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Purple Innovation Responded To Coliseum Capital’s Campaign To Replace a Majority of the Board

Purple Innovation, Inc. (NASDAQ: PRPL) today responded to the announcement by Coliseum Capital Management, LLC ("Coliseum"), a 45% shareholder, of its intention to nominate five directors for election to Purple's Board of Directors (the "Board") at the Company's 2023 annual meeting (the "Annual Meeting").
byCharles Gross
February 13, 2023
1 minute read
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Purple Innovation, Inc. (NASDAQ:PRPL) today responded to the announcement by Coliseum Capital Management, LLC (“Coliseum”), a 45% shareholder, of its intention to nominate five directors for election to Purple’s Board of Directors (the “Board”) at the Company’s 2023 annual meeting (the “Annual Meeting”).

The Special Committee of the Board of Directors made the following statement:

We are extremely disappointed that Coliseum has launched a proxy fight seeking to replace a majority of Purple’s Board, which currently comprises seven members.

 
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U.S. stocks fell for a third session in a row on Friday and recorded losses for the second straight week amid increasing recession worries. The Federal Reserve raised its target fed funds rate by 0.5% to a new range of between 4.25% and 4.5%, and signaled more rate hikes for 2023. For the week, the Dow Jones dropped around 1.7%, while the S&P lost about 2.1%.

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