home · filing · 0001213900-23-011131
8-K filed February 14, 2023, 6:59 PM ET
ticker PRPL
CIK 0001643953
other material
confidence high
sentiment positive
materiality 0.75
Purple Innovation issues cumulative voting preferred stock to thwart Coliseum Capital's board takeover attempt
Purple Innovation, Inc.
Coliseum Capital, holder of ~45% of common stock, nominated five director candidates for election to Purple's seven-person board.
Special Committee declared a dividend of PRPLS: one one-hundredth share per common share held as of Feb 24, 2023.
Each PRPLS carries 10,000 votes and allows cumulative voting, enabling proportional representation on the board.
Minority shareholders can use PRPLS to elect up to 55% of directors, diluting Coliseum's control.
PRPLS are redeemable by affirmative vote of two-thirds of Board; no dividend rights and limited liquidation preference.
Key facts
Extracted from this filing and checked against the source text.
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Purple Innovation, Inc.: Designated a new series of preferred stock (PRPLS) via Certificate of Designation (effective 2023-02-14).
Change charter amendment
Effective 2023-02-14
Exact text from the filing
The Special Committee approved a Certificate of Designation, which designates the rights, preferences, powers and privileges of the PRPLS.
View on SEC.gov
Source: SEC EDGAR
accession 0001213900-23-011131
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