Shares of mattress maker
Purple Innovation (NASDAQ:PRPL) tumbled out of bed Wednesday, falling nearly 10% early in the morning, and are still down 8.9% as of 11 a.m. EDT.
Its own shareholders are to blame.
Image source: Getty Images.
So what
Last night, Purple Innovation announced that certain "selling shareholders" -- 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. -- plan to sell at least 7.3 million, and potentially as many as 8.4 million shares of common stock in a secondary offering. The shareholders will price their shares at $30 each -- 7.1% below yesterday's closing price -- aiming to cash out $252 million.
Related Keywords
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