Form SC 13D/A Purple Innovation, Inc. Filed by: Coliseum Capital Management, LLC

May 26, 2022 5:11 PM EDT

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934

(Amendment No. 22)*

 

 

PURPLE INNOVATION, INC.

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

74640Y 106

(CUSIP Number)

Christopher Shackelton/Adam Gray

105 Rowayton Avenue

Rowayton, CT 06853

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

May 24, 2022

(Date of Event Which Requires Filing of This Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §240.13d-1(e), §240.13d-1(f) or §240.13d-1(g), check the following box.  ☐

 

*

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


CUSIP No. 74640Y 106    13D/A    Page 2 of 10

 

  1.    

  Names of reporting persons.

 

  Coliseum Capital Management, LLC

  2.  

  Check the appropriate box if a member of a group (see instructions)

  (a)  ☐        (b)  ☒

 

  3.  

  SEC use only

 

  4.  

  Source of funds (see instructions)

 

  AF

  5.  

  Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

 

  ☐

  6.  

  Citizenship or place of organization

 

  Delaware

Number of

shares

 beneficially 

owned by

each

reporting

person

with

 

     7.     

  Sole voting power

 

  0

     8.   

  Shared voting power

 

  40,854,130

     9.   

  Sole dispositive power

 

  0

   10.   

  Shared dispositive power

 

  40,854,130

11.    

  Aggregate amount beneficially owned by each reporting person

 

  40,854,130

12.  

  Check if the aggregate amount in Row (11) excludes certain shares (see instructions)

 

  ☐

13.  

  Percent of class represented by amount in Row (11)

 

  49.4%

14.  

  Type of reporting person (see instructions)

 

  IA


CUSIP No. 74640Y 106   13D/A   Page 3 of 10

 

  1.    

  Names of reporting persons.

 

  Coliseum Capital, LLC

  2.  

  Check the appropriate box if a member of a group (see instructions)

  (a)  ☐        (b)  ☒

 

  3.  

  SEC use only

 

  4.  

  Source of funds (see instructions)

 

  AF

  5.  

  Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

 

  ☐

  6.  

  Citizenship or place of organization

 

  Delaware

Number of

shares

 beneficially 

owned by

each

reporting

person

with

 

     7.     

  Sole voting power

 

  0

     8.   

  Shared voting power

 

  33,475,078

     9.   

  Sole dispositive power

 

  0

   10.   

  Shared dispositive power

 

  33,475,078

11.    

  Aggregate amount beneficially owned by each reporting person

 

  33,475,078

12.  

  Check if the aggregate amount in Row (11) excludes certain shares (see instructions)

 

  ☐

13.  

  Percent of class represented by amount in Row (11)

 

  40.5%

14.  

  Type of reporting person (see instructions)

 

  OO


CUSIP No. 74640Y 106   13D/A   Page 4 of 10

 

  1.    

  Names of reporting persons.

 

  Coliseum Capital Partners, L.P.

  2.  

  Check the appropriate box if a member of a group (see instructions)

  (a)  ☐        (b)  ☒

 

  3.  

  SEC use only

 

  4.  

  Source of funds (see instructions)

 

  WC

  5.  

  Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

 

  ☐

  6.  

  Citizenship or place of organization

 

  Delaware

Number of

shares

 beneficially 

owned by

each

reporting

person

with

 

     7.     

  Sole voting power

 

  0

     8.   

  Shared voting power

 

  30,341,629

     9.   

  Sole dispositive power

 

  0

   10.   

  Shared dispositive power

 

  30,341,629

11.    

  Aggregate amount beneficially owned by each reporting person

 

  30,341,629

12.  

  Check if the aggregate amount in Row (11) excludes certain shares (see instructions)

 

  ☐

13.  

  Percent of class represented by amount in Row (11)

 

  36.7%

14.  

  Type of reporting person (see instructions)

 

  PN


CUSIP No. 74640Y 106   13D/A   Page 5 of 10

 

  1.    

  Names of reporting persons.

 

  Coliseum Capital Co-Invest III, L.P.

  2.  

  Check the appropriate box if a member of a group (see instructions)

  (a)  ☐        (b)  ☒

 

  3.  

  SEC use only

 

  4.  

  Source of funds (see instructions)

 

  WC

  5.  

  Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

 

  ☐

  6.  

