of expression [4]