---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-013019"
form_type: "8-K"
ticker: "PRPL"
cik: "0001643953"
company_name: "Purple Innovation, Inc."
filed_at: "2023-02-21T23:59:59+00:00"
generated_at: "2026-06-19T07:02:33.573117+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Purple Innovation amends credit agreement, waives leverage and fixed charge covenants for Q1-Q2 2023

## Summary
- Leverage ratio covenant not tested for Q1 and Q2 2023; revised to 4.50x for Q3 and 3.00x for Q4 onward.
- Fixed charge coverage ratio not tested for Q1 and Q2; revised to 1.50x for Q3-Q4 2023 and 2.00x for Q1 2024 onward.
- Revolving line reduced to $50M (near-term limit $15M until 2022 audit completed); maturity springs to June 2024 if 2023 EBITDA <$15M.
- Minimum consolidated EBITDA covenant set for Q1 and Q2 2023 based on cash/revolver availability (e.g., $(10)M to $(4)M).
- Amendment conditioned on $60.3M equity raise (Feb 13, 2022) and repayment of $24.7M term loan; amendment fee 2.0%.

## SEC filing metadata
- accession: 0001213900-23-013019
- form_type: 8-K
- ticker: PRPL
- cik: 0001643953
- company_name: Purple Innovation, Inc.
- filed_at: 2023-02-21T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1643953/000121390023013019/0001213900-23-013019-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1643953/000121390023013019/ea173932-8k_purpleinnov.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-013019
- JSON: https://secwatch.observer/filing/0001213900-23-013019.json
- Plain text: https://secwatch.observer/filing/0001213900-23-013019.txt

## Key facts
- Material Agreements
  Purple Innovation, Inc. amended Fifth Amendment to Credit Agreement with KeyBank National Association, as administrative agent, and the lenders party thereto (effective 2023-02-17).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: KeyBank National Association, as administrative agent, and the lenders party thereto
  - Effective: 2023-02-17
  source text: On February 17, 2023, Purple Innovation, Inc. (the “Company”) entered into a Fifth Amendment to Credit Agreement, dated as of the date hereof, by and among the Company, Purple Innovation, LLC, KeyBank National Association, as administrative agent (the “Administrative Agent”), and the lenders party thereto (the “Fifth Amendment”), which amends the Credit Agreement, dated September 3, 2020, by and among the Company, Purple Innovation, LLC, KeyBank National Association, as administrative agent, and the lenders party thereto from time to time (as amended, including, without limitation, by the Fifth Amendment, the “2020 Credit Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1643953/000121390023013019/0001213900-23-013019-index.htm

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