PRPL - Purple Innovation initiates offering of $65M Class A common stock

Purple Innovation (NASDAQ:PRPL) has launched an underwritten public offering of $65M of Class A common stock. The underwriter, BofA Securities, has been granted a 30-day option to purchase up to 15% additional shares of Class A common stock from the company. If, after receiving the net proceeds of the offering, the company has over $25M of cash on hand, it will be required to use such excess cash to prepay the outstanding balance under its revolving loans, up to the amount of the entire outstanding balance. It currently has borrowed the entire $55M available under the revolving loans. As of the date hereof, Purple Innovation has ~$25M in cash on hand.

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Purple Innovation initiates offering of $65M Class A common stock