Purple Innovation rejects unsolicited proposal from Coliseum Capital Management

Purple Innovation announced that the Special Committee of the Purple Board of Directors has rejected a $4.35 per share unsolicited, non-binding proposal from Coliseum Capital Management to acquire all of the outstanding stock of the company it does not already own. Coliseum, which beneficially owns approximately 44% of Purple’s outstanding shares, sent the Proposal to the company on September 17, 2022. The Special Committee, which is comprised of independent directors, rejected the Proposal in November after conducting a comprehensive review of the company’s long-range strategic plan and other opportunities in consultation with independent financial and legal advisors. In subsequent discussions with Coliseum, Coliseum was unwilling to offer more than $4.35 per share. At this time, the Special Committee continues to believe the Proposal is not in the best interests of the company and its shareholders.