Acquiring Company
Purple
Acquired Company
Intellibed
LehiManufacturingE CommerceRetailFashionDescription
Purple Innovation, Inc. (NASDAQ: PRPL) ("Purple" "Company"), a comfort innovation company known for creating the "World's First No Pressure® Mattress," today announced its acquisition of Advanced Comfort Technologies, Inc., known as Intellibed, a premium luxury gel-based mattress manufacturer pursuant to a merger agreement under which Intellibed merged with a subsidiary of Purple, with Intellibed surviving as a subsidiary of Purple. The merger consideration to Intellibed securityholders is 8 million shares of Purple's Class A common stock, subject to customary working capital and other adjustments. Pursuant to the terms of the merger agreement, Purple may issue an additional 1,500,000 shares of Class A common stock to Intellibed securityholders depending upon the price of the Class A common stock over the next 18 months.