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Purple Innovation Announces Receipt of Warrants Delisting Notice

04/04/2018

The Company's Class A Common Stock Will Continue to Trade on Nasdaq

ALPINE, Utah, April 4, 2018 /PRNewswire/ -- Purple Innovation, Inc. (NASDAQ: PRPL) ("Purple"), a comfort technology Company known for creating the "World's First No Pressure ™ Mattress," announced today that it received a notice from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") stating that the staff of Nasdaq (the "Staff") has determined that the Company has not demonstrated that it meets the minimum 400 round lot holder requirement for initial listing of its warrants set forth in Nasdaq Listing Rule 5515(a)(4) following the completion of the Company's business combination on February 2, 2018.

Purple (PRNewsfoto/Purple Innovation, Inc.)

The Notice provides that unless the Company requests an appeal of the Staff's determination to a Nasdaq Hearings Panel (the "Panel"), the Company's warrants will be scheduled for delisting from Nasdaq and will be suspended at the opening of business on April 9, 2018, after which Nasdaq will remove the Company's warrants from listing and registration on Nasdaq.

The Company intends to appeal the Staff's determination by submitting a timely request for a hearing, and to present at the hearing the Company's plan to demonstrate compliance with the round lot holder requirement with respect to its warrants and, if necessary, to request an extension of time within which to do so. The request for a hearing will stay any suspension of trading in the Company's warrants on Nasdaq pending the issuance of the Panel's decision following the hearing and the expiration of any extension granted by the Panel. If the Company's appeal is not successful, trading in the Company's warrants on Nasdaq will be suspended, and the Company's warrants will be removed from listing and registration on Nasdaq.

If the Company's warrants are delisted and deregistered from Nasdaq, the warrants may be eligible for quotation on the OTC Bulletin Board or on the OTC Pink Market. If the Company's appeal is successful, trading in the Company's warrants will continue on Nasdaq.

The shares of the Company's Class A common stock will continue to trade on Nasdaq regardless of the Panel's decision on the continued listing of the warrants following the hearing.

About Purple

Purple is a comfort technology company that designs and manufactures products to improve how people sleep, sit, and stand.  It designs and manufactures a range of comfort technology products, including mattresses, pillows, and cushions, using its patented Hyper-Elastic Polymer technology designed to improve comfort.  The Company markets and sells its products through its direct-to-consumer online channel, traditional retail partners, and third party online retailers. 

Forward Looking Statements

Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this report that address activities, events or developments that the Company expects or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions and analyses made by the Company in light of current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform to the Company's expectations and predictions is subject to a number of risks and uncertainties, including the risk that the Company's appeal of the Staff's determination will not be successful, and that as a result the Company's warrants will be delisted and deregistered from Nasdaq.

Investor Contact:
Brendon Frey, ICR
brendon.frey@icrinc.com
203-682-8200

Media Contact:
Alecia Pulman/Kate Kohlbrenner, ICR
purplePR@icrinc.com
646-277-1200

Purple Innovation, Inc.
For information regarding Purple products, please contact:
Savannah Turk
Director of Purple Communications
savannah@purple.com

 

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SOURCE Purple Innovation, Inc.

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