Playboy is joining the super-hot special acquisition company club, with official plans to go public in a SPAC deal that values the storied brand at $415 million, the company said Thursday.

The SPAC deal, which will make the iconic adult-entertainment brand public for the second time in its history, involves being acquired by a blank-check firm, in this case Mountain Crest Acquisition Corp.  (MCAC) , which was set up earlier this year and trades on the Nasdaq exchange.

As part of the deal, Playboy will receive $58 million that Mountain Crest had raised, plus another $50 million in private investment in public equity, or PIPE, proceeds brought in from institutional investors.

Playboy’s existing owners will retain control of 66% of the company following the transaction. When the deal is approved by the Securities and Exchange Commission in 60 to 90 days, the company name will become Playboy and it will trade under the ticker “PLBY.”

Playboy is the latest among a growing roster of firms to join the SPAC craze. Other companies to go public via blank-check companies recently include Virgin Galactic Holdings and sports-betting company DraftKings  (DKNG) – Get Report.

United Wholesale Mortgage joined the SPAC club on Wednesday, announcing it will go public by merging with a blank-check company, Gores Holdings IV, in a transaction that values the lender at roughly $16.1 billion.

Playboy CEO Ben Kohn said the deal with Mountain Crest will put more than $100 million in unrestricted cash on the company’s balance sheet, allowing it to expand further into e-commerce and the lingerie and intimate-accessories space.

Founded by famed playboy Hugh Hefner, the first issue of Playboy magazine appeared in December 1953 with Marilyn Monroe on the cover. The company was taken private in 2011 by Hefner and private-equity

A tale of two campaigns is emerging ahead of the first face-to-face meeting in the general election between President Donald Trump and former Vice President Joe Biden Tuesday night on the presidential debate stage.



Joe Biden wearing a suit and tie: Democratic presidential candidate former Vice President Joe Biden speaks during a Hispanic Heritage Month event, Sept. 15, 2020, at Osceola Heritage Park in Kissimmee, Fla.


© Patrick Semansky/AP, FILE
Democratic presidential candidate former Vice President Joe Biden speaks during a Hispanic Heritage Month event, Sept. 15, 2020, at Osceola Heritage Park in Kissimmee, Fla.

While President Trump has hit the campaign trail hard, holding eight events in the last week, Biden has taken a decidedly different approach, keeping a light schedule in order to prepare for their upcoming meeting.

Loading...

Load Error

The former vice president has hunkered down for debate preparations, which are being overseen by Democratic debate guru and Biden’s former chief of staff, Ron Klain, according to sources familiar with the preparation.

The preparations also includes Bob Bauer, a senior Biden adviser and former White House general counsel, stepping into the role of Donald Trump to help the former vice president get ready for Tuesday according to a source familiar with the process.

MORE: Trump targets Biden’s mental health in debate lead-up, despite aides’ efforts to raise expectations

“Joe Biden is very big on preparing,” said Patti Solis Doyle, a Democratic strategist and former adviser to Biden, who took part in his 2008 vice presidential debate preparations.



calendar: Democratic presidential hopefuls former vice president Joe Biden and Sen. Bernie Sanders take part in the presidential debate in Washington, DC, March 15, 2020.


© Mandel Ngan/AFP via Getty Images, FILE
Democratic presidential hopefuls former vice president Joe Biden and Sen. Bernie Sanders take part in the presidential debate in Washington, DC, March 15, 2020.

“He understands that this is an opportunity to really speak directly to the American people. And so he wants to make sure he’s ready and prepared,” she added, noting his fondness for briefing books and discussion of strategy.

In an interview with MSNBC Saturday, the former vice president predicted that his