PRPL - Purple Innovation stock tanks 11% on $50M stock offering
- Purple Innovation ( NASDAQ: PRPL ) said Wednesday it intends to sell $50 million of its Class A common stock in an underwritten public offering.
- The company intends to grant the underwriters a 30-day option to purchase up to $7.5 million of its shares of Class A common stock.
- The company intends to use net proceeds from the offering to discharge outstanding indebtedness under its certain credit agreement.
- BMO Capital Markets and KeyBanc Capital Markets are acting as joint-book-running managers.
- Shares -11.3% after hours.
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Purple Innovation stock tanks 11% on $50M stock offering