  Citizenship or place of organization

 

  Delaware

Number of

shares

 beneficially 

owned by

each

reporting

person

with

 

     7.     

  Sole voting power

 

  0

     8.   

  Shared voting power

 

  3,133,449

     9.   

  Sole dispositive power

 

  0

   10.   

  Shared dispositive power

 

  3,133,449

11.    

  Aggregate amount beneficially owned by each reporting person

 

  3,133,449

12.  

  Check if the aggregate amount in Row (11) excludes certain shares (see instructions)

 

  ☐

13.  

  Percent of class represented by amount in Row (11)

 

  3.8%

14.  

  Type of reporting person (see instructions)

 

  PN


CUSIP No. 74640Y 106   13D/A   Page 6 of 10

 

  1.    

  Names of reporting persons.

 

  Adam Gray

  2.  

  Check the appropriate box if a member of a group (see instructions)

  (a)  ☐        (b)  ☒

 

  3.  

  SEC use only

 

  4.  

  Source of funds (see instructions)

 

  AF

  5.  

  Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

 

  ☐

  6.  

  Citizenship or place of organization

 

  United States

Number of

shares

 beneficially 

owned by

each

reporting

person

with

 

     7.     

  Sole voting power

 

  0

     8.   

  Shared voting power

 

  40,854,130

     9.   

  Sole dispositive power

 

  0

   10.   

  Shared dispositive power

 

  40,854,130

11.    

  Aggregate amount beneficially owned by each reporting person

 

  40,854,130

12.  

  Check if the aggregate amount in Row (11) excludes certain shares (see instructions)

 

  ☐

13.  

  Percent of class represented by amount in Row (11)

 

  49.4%

14.  

  Type of reporting person (see instructions)

 

  IN


CUSIP No. 74640Y 106   13D/A   Page 7 of 10

 

  1.    

  Names of reporting persons.

 

  Christopher Shackelton

  2.  

  Check the appropriate box if a member of a group (see instructions)

  (a)  ☐        (b)  ☒

 

  3.  

  SEC use only

 

  4.  

  Source of funds (see instructions)

 

  AF

  5.  

  Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

 

  ☐

  6.  

  Citizenship or place of organization

 

  United States

Number of

shares

 beneficially 

owned by

each

reporting

person

with

 

     7.     

  Sole voting power

 

  0

     8.   

  Shared voting power

 

  40,854,130

     9.   

  Sole dispositive power

 

  0

   10.   

  Shared dispositive power

 

  40,854,130

11.    

  Aggregate amount beneficially owned by each reporting person

 

  40,854,130

12.  

  Check if the aggregate amount in Row (11) excludes certain shares (see instructions)

 

  ☐

13.  

  Percent of class represented by amount in Row (11)

 

  49.4%

14.  

  Type of reporting person (see instructions)

 

  IN


CUSIP No. 74640Y 106   13D/A   Page 8 of 10

 

Explanatory Note: This Amendment No. 22 (this “Amendment”) to the Schedule 13D (the “Initial 13D”), filed by the Reporting Persons with the Securities and Exchange Commission (the “SEC”) on February 12, 2018 and as amended and supplemented by Amendment No. 1 to the Initial 13D filed on May 23, 2018, Amendment No. 2 to the Initial 13D filed on June 12, 2018, Amendment No. 3 to the Initial 13D filed on March 1, 2019, Amendment No. 4 to the Initial 13D filed on November 19, 2019, Amendment No. 5 to the Initial 13D filed on May 22, 2020, Amendment No. 6 to the Initial 13D filed on July 8, 2020, Amendment No. 7 to the Initial 13D filed on August 24, 2020, Amendment No. 8 to the Initial 13D filed on September 14, 2020, Amendment No. 9 to the Initial 13D filed on November 23, 2020, Amendment No. 10 to the Initial 13D filed on November 24, 2020, Amendment No. 11 to the Initial 13D filed on March 9, 2021, Amendment No. 12 to the Initial 13D filed on May 25, 2021, Amendment No. 13 to the Initial 13D filed on December 20, 2021, Amendment No. 14 to the Initial 13D filed on December 22, 2021, Amendment No. 15 to the Initial 13D filed on December 29, 2021, Amendment No. 16 to the Initial 13D filed on March 7, 2022, Amendment No. 17 to the Initial 13D filed on March 8, 2022, Amendment No. 18 to the Initial 13D filed on March 29, 2022, Amendment No. 19 to the Initial 13D filed on May 16, 2022, Amendment No. 20 to the Initial 13D filed on May 18, 2022, and Amendment No. 21 to the Initial 13D filed on May 20, 2022, amends and supplements certain of the items set forth therein.

