Purple Innovation, Inc.

Purple Innovation, Inc. received a notification from Nasdaq indicating that its Market Value of Publicly Held Shares (MVPHS) has fallen below the $15 million minimum required for continued listing on the Nasdaq Global Select Market. The company has 180 days, until March 29, 2026, to regain compliance by ensuring its MVPHS closes at or above $15 million for ten consecutive business days. Failure to do so could lead to delisting, although the company may appeal or consider transferring to the Nasdaq Capital Market.

Purple Innovation, Inc. reported a net loss attributable to the company of $(33.8) million for the first half of 2026, with net revenues declining to $194.0 million. The company raised substantial doubt about its ability to continue as a going concern due to recurring losses and debt obligations. Despite this, net cash provided by operating activities significantly improved to $3.6 million. The company also received $5.5 million in tariff refunds and executed a 1-for-25 reverse stock split in July 2026.

Purple Innovation reported a Q2 2026 GAAP net loss of $3.2 million, a significant improvement from the prior year, and adjusted EBITDA of $2.1 million. Net revenue decreased 6.5% to $98.3 million, primarily due to lower wholesale revenue, despite strong showroom growth. The company also announced it has regained compliance with Nasdaq's minimum bid price requirement. For fiscal 2026, Purple Innovation lowered its revenue guidance to $420 million-$440 million but maintained confidence in achieving adjusted EBITDA of $20 million-$25 million.

Purple Innovation, Inc. received a written decision from the Nasdaq Hearings Panel granting its request for continued listing, subject to the condition that the Company demonstrate compliance with the $1.00 bid price rule by July 31, 2026. To meet this requirement, the Company's stockholders approved a reverse stock split, which the Board subsequently fixed at a 1-for-25 ratio. The reverse stock split became effective on July 20, 2026, with shares opening at $7.12 on a split-adjusted basis. However, there is no assurance that the Company will regain compliance or that its common stock will remain listed on Nasdaq.

Purple Innovation, Inc. announced the implementation of a 1-for-25 reverse stock split, previously approved by stockholders. The Certificate of Amendment was filed on July 16, 2026, with the split becoming effective at 11:59 pm Eastern Time on July 19, 2026. The company's common stock will begin trading on a split-adjusted basis on the Nasdaq Global Select Market starting July 20, 2026, under a new CUSIP number.

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.