---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-011131"
form_type: "8-K"
ticker: "PRPL"
cik: "0001643953"
company_name: "Purple Innovation, Inc."
filed_at: "2023-02-14T23:59:59+00:00"
generated_at: "2026-06-19T13:58:00.235993+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Purple Innovation issues cumulative voting preferred stock to thwart Coliseum Capital's board takeover attempt

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-23-011131
- form_type: 8-K
- ticker: PRPL
- cik: 0001643953
- company_name: Purple Innovation, Inc.
- filed_at: 2023-02-14T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 3.03, 5.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1643953/000121390023011131/0001213900-23-011131-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1643953/000121390023011131/ea173509-8k_purpleinn.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-011131
- JSON: https://secwatch.observer/filing/0001213900-23-011131.json
- Plain text: https://secwatch.observer/filing/0001213900-23-011131.txt

## Key facts
- Governance Changes
  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
  source text: The Special Committee approved a Certificate of Designation, which designates the rights, preferences, powers and privileges of the PRPLS.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1643953/000121390023011131/0001213900-23-011131-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.