Business Context and Reporting Period
This Form 8-K Current Report covers events occurring on February 1 and February 2, 2018, for Purple Innovation, Inc. (formerly Global Partner Acquisition Corp.). The filing documents the consummation of a business combination between the Company and Purple Innovation, LLC.
Key Financial Metrics
The filing details specific capital transactions related to the business combination but does not provide standard operating financial metrics such as revenue, profit, cash flow, or margins for the reporting period.
- Private Placement Equity: $40 million in shares of common stock acquired by Coliseum Capital Management, LLC.
- Debt Investment: $25 million in unsecured debt invested in Purple Innovation, LLC by Coliseum Capital Management, LLC.
- Total Transaction Value: $65 million in combined equity and debt financing.
Material Changes
The primary material change is the completion of the Business Combination on February 2, 2018. This event marks the transition of the registrant from a special purpose acquisition company (Global Partner Acquisition Corp.) to an operating entity (Purple Innovation, Inc.).
Guidance, Outlook, and Risks
The filing incorporates press releases regarding the transaction but does not contain forward-looking guidance, management commentary on future performance, or specific risk factors within the text of this report. The filing notes the Company is an emerging growth company.
Investor Verification Checklist
- Verify the terms of the $40 million private placement and $25 million unsecured debt in the attached press releases (Exhibits 99.1 and 99.2).
- Confirm the post-transaction capital structure and share count following the business combination.
- Review the full text of the definitive agreement with Coliseum Capital Management, LLC for covenants or conditions not detailed in this summary.
- Check subsequent filings for the first audited financial statements of the combined entity.