ALPINE, Utah, Nov. 15, 2019 /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 10,000,000 shares of its Class A common stock to be sold by InnoHold, LLC, Tony Pearce and Terry Pearce (collectively, the "Selling Stockholders"). The shares of Class A common stock are being sold at a price of $7.00 per share. The offering was upsized from the previously announced offering price of 8,000,000 shares of Class A common stock. The underwriters have a 30-day option period to purchase up to 1,500,000 additional shares of Class A common stock from the Selling Stockholders. The offering is expected to close on November 19, 2019, 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.
BofA Securities and Oppenheimer & Co. Inc. are acting as joint book-running managers for the offering. KeyBanc Capital Markets, Raymond James and Wedbush Securities are acting as co-managers.
A registration statement (including a base 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 base prospectus in that registration statement, the final 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, Attn: Prospectus Department, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255, Phone (800) 294-1322, or firstname.lastname@example.org 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 EquityProspectus@opco.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.
Purple is an innovative comfort product company that designs and manufactures products to improve people's lives. It designs and manufactures a range of comfort products, including mattresses, pillows, and cushions, using its patented Hyper-Elastic Polymer® material designed to improve comfort. The Company markets and sells its products primarily through its direct-to-consumer online channel, traditional retail partners, and third party online retailers, and its own Company owned outlet and 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 anticipated offering of shares of Class A common stock by the Selling Stockholders. 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 Securities and Exchange Commission on March 14, 2019 and our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 6, 2019. 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.
Brendon Frey, ICR
Alecia Pulman, ICR
Purple Innovation, Inc.
Director of Purple Communications