CSPR - Why Casper Sleep Stock Rallied 12.5% at the Open Today
Shares of Casper Sleep (NYSE: CSPR) , a maker of sleep products such as beds, pillows, and sheets that it describes as "obsessively engineered," rose 12.5% at the open on Thursday. The gain relates to news that broke back in November, when the company announced it had agreed to be taken private.
Casper Sleep held its initial public offering in February 2020, so it hasn't even been public for two full years just yet. However, the stock had long languished below its $12 offering price. In fact, in the back half of 2021, it started a steep descent that left it hovering just above $3 per share at one point. That was when Durational Capital Management stepped in with an offer to take Casper Sleep private for $6.90 per share. The share price jumped on that news and has been bouncing around a bit since then, but has largely stayed below the offer price.
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Why Casper Sleep Stock Rallied 12.5% at the Open Today