Purple Innovatio Stock Price, News & Analysis

Purple Innovation (NASDAQ: PRPL) announced a partnership with Sleep Country Canada (TSX: ZZZ) to offer Purple products at its 280 Canadian locations, marking Purple's first retail presence outside the U.S. Starting November 10, select products including the new Purple® Plus Mattress, which features the patented Purple Grid™, will be available both online and in-store. This collaboration aims to enhance Purple's international reach and leverage Sleep Country's established market presence, following record sales growth and expanded U.S. manufacturing.

Purple Innovation, Inc. (NASDAQ: PRPL) announced the closing of a secondary public offering of 13,600,000 shares of Class A common stock sold by InnoHold, LLC. This includes an underwriter's additional purchase option fully exercised for 1,773,913 shares, priced at $18.50 per share, generating gross proceeds of approximately $251.6 million for the Selling Stockholder. Purple did not offer any shares and therefore received no proceeds from this transaction. BofA Securities acted as the sole book-running manager.

Purple Innovation, Inc. (NASDAQ: PRPL) announced the pricing of a secondary public offering of 11,826,087 shares of Class A common stock at $18.50 per share, to be sold by InnoHold, LLC. The underwriter has a 30-day option to purchase an additional 1,773,913 shares at the same price. The offering is expected to close on September 14, 2020. Purple will not receive any proceeds from this offering, as all net proceeds will go to the Selling Stockholder. BofA Securities is the sole book-running manager.

Purple Innovation, Inc. (NASDAQ: PRPL) announced a secondary public offering of 11,826,087 shares of Class A common stock, with InnoHold, LLC as the Selling Stockholder. The underwriters have a 30-day option to purchase an additional 1,773,913 shares. Notably, Purple is not selling any shares and will not receive proceeds from this offering. BofA Securities is the sole book-running manager. The full prospectus details are available at the SEC’s website, ensuring investors have comprehensive information before making investment decisions.

Purple Innovation (NASDAQ: PRPL) announced a new five-year $100 million senior secured credit facility, led by KeyBanc Capital Markets. The facility includes a $45 million term loan and a $55 million revolving line of credit. The term loan proceeds were used to retire existing debts, enhancing the company’s financial position. With reduced borrowing costs, the initial rate set at LIBOR plus 3.00% is significantly lower than previous rates, fostering greater liquidity. This strategic move supports Purple's growth plans and aligns with its strong balance sheet.

Purple Innovation, Inc. (NASDAQ: PRPL) announced the retirement of Co-Founders Terry and Tony Pearce, effective August 17, 2020. The Pearce brothers have been integral to Purple's success in comfort technology since founding Purple LLC in 2010. CEO Joe Megibow praised their contributions, emphasizing their role in transforming the mattress industry. Following their retirement, Gary DiCamillo will lead as interim chairman until a new chairman is appointed. Paul Zepf has been appointed as a director, who brings significant experience and familiarity with the company, promising continuity and strategic direction.

Purple Innovation, Inc. (NASDAQ: PRPL) reported a robust second quarter ending June 30, 2020, with net revenue soaring by 60.3% to $165.1 million, driven by a 127.9% surge in Direct-to-Consumer sales. Gross margin also improved to 49.4%, compared to 41.5% in the previous year. Operating income reached $32.0 million, a significant turnaround from a loss of $(2.4) million last year. The company saw a cash increase of 184.8% year-over-year, totaling $95.4 million. Despite uncertainties due to COVID-19, management expressed optimism about future growth.

Purple Innovation, recognized for its innovative comfort solutions, will announce its second quarter 2020 financial results on August 13, 2020, after market hours. A conference call is scheduled for 4:30 p.m. ET to discuss the results, with participants advised to dial in by 4:25 p.m. ET. Investors can join via a live webcast on the company’s investor relations site. A replay of the call will be available until August 27, 2020. For further details on Purple’s product offerings and corporate mission, visit purple.com.

Purple Innovation, Inc. (NASDAQ: PRPL) announced the opening of a new manufacturing facility in Henry County, Georgia, expected to create hundreds of jobs by the end of 2020. This expansion marks Purple's first manufacturing site outside Utah, driven by increasing consumer demand for their comfort products like mattresses and pillows. CEO Joe Megibow emphasized the company's commitment to U.S. manufacturing amidst challenging times. Georgia's economic development officials welcomed the investment, highlighting its positive impact on local job creation.