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Purple Innovation Plunges After Pricing Equity Offering At 20% Discount

Purple Innovation Inc (NASDAQ:PRPL) has priced its public offering of 13.4 million shares at a public offering price of $4.50 per…
byShivani Kumaresan
February 9, 2023
1 minute read
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  • Purple Innovation Inc (NASDAQ:PRPL) has priced its public offering of 13.4 million shares at a public offering price of $4.50 per share.
  • The offer price represents a 20.2% discount to the company’s closing price on Feb. 8, 2023.
  • The underwriters have a 30-day option period to purchase up to 2 million additional shares from the company at the public offering price.
  • The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, are expected to be $60.3 million.
  • The company intends to use net proceeds from the offering to discharge outstanding indebtedness.
  • The offering is expected to close on Feb. 13, 2023.
  • Price Action: PRPL shares are trading lower by 17.63% at $4.65 in premarket on the last check Thursday.
 
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