Purple Innovation announces cooperative framework with Coliseum Capital

Purple Innovation announced that it has entered into a binding Memorandum of Understanding to establish a cooperative governance framework with Coliseum Capital Management, LLC, the largest stockholder of the company owning approximately 44% of its common stock. Under the terms of the Planned Cooperation Agreement, which is anticipated to be executed promptly, the Purple Board of Directors will be reconstituted to consist of eight directors. Five of the directors currently serve on the Board: Adam Gray, CEO Robert T. DeMartini, Gary T. DiCamillo, Claudia Hollingsworth and Dawn Zier. The three additional directors who will join were previously nominated by Coliseum in connection with the Company’s 2023 annual meeting of stockholders: S. Hoby Darling, R. Carter Pate and Erika Serow. Mr. Gray will become Board Chair, while Mr. DiCamillo will continue to serve as Lead Independent Director and will become Chair of the Nomination and Governance Committee. Concurrently, Paul Zepf and Pano Anthos will resign as directors of the Company. Scott Peterson, who is a significant stockholder and has served as Board Observer since Purple’s September 2022 acquisition of Intellibed, will be a nominee on the Board’s slate of directors at the 2023 Annual Meeting in place of Dawn Zier, who previously announced her intention not to stand for reelection. The Company will recommend that stockholders vote in favor of its eight-person Board slate at its 2023 Annual Meeting. Coliseum has committed to vote in favor of the Company’s slate of directors.