Purple Innovation Confirms Receipt of Unsolicited, Non-Binding Proposal to Acquire the Company

Rhea-AI Summary

Purple Innovation, Inc. (NASDAQ: PRPL) announced receiving an unsolicited proposal from Coliseum Capital Management to acquire the company at $4.35 per share. This proposal was confirmed on September 17, 2022. The Board of Directors is currently reviewing the offer to decide the best course of action for Purple and its shareholders. Purple is recognized for its innovative comfort products, including the patented Hyper-Elastic Polymer® used in its mattresses and other offerings.

Positive

• Received an acquisition proposal at $4.35 per share, indicating potential value for shareholders.

Negative

• None.

LEHI, Utah, Sept. 19, 2022 /PRNewswire/ -- Purple Innovation, Inc. (NASDAQ: PRPL) ("Purple"), a comfort innovation company known for creating the "World's First No Pressure® Mattress," today confirmed that on September 17, 2022 it received an unsolicited, non-binding proposal from Coliseum Capital Management, LLC to acquire all of the outstanding capital stock of Purple for $4.35 per share.

The Purple Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of Purple and all Purple shareholders.

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, cushions, frames, sheets and more. Our products are the result of over 30 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. For more information on Purple, visit purple.com .

Investor Contact:
Brendon Frey, ICR
brendon.frey@icrinc.com
203-682-8200

View original content to download multimedia:https://www.prnewswire.com/news-releases/purple-innovation-confirms-receipt-of-unsolicited-non-binding-proposal-to-acquire-the-company-301627056.html

SOURCE Purple Innovation, Inc.

FAQ

What acquisition proposal did PRPL receive?

Purple Innovation received a proposal from Coliseum Capital Management to acquire the company for $4.35 per share.

When was the acquisition proposal for PRPL announced?

The acquisition proposal was announced on September 19, 2022, and received on September 17, 2022.

What is the significance of the $4.35 offer for PRPL shareholders?

The $4.35 offer represents a potential value realization for shareholders, pending Board review.

How is the Purple Board responding to the acquisition proposal?

The Purple Board of Directors is carefully reviewing the proposal to determine the best course of action.