Purple Innovation (PRPL) Announces Proposed 7.309M Share Secondary Offering
Purple Innovation, Inc. (NASDAQ: PRPL), a leader in comfort innovation and the creator of the renowned Purple® Mattress, today announced the launch 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 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.
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. 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 that may be 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 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 will be 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.