Purple Innovation, Inc. — fact timeline

Erika Serow was appointed as Director at Purple Innovation, Inc..

“the Company will increase the size of the Board to eight (8) directors and appoint S. Hoby Darling, R. Carter Pate, and Erika Serow to the Board.”

R. Carter Pate was appointed as Director at Purple Innovation, Inc..

“the Company will increase the size of the Board to eight (8) directors and appoint S. Hoby Darling, R. Carter Pate, and Erika Serow to the Board.”

S. Hoby Darling was appointed as Director at Purple Innovation, Inc..

“the Company will increase the size of the Board to eight (8) directors and appoint S. Hoby Darling, R. Carter Pate, and Erika Serow to the Board.”

Paul Zepf resigned as Chair of the Board at Purple Innovation, Inc..

“At the time of their resignations, Mr. Anthos served on the Audit Committee and Nomination & Governance Committee of the Board and Mr. Zepf served as Chair of the Board.”

Pano Anthos resigned as Director at Purple Innovation, Inc..

“Pano Anthos and Paul Zepf will resign as directors of the Company.”

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).

“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”).”

Purple Innovation, Inc.: Designated a new series of preferred stock (PRPLS) via Certificate of Designation (effective 2023-02-14).

“The Special Committee approved a Certificate of Designation, which designates the rights, preferences, powers and privileges of the PRPLS.”

Purple Innovation, Inc. entered into Underwriting Agreement with BMO Capital Markets Corp. and KeyBanc Capital Markets Inc., as representatives of the several underwriters valued at $57.0 million (effective 2023-02-08).

“On February 8, 2023, Purple Innovation, Inc., a Delaware corporation (the “Company”), entered into an underwriting agreement (the “Underwriting Agreement”) with BMO Capital Markets Corp. and KeyBanc Capital Markets Inc., as representatives of the several underwriters named therein (the “Underwriters”), relating to an underwritten public offering of 13,400,000 shares of Class A common stock of the Company, par value $0.0001, as well as 2,010,000 shares of Class A Common stock of the Company, par value $0.0001, subject to the over-allotment option granted to the Underwriters (the “Shares”), being sold by the Company (the “Offering”).”

Dawn Zier departed as director at Purple Innovation, Inc..

“On February 9, 2023, Dawn Zier, a member of the Company’s board of directors since November 2020, notified the Company of her decision to not stand for reelection at the Company’s 2023 annual meeting of stockholders, in order to prioritize her time to other commitments.”

Purple Innovation, Inc. reported the fiscal year ended December 31, 2022 results: revenue approximately $574 million, net income $(97.5) million and ($83.7) million.

“For the year ended December 31, 2022, the Company expects to report: ● Net sales of approximately $574 million compared to guidance of $570 million to $590 million. ● Net loss between $(97.5) million and ($83.7) million.”

Purple Innovation, Inc.: Second Amended and Restated Bylaws were adopted, including changes to shareholder meeting procedures, board powers, nomination requirements, and updates to reflect Delaware law and universal proxy rules (effective 2022-12-12).

“On December 12, 2022, the Company amended and restated its bylaws in their entirety.”

Purple Innovation, Inc. reported third quarter ended September 30, 2022 results: revenue $143.3 million, net income $2.3 million.

“Net revenue was $143.3 million, a decrease of 16.1% compared to 3Q21 and relatively flat compared to 2Q22.”

Patrice Varni departed as Chief Marketing Officer at Purple Innovation, Inc..

“As previously disclosed, on October 18, 2022, Patrice Varni, who had served as the Chief Marketing Officer of the Company, left the Company.”

Patrice Varni departed as Chief Marketing Officer at Purple Innovation, Inc..

“On October 16, 2022, Patrice Varni, Chief Marketing Officer of Purple Innovation, Inc. (the “Company”), and the Company determined that Varni’s last day of employment as the Chief Marketing Officer was October 17, 2022.”

Eric Haynor was appointed as chief operating officer at Purple Innovation, Inc..

“On April 29, 2022, Eric Haynor signed an offer letter to become the chief operating officer of the Company, effective June 6, 2022.”

John A. Legg resigned as Chief Operating Officer at Purple Innovation, Inc..

“On April 11, 2022, John A. Legg, Chief Operating Officer of Purple Innovation, Inc. (the “Company”), and the Company determined that Mr. Legg’s last day of employment as the Chief Operating Officer was April 11, 2022.”

Robert DeMartini was appointed as chief executive officer at Purple Innovation, Inc..

“On March 19, 2022, in connection with Mr. DeMartini’s appointment as chief executive officer, the Company and Mr. DeMartini entered into an amended and restated employment agreement (the “Amended and Restated Employment Agreement”), effective March 19, 2022, which amended and restated the December 13, 2021, employment agreement between Mr. DeMartini and the Company (the “Prior Agreement”) appointing him the acting chief executive officer.”

Robert T. DeMartini was appointed as Director at Purple Innovation, Inc..

“On December 13, 2021, in connection with Mr. Megibow’s resignation from the office of chief executive officer and as a director, the board of directors of the Company appointed Robert T. DeMartini as acting chief executive officer and a director, effective December 13, 2021, to serve on an interim basis.”

Robert T. DeMartini was appointed as Acting Chief Executive Officer at Purple Innovation, Inc..

“On December 13, 2021, in connection with Mr. Megibow’s resignation from the office of chief executive officer and as a director, the board of directors of the Company appointed Robert T. DeMartini as acting chief executive officer and a director, effective December 13, 2021, to serve on an interim basis.”

Joseph B. Megibow resigned as Chief Executive Officer at Purple Innovation, Inc..

“On December 13, 2021, Joseph B. Megibow resigned from the office of chief executive officer and as a director of Purple Innovation, Inc. (the “Company”) to pursue other interests effective December 13, 2021 (the “Resignation Date”).”

George Ulrich was appointed as Principal Accounting Officer at Purple Innovation, Inc..

“On August 28, 2021, the Board of Directors (the “Board”) of the Company appointed George Ulrich to serve as the Principal Accounting Officer of the Company.”

Bennett Nussbaum was appointed as Interim Chief Financial Officer and Principal Financial Officer at Purple Innovation, Inc..

“On August 19, 2021, in connection with the departure of Craig L. Phillips as the Company’s Chief Financial Officer, the Board of Directors (the “Board”) of the Company appointed Bennett Nussbaum to serve as the Interim Chief Financial Officer and Principal Financial Officer of the Company.”

Craig L. Phillips departed as Chief Financial Officer at Purple Innovation, Inc..

“On August 18, 2021, Craig L. Phillips, Chief Financial Officer of Purple Innovation, Inc. (the “Company”), and the Company determined that Mr. Phillips’ last day of employment as the Chief Financial Officer of the Company will be August 31, 2021.”