Business
Purple Innovation, Inc. Announces Pricing of Upsized Secondary Public Offering of Class A Common Stock
LEHI, Utah, May 14, 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 14, 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 pricing of an underwritten secondary public offering of 10,789,372 shares of its Class A common stock to be sold by InnoHold, LLC (the \"Selling Stockholder\"). The shares of Class A common stock are being sold at a price of $10.50 per share. The offering was upsized from the previously announced offering size of 9,000,000 shares of Class A common stock. The 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 at the same price per share. The offering is expected to close on May 19, 2020, subject to customary closing conditions.\n\n \n \n \n \n \n \n\n \nThe Selling Stockholder will receive all of the net proceeds from the offering. Purple is not selling any shares of Class A common stock in the offering and will not receive any proceeds from the offering, including from any exercise by the underwriters of their option to purchase additional shares from the Selling Stockholder.\nFollowing the closing of this offering, the remaining shares on the Form S-3 Registration Statement initially filed with the Securities and Exchange Commission on March 10, 2020 will not be eligible for resale.\nBofA Securities and Oppenheimer & Co. Inc. are acting as joint book-running managers for the offering. Raymond James, KeyBanc Capital Markets and Wedbush Securities are acting as co-managers.\nA registration statement (including a prospectus) relating to these securities has been filed with the U.S. Securities and Exchange Commission (the \"SEC\") and has become effective. Before you invest, you should read the prospectus in that registration statement, the final prospectus and other documents filed with the SEC and incorporated by reference therein for more complete information about Purple and this offering. You may obtain these documents free of charge by visiting EDGAR on the SEC's website at www.sec.gov.\nThe offering is being made only by means of a prospectus, copies of which, when available, 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: ...