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Combinations increase sales, consolidate intellectual property and expand product offerings
Lehi, Utah, September 1, 2022 /PRNewswire/ — Purple Innovation, Inc. (NASDAQ: PRPL) (“Purple” “Company”), the comfort innovation company known for creating “the world’s first No Pressure® mattress,” today announced Advanced Comfort Technologies announced the acquisition of His Inc., known as Intellibed, is a premium luxury gel-based mattress manufacturer under a merger agreement under which Intellibed will merge with a subsidiary of Purple and Intellibed will continue as a subsidiary of Purple. The consideration for the merger to Intellibed stockholders is 8 million shares of Purple Class A common stock, subject to customary working capital and other adjustments. Under the terms of the merger agreement, Purple may issue an additional 1,500,000 shares of Class A common stock to Intellibed security holders depending on the price of the Class A common stock over the next 18 months.
Intellibed is a premium sleep and wellness company. $50 million In 2021 sales, we offer gel-based mattresses scientifically engineered for maximum back support, spinal alignment and pressure point relief. The Intellibed product line is highly complementary to Purple’s current offerings, and in addition to strengthening Purple’s earnings base, the acquisition is not expected to dilute his earnings per share.
“Intellibed is a great fit for Purple.” Rob Demartini, CEO of Purple. “As Intellibed has licensed certain aspects of our gel technology for many years, this acquisition will enhance Purple’s manufacturing capabilities and financial profile while consolidating our IP under one roof. Additionally, Intellibed’s premium market position will allow Purple to accelerate its growth, shortening its product development schedule by several years and quickly addressing the more luxurious and higher-margin segment of the sleep and wellness industry. We are excited about the potential of the two organizations.”
Scott PetersonIntellibed’s Chairman of the Board added: A growing network and corporate-owned showrooms. Additionally, we look forward to profiting from the marketing prowess that has made Purple the number one premium sleep brand online and a leader in the overall market. is our vision. ”
For more information on today’s announcement, Purple has posted the presentation on its investor website, investors.purple.com.
BMO Capital Markets acted as financial advisor and Dorsey & Whitney LLP acted as legal advisor to Purple Innovation, Inc. Harrison Co. LLC acted as financial advisor and Mayer Brown LLP acted as legal advisor to Intellibed.
About purple
Purple is a digitally native vertical brand with a mission to make people’s lives easier through innovative comfort solutions. We design and manufacture a range of innovative and premium branded comfort products including mattresses, pillows, cushions, frames and sheets. Our products are the result of his 30+ years of innovation and investment in developing unique, patented comfort technology and unique manufacturing processes. Our proprietary gel technology, Hyper-Elastic Polymer®, underlies many of our comfort products and offers a range of benefits that differentiate our products from those of our competitors. We sell our products through direct-to-consumer online channels, traditional retail partners, third-party online retailers and our own retail showrooms. For more information on Purple, please visit purple.com.
Forward-Looking Statements
Certain statements made in this release that are not historical facts are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statement regarding Purple’s benefit from the acquisition of Advanced Comfort Technologies, Inc. Statements based on historical data are not statements of our expectations regarding future events and should not be construed. Forward-looking statements provide current expectations or projections of future events or decisions. These forward-looking statements are not guarantees of future performance, circumstances or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors. Many of which are beyond our control and may cause actual results or consequences. differ materially from those described in the forward-looking statements. Factors that may affect the realization of forward-looking statements include the risk factors outlined in the “Risk Factors” section of our Annual Report on Form 10-K filed with the SEC. . March 1, 2022as amended by Annual Report on Form 10-K/A Amendment No. 1 filed with the SEC. March 16, 2022 and in other filings with the SEC. Many of these risks and uncertainties have been and will continue to be exacerbated by the COVID-19 pandemic and the resulting deterioration in the global business and economic environment. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Contact:
Brendon FreyICR
[email protected]
203-682-8200
Source Purple Innovation Co., Ltd.
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