- 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.
For further details see:
Purple Innovation stock tanks 11% on $50M stock offering