UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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ITEM 1.01 entry into a material definitive agreement.
On March 23, 2022, Purple Innovation, Inc. (the “Company”) entered into a Second Amendment (the “Second Amendment”) to the Credit Agreement, dated September 3, 2020, by and among the Company, Purple Innovation, LLC, KeyBank National Association and a group of financial institutions (as amