PLBY files $15M at-the-market program; potential 9% dilution for investors

Q: How many PLBY shares can be issued under the new ATM program?

Up to $15 million in common stock, or roughly 8.4 million shares at a reference price of $1.78鈥�$1.83.

Q: What will Playboy, Inc. do with the ATM proceeds?

Management has broad discretion; stated uses include working capital, debt repayment and potential acquisitions .

Q: What fee does Roth Capital Partners earn for selling the shares?

Roth receives a 3.0 % commission on gross proceeds and is deemed an underwriter for regulatory purposes.

[Form 4] Carvana Co. Insider Trading Activity

Filing Impact

(High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Playboy, Inc. (Nasdaq: PLBY) has filed a Rule 424(b)(5) prospectus supplement to reactivate its at-the-market (ATM) equity program. Under an amended Sales Agreement with Roth Capital Partners dated 8 Aug 2024 and amended 18 Jul 2025, the company may sell up to $15 million in common stock (par $0.0001) from time to time. No shares have been sold under the prior August 2024 supplement, so the full $15 million capacity is now available.

Shares will be offered at prevailing market prices; Roth will receive a 3.0 % commission and is deemed an underwriter. At the 17 Jul 2025 closing price of $1.83, the program could issue roughly 8.4 million new shares, expanding pro-forma outstanding shares to 鈮�102.4 million (vs. 93.9 million at 31 Mar 2025) and implying up to ~9 % dilution.

Use of proceeds: working capital, general corporate purposes, possible debt repayment or acquisitions. Net tangible book value was -$1.97/share as of 31 Mar 2025; the illustrative financing lifts this to -$1.67/share, yielding immediate dilution of $3.45/share.

Key risks highlighted include continued Nasdaq listing compliance (price and board independence), further equity dilution from options/RSUs, and broad management discretion over proceeds. The supplement incorporates the company鈥檚 2024 Form 10-K and Q1-25 Form 10-Q by reference.

Playboy, Inc. (雮橃姢雼�: PLBY)電� Rule 424(b)(5) 歃濌秾靹る獏靹� 氤挫订靹滊ゼ鞝滌稖頃橃棳鞁滌灔臧€瓴╇Г霃�(ATM) 欤检嫕頂勲攴鸽灗鞚� 鞛皽頄堨姷雼堧嫟. 2024雲� 8鞗� 8鞚缄臣 2025雲� 7鞗� 18鞚检棎靾橃爼霅� Roth Capital Partners鞕€鞚� 韺愲Г瓿勳暯鞐� 霐半澕, 須岇偓電� 1,500毵� 雼煬 頃滊弰雮挫棎靹� 氤错喌欤�(鞎‰┐臧€ $0.0001)毳� 靾橃嫓搿� 毵る弰頃� 靾� 鞛堨姷雼堧嫟. 鞚挫爠 2024雲� 8鞗� 氤挫订靹滌棎靹滊姅欤检嫕鞚� 韺愲Г霅橃 鞎婌晞鞝勳暋 1,500毵� 雼煬頃滊弰臧€ 順勳灛靷毄臧€電ロ暕雼堧嫟.

欤检嫕鞚€ 順勳灛鞁滌灔臧€瓴╈棎霐半澕鞝滉车霅橂┌, Roth電� 3.0%鞚� 靾橃垬耄岆ゼ氚涥碃鞚胳垬鞚胳溂搿� 臧勳＜霅╇媹雼�. 2025雲� 7鞗� 17鞚� 膦呹皜 $1.83 旮办鞙茧, 頂勲攴鸽灗鞚€ 鞎� 840毵� 欤�鞚� 鞁犾＜毳� 氚滍枆頃� 靾� 鞛堨柎, 頂勲韽ゴ毵� 氚滍枆欤检嫕靾橁皜 鞎� 1鞏� 240毵� 欤�搿� 歃濌皜頃橂┌(2025雲� 3鞗� 31鞚� 9,390毵� 欤� 雽€牍�), 斓滊寑鞎� 9%鞚� 頋劃須臣臧€ 鞓堨儊霅╇媹雼�.

鞛愱笀靷毄觳�: 鞖挫爠鞛愲掣, 鞚茧皹旮办梾氇╈爜, 攵€毂� 靸來櫂霕愲姅鞚胳垬臧€電レ劚. 2025雲� 3鞗� 31鞚� 旮办 靾滌湢順曥瀽靷� 鞛ル秬臧€電� 欤茧嫻 -$1.97鞓€鞙茧┌, 鞚措矆鞛愱笀臁半嫭搿� 欤茧嫻 -$1.67搿� 臧滌劆霅橃柎 歃夑皝鞝侅澑欤茧嫻 $3.45 頋劃須臣臧€ 氚滌儩頃╇媹雼�.

