LEHI, Utah, May 18, 2021 /PRNewswire/ -- Purple Innovation,
Inc. (NASDAQ: PRPL) ("Purple" or the "Company"), a leader in
comfort innovation and the creator of the renowned Purple®
Mattress, today announced the pricing of an underwritten secondary
public offering of 7,308,792 shares of its Class A common stock to
be sold by Coliseum Capital Partners, L.P., Coliseum Co-Invest Debt
Fund, L.P., Blackwell Partners LLC – Series A, and Coliseum Capital
Co-Invest III, L.P. (collectively, the "Selling Stockholders"). The
shares of Class A common stock are being sold at a price of
$30.00 per share. The
underwriters have a 30-day option period to purchase up to
1,096,318 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 21, 2021,
subject to customary closing conditions.
The Selling Stockholders 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
Stockholders. The Company has agreed to pay certain expenses
associated with the registration and sale of shares by the Selling
Stockholders, including underwriting discounts and commissions with
respect to 7,308,792 shares of Class A common stock being sold in
this offering. The Selling Stockholders will pay underwriting
discounts and commissions with respect to any of the 1,096,318
additional shares of Class A common stock that may be sold pursuant
to the option granted to the underwriters.
BofA Securities is acting as lead book–running manager and
representative of the underwriters for the offering. KeyBanc
Capital Markets and BMO Capital Markets are acting as book-running
managers.
The securities described above are being offered pursuant to an
automatic shelf registration statement (which includes a base
prospectus) on Form S-3 (File No. 333-256253) that was previously
filed by the Company with the Securities and Exchange Commission
(the "SEC") and automatically became effective upon filing on
May 18, 2021.
A preliminary prospectus supplement relating to these securities
has been filed with the SEC. Before you invest, you should read the
registration statement, the base prospectus, the preliminary
prospectus supplement, 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.
The offering is being made only by means of a prospectus and
related prospectus supplement, 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:
Prospectus Department, or dg.prospectus_requests@bofa.com.
This 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.
About Purple
Purple 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 of innovative,
premium, branded comfort products, including mattresses, pillows,
seat and back cushions, frames, sheets and more. Our products are
the result of over 25 years of innovation and investment in
proprietary and patented comfort technologies and the development
of our own manufacturing processes. Our proprietary gel technology,
Hyper-Elastic Polymer®, underpins many of our comfort products and
provides a range of benefits that differentiate our offerings from
other competitors' products. We market and sell our products
through our direct-to-consumer online channels, traditional retail
partners, third-party online retailers and our owned retail
showrooms.
Forward-Looking Statements
Certain statements made in this release that are not historical
facts are "forward-looking statements" within the meaning of the
"safe harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995. Such forward–looking statements
include but are not limited to statements about the closing of the
proposed offering of shares of Class A common stock by the Selling
Stockholders and the option to purchase additional shares granted
by the Selling Stockholders to the underwriters. Statements based
on historical data are not intended and should not be understood to
indicate the Company's expectations regarding future events.
Forward–looking statements provide current expectations or
forecasts of future events or determinations. These forward–looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside the Company's control, that could cause actual
results or outcomes to differ materially from those discussed in
the forward–looking statements. Factors that could influence the
realization of forward–looking statements include the risk factors
outlined in the "Risk Factors" section of the prospectus supplement
related to this offering and accompanying base prospectus, our
Annual Report on Form 10–K filed with the SEC on March 11, 2021, as amended by our Annual Report
on Form 10-K/A Amendment No. 1 filed with the SEC on May 10, 2021, and our Quarterly Report on Form
10-Q filed with the SEC on May 17,
2021. Many of these risks and uncertainties have been, and
will be, exacerbated by the COVID–19 pandemic and any worsening of
the global business and economic environment as a result. The
Company does not undertake any obligation to update or revise any
forward–looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Investor Contact:
Brendon
Frey, ICR
brendon.frey@icrinc.com
203–682–8200
Purple Innovation, Inc.
Misty Bond
Director of Purple Communications
misty.b@purple.com
385-498-1851
View original content to download
multimedia:http://www.prnewswire.com/news-releases/purple-innovation-inc-announces-pricing-of-secondary-public-offering-of-class-a-common-stock-301294494.html
SOURCE Purple Innovation, Inc.