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PRPL - Why Purple Innovation Stock Jumped More Than 12% While the Market Fell
Purple Innovation Inc.
Shares of Purple Innovation(NASDAQ: PRPL) jumped 12.2% higher on Thursday after the bedding maker priced a secondary offering at $18.50 per share, over $1.50 per share below where the stock had closed on Wednesday.
Purple didn't issue new shares, which would dilute existing shareholders. Rather, two former directors, the brothers Tony and Terry Pearce, were selling their entire 25% stake in the company that was held in their InnoHold investment vehicle. InnoHold will receive all of the proceeds from the sales of the 11.8 million shares.