欤检殧鞙勴棙鞖旍唽搿滊姅雮橃姢雼� 靸侅灔鞙犾 鞖旉贝(臧€瓴� 氚� 鞚挫偓須� 霃呺靹�), 鞀ろ啞鞓奠厴/RSU鞐� 霐半ジ於旉皜欤检嫕頋劃, 攴鸽Μ瓿� 瓴届榿歆勳潣鞛愱笀靷毄鞐� 雽€頃� 甏戨矓鞙勴暅鞛焿甓岇澊韽暔霅橃柎鞛堨姷雼堧嫟. 鞚� 氤挫订靹滊姅須岇偓鞚� 2024雲� Form 10-K 氚� 2025雲� 1攵勱赴 Form 10-Q毳� 彀胳“搿� 韽暔頃╇媹雼�.

Insights

TL;DR: $15 m ATM adds liquidity but is modestly dilutive and flags ongoing cash needs.

The refresh of Playboy鈥檚 ATM facility offers flexible, low-cost access to capital equal to 鈮�9 % of market cap. Given negative tangible equity and strategic shift to a capital-light model, incremental cash can shore up liquidity while management evaluates acquisitions or debt reduction. However, the 3 % fee and continuous issuance over the market may pressure the thinly-traded stock, and book-value dilution is significant. Investors should weigh dilution against improved balance-sheet optionality.

TL;DR: Small raise, high flexibility; strategic execution, not financing, remains key driver.

The $15 m ATM is minor relative to Playboy鈥檚 revenue ambitions and signals management鈥檚 desire for opportunistic funding rather than an urgent lifeline. Cash could support the Honey Birdette U.S. rollout or brand licensing pushes. Yet sustained value creation hinges on achieving higher-margin licensing revenues and stabilising Nasdaq compliance. Dilution risk is manageable but share overhang may deter near-term appreciation.

08/01/2025 - 04:38 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

GARCIA ERNEST C. III

(Last)

(First)

(Middle)

C/O CARVANA CO.

300 E. RIO SALADO PARKWAY

(Street)

TEMPE

85281

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
CARVANA CO. [ CVNA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	07/30/2025		S		130⁽¹⁾	D	$329.36⁽²⁾	601,310	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/30/2025		S		130⁽¹⁾	D	$329.36⁽²⁾	701,310	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/30/2025		S		146⁽¹⁾	D	$330.52⁽⁵⁾	601,164	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/30/2025		S		146⁽¹⁾	D	$330.52⁽⁵⁾	701,164	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/30/2025		S		233⁽¹⁾	D	$331.4⁽⁶⁾	600,931	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/30/2025		S		233⁽¹⁾	D	$331.4⁽⁶⁾	700,931	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/30/2025		S		179⁽¹⁾	D	$332.2⁽⁷⁾	600,752	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/30/2025		S		178⁽¹⁾	D	$332.77⁽⁸⁾	700,753	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/30/2025		S		411⁽¹⁾	D	$333.41⁽⁹⁾	600,341	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/30/2025		S		412⁽¹⁾	D	$333.81⁽¹⁰⁾	700,341	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/30/2025		S		1,277⁽¹⁾	D	$334.42⁽¹¹⁾	599,064	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/30/2025		S		1,276⁽¹⁾	D	$334.81⁽¹²⁾	699,065	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/30/2025		S		720⁽¹⁾	D	$335.18⁽¹³⁾	598,344	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/30/2025		S		721⁽¹⁾	D	$335.71⁽¹⁴⁾	698,344	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/30/2025		S		862⁽¹⁾	D	$336.35⁽¹⁵⁾	597,482	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/30/2025		S		861⁽¹⁾	D	$336.8⁽¹⁶⁾	697,483	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/30/2025		S		553⁽¹⁾	D	$337.24⁽¹⁷⁾	596,929	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/30/2025		S		554⁽¹⁾	D	$337.71⁽¹⁸⁾	696,929	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/30/2025		S		218⁽¹⁾	D	$338.45⁽¹⁹⁾	596,711	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/30/2025		S		218⁽¹⁾	D	$338.45⁽¹⁹⁾	696,711	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/30/2025		S		210⁽¹⁾	D	$339.63⁽²⁰⁾	596,501	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/30/2025		S		210⁽¹⁾	D	$339.63⁽²⁰⁾	696,501	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/30/2025		S		61⁽¹⁾	D	$340.4⁽²¹⁾	596,440	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/30/2025		S		61⁽¹⁾	D	$340.4⁽²¹⁾	696,440	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock								924,384	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024.

