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.

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