Purple Innovation, Inc.

Purple Innovation, Inc. stockholders approved a reverse stock split of Class A and Class B common stock at a ratio ranging from 1-for-10 to 1-for-30, as determined by the Board of Directors. They also approved the adjournment of the special meeting if needed to solicit further votes. Additionally, the company amended CEO Robert T. DeMartini's employment agreement, granting him an incremental $1,000,000 cash bonus and accelerated vesting terms for RSUs and PSUs upon retirement.

Purple Innovation, Inc. announced that its stockholders approved all proposals at the Annual Meeting held on June 9, 2026. Key approvals included the election of eight directors, the advisory approval of named executive officers' compensation, and the ratification of BDO USA, LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026.

Purple Innovation, Inc. has filed a definitive proxy statement (DEF 14A) announcing a Special Meeting of Stockholders to be held on July 2, 2026. The primary purpose of the meeting is to vote on a proposed amendment to the company's Certificate of Incorporation to effect a reverse stock split of its Class A and Class B common stock at a ratio between 1-for-10 and 1-for-30. This action is intended to help the company regain compliance with Nasdaq's minimum bid price requirement and avoid delisting. Stockholders will also vote on a proposal to adjourn the meeting if necessary.

Purple Innovation, Inc. announced the resignation of its Chief Operating Officer, Eric Haynor, effective June 5, 2026. The company stated that Mr. Haynor's departure is not a result of any disagreements regarding the company's operations, policies, or practices. As of the filing date, a successor has not been appointed.

Purple Innovation, Inc. received a delisting notice from Nasdaq on May 5, 2026, due to its Class A common stock failing to maintain a minimum bid price of $1.00 for 30 consecutive business days. The company did not regain compliance by the May 4, 2026 deadline and is not eligible for an extension. Nasdaq plans to delist the company's securities on May 14, 2026, unless an appeal is filed. Purple Innovation intends to appeal the decision by May 12, 2026, which is expected to temporarily halt the delisting process, and plans to pursue a reverse stock split to meet listing requirements.

Purple Innovation, Inc. reported a net loss of $(30.5) million on revenues of $95.7 million for Q1 2026, compared to a net loss of $(19.2) million on revenues of $104.2 million in Q1 2025. The company disclosed substantial doubt about its ability to continue as a going concern due to recurring net losses and an accumulated deficit. To address liquidity, Purple extended its related party debt maturity to April 2027 and continues cost-saving initiatives.

Purple Innovation, Inc. announced that CFO Todd Vogensen will depart effective May 1, 2026, with Robert Lucian, former La-Z-Boy CFO, appointed as his successor effective April 27, 2026. The company also reported Q1 2026 net revenue of $95.7 million, an 8.1% decrease year-over-year, and a net loss of $30.5 million. Purple Innovation reaffirmed its full-year adjusted EBITDA guidance but revised its net revenue outlook for 2026 downwards to $465-$485 million from $500-$520 million.