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Purple Innovation, Inc. Announces Closing of Secondary Public Offering of Class A Common Stock
LEHI, Utah, May 19, 2020 /PRNewswire/ -- Purple Innovation, Inc. (NASDAQ: PRPL) ("Purple"), a comfort innovation company known for creating the "World's First
About this update from Purple Innovation, Inc.
[{"type":"text","content":"LEHI, Utah, May 19, 2020 /PRNewswire/ -- Purple Innovation, Inc. (NASDAQ: PRPL) (\"Purple\"), a comfort innovation company known for creating the \"World's First No Pressure™ Mattress,\" today announced the closing of the previously announced underwritten secondary public offering of 10,789,372 shares of its Class A common stock sold by InnoHold, LLC (the \"Selling Stockholder\") at a price of $10.50 per share, for total gross proceeds to the Selling Stockholder of approximately $113.3 million before deducting underwriting discounts and commissions. Purple did not sell any shares of Class A common stock in the offering and did not receive any proceeds from the offering.\n\n \n \n \n \n \n \n\n \nThe underwriters have a 30-day option period to purchase up to 1,618,405 additional shares of Class A common stock from the Selling Stockholders. Purple will not receive any proceeds from the sale of additional shares of Class A common stock upon any exercise by the underwriters of their option to purchase additional shares from the Selling Stockholders.\nThe remaining shares on the Form S-3 Registration Statement initially filed with the Securities and Exchange Commission on March 10, 2020 are not eligible for resale.\nBofA Securities and Oppenheimer & Co. Inc. acted as joint book-running managers for the offering. Raymond James, KeyBanc Capital Markets and Wedbush Securities acted as co-managers.\nCopies of the prospectus may be obtained on the SEC's website, www.sec.gov, or from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, or [email protected] and Oppenheimer & Co. Inc., Attn: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, New York 10004, Phone (212) 667-8055, Fax (212) 667-6141, or [email protected]. \nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.\nAbout Purple \nPurple is a digitally-native vertical brand with a mission to help people feel and live better through innovative comfort solutions. We design and manufacture a variety...