As used in this Amendment, the term “Reporting Persons” collectively refers to:

 

   

Coliseum Capital Management, LLC, a Delaware limited liability company (“CCM”);

 

   

Coliseum Capital, LLC, a Delaware limited liability company (“CC”);

 

   

Coliseum Capital Partners, L.P., a Delaware limited partnership (“CCP”);

 

   

Coliseum Capital Co-Invest III, L.P., a Delaware limited partnership (“CCC III”);

 

   

Adam Gray (“Gray”), a director of Purple Innovation, Inc. (the “Issuer”); and

 

   

Christopher Shackelton (“Shackelton”).

Item 3. Source and Amount of Funds or Other Consideration.

Item 3 is hereby amended and supplemented as follows:

Since filing of Amendment No. 18, the source and amount of funds used in purchasing the Common Stock by the Reporting Persons and a separate account investment advisory client of CCM (the “Separate Account”) were as follows:

 

Purchaser

   Source of Funds      Amount  

CCP

     Working Capital      $ 7,951,986.24  

Separate Account

     Working Capital      $ 2,038,581.58  

Item 5. Interest in Securities of the Issuer.

Item 5 is hereby amended and supplemented as follows:

The information relating to the beneficial ownership of Class A Stock, by each of the Reporting Persons set forth in Rows 7 through 13 of the cover pages hereto is incorporated by reference herein. The percentages set forth in Row 13 for all cover pages filed herewith are calculated based upon 82,645,676 shares of Class A Stock outstanding as of May 9, 2022, based on information provided by the Issuer’s Quarterly Report on Form 10-Q, as filed on May 10, 2022. When including the Issuer’s Class B common stock, par value $0.0001 per share (the “Class B Stock” and, together with the Class A Stock, the “Common Stock”), the Reporting Persons beneficially own 49.2% of the Common Stock.


CUSIP No. 74640Y 106   13D/A   Page 9 of 10

 

The Reporting Persons and the Separate Account effected the following transactions in the Common Stock on the dates indicated, and such transactions are the only transactions in the Common Stock by the Reporting Persons in the sixty days preceding the filing of this Amendment, or since the last 13D filing, whichever is less:

 

Name

  

Nature of
Transaction

   Date      Number of
Shares of
Common
Stock
     Weighted
Average
Price Per
Share
     Range of
Prices
 

CCP

   Open Market Purchase      5/20/2022        338,322      $ 4.84      $ 4.73 - $4.92  

Separate Account

   Open Market Purchase      5/20/2022        111,678      $ 4.84      $ 4.73 - $4.92    

CCP

   Open Market Purchase      5/24/2022        779,202      $ 4.57      $ 4.41 - $4.70    

Separate Account

   Open Market Purchase      5/24/2022        181,192      $ 4.57      $ 4.41 - $4.70    

CCP

   Open Market Purchase      5/25/2022        576,117      $ 4.78      $ 4.67 - $4.92    

Separate Account

   Open Market Purchase      5/25/2022        140,163      $ 4.78      $ 4.67 - $4.92    


SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

DATED: May 26, 2022

 

COLISEUM CAPITAL MANAGEMENT, LLC      
By:  

/s/ Thomas Sparta

     
  Thomas Sparta, Attorney-in-fact      
COLISEUM CAPITAL, LLC     COLISEUM CAPITAL CO-INVEST III, L.P.
      By:   Coliseum Capital, LLC, General Partner
By:  

/s/ Thomas Sparta

    By:  

/s/ Thomas Sparta

  Thomas Sparta, Attorney-in-fact       Thomas Sparta, Attorney-in-fact
COLISEUM CAPITAL PARTNERS, L.P.       ADAM GRAY
By:   Coliseum Capital, LLC, General Partner      
By:  

/s/ Thomas Sparta

    By:  

/s/ Thomas Sparta

  Thomas Sparta, Attorney-in-fact       Thomas Sparta, Attorney-in-fact
      CHRISTOPHER SHACKELTON
      By:  

/s/ Thomas Sparta

        Thomas Sparta, Attorney-in-fact


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