2. This transaction was executed in multiple trades at prices ranging from $328.87 to $329.87 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

3. These shares of Class A Common Stock are held directly by the Ernest Irrevocable 2004 Trust III (the "Irrevocable Trust"). The Reporting Person is the Investment Trustee and Co-Administrative Trustee of the Irrevocable Trust.

4. These shares of Class A Common Stock are held directly by the Ernest C. Garcia III Multi-Generational Trust III (the "Multi-Generational Trust"). The Reporting Person is the Investment Trustee and Co-Administrative Trustee of the Multi-Generational Trust.

5. This transaction was executed in multiple trades at prices ranging from $329.89 to $330.77 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

6. This transaction was executed in multiple trades at prices ranging from $330.92 to $331.86, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

7. This transaction was executed in multiple trades at prices ranging from $331.96 to $332.45 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

8. This transaction was executed in multiple trades at prices ranging from $332.49 to $332.96 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

9. This transaction was executed in multiple trades at prices ranging from $332.97 to $333.60 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

10. This transaction was executed in multiple trades at prices ranging from $333.60 to $333.97 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

11. This transaction was executed in multiple trades at prices ranging from $333.99 to $334.64, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

12. This transaction was executed in multiple trades at prices ranging from $334.64 to $334.99, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

13. This transaction was executed in multiple trades at prices ranging from $335.00 to $335.41 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

14. This transaction was executed in multiple trades at prices ranging from $335.41 to $336.00 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

15. This transaction was executed in multiple trades at prices ranging from $336.02 to $336.60 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

16. This transaction was executed in multiple trades at prices ranging from $336.60 to $337.02 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

17. This transaction was executed in multiple trades at prices ranging from $337.05 to $337.44 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

18. This transaction was executed in multiple trades at prices ranging from $337.44 to $337.96 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

19. This transaction was executed in multiple trades at prices ranging from $338.19 to $339.07 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

20. This transaction was executed in multiple trades at prices ranging from $339.20 to $340.20 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

21. This transaction was executed in multiple trades at prices ranging from $340.28 to $340.65 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

Remarks:

	/s/ Paul Breaux, by Power of Attorney for Ernest C. Garcia, III	08/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source:

FAQ

How many PLBY shares can be issued under the new ATM program?

Up to $15 million in common stock, or roughly 8.4 million shares at a reference price of $1.78鈥�$1.83.

What is the expected dilution for existing PLBY shareholders?

If the full amount is sold at $1.78, as-adjusted book-value dilution is $3.45 per share and share count could rise 鈮�9 %.

What will Playboy, Inc. do with the ATM proceeds?

Management has broad discretion; stated uses include working capital, debt repayment and potential acquisitions.

What fee does Roth Capital Partners earn for selling the shares?

Roth receives a 3.0 % commission on gross proceeds and is deemed an underwriter for regulatory purposes.

Is PLBY currently in compliance with Nasdaq listing standards?

Yes, but the prospectus notes past bid-price and board-independence notices; compliance efforts are ongoing.

AG真人官方

[Form 4] Carvana Co. Insider Trading Activity

Insights

FAQ

How many PLBY shares can be issued under the new ATM program?

What is the expected dilution for existing PLBY shareholders?

What will Playboy, Inc. do with the ATM proceeds?

What fee does Roth Capital Partners earn for selling the shares?

Is PLBY currently in compliance with Nasdaq listing standards?

NYSE:CVNA

CVNA Rankings

CVNA Latest News

CVNA Latest SEC Filings

CVNA Stock Data

AG真人官方

Trending News

[Form 4] Carvana Co. Insider Trading Activity

Insights

Equity Capital Markets Analyst neutral

Consumer-Brands Portfolio Manager neutral

FAQ

How many PLBY shares can be issued under the new ATM program?

What is the expected dilution for existing PLBY shareholders?

What will Playboy, Inc. do with the ATM proceeds?

What fee does Roth Capital Partners earn for selling the shares?

Is PLBY currently in compliance with Nasdaq listing standards?

NYSE:CVNA

CVNA Rankings

CVNA Latest News

CVNA Latest SEC Filings

CVNA Stock Data