PRPL - Purple Innovation acquires sleep and health wellness firm in all-stock deal
- Purple Innovation ( NASDAQ: PRPL ) announced Thursday that it has acquired Advanced Comfort Technologies, commonly known as Intellibed in an all-stock transaction.
- Intellibed is a premium sleep and health wellness company, offering gel-based mattresses scientifically designed for maximum back support, spinal alignment and pressure point relief. The firm had reported ~$50M in revenue in 2021.
- In consideration, Purple has agreed to issue its 8M shares to Intellibed securityholder, subject to adjustments, as additional 1.5M shares may be issued depending upon the stock price over the next 18 months.
- The acquisition is projected to be non-dilutive to earnings per share.
- "Intellibed has licensed certain aspects of our gel technologies for many years, therefore this acquisition allows us to consolidate our IP under one roof while at the same time enhancing Purple's manufacturing capabilities and financial profile," said ob DeMartini, Chief Executive Officer of Purple.
- PRPL stock is down 0.7% in premarket.
- Earlier: Purple Innovation falls 14% on Q2 result miss, lowers 2022 sales guidance
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Purple Innovation acquires sleep and health wellness firm in all-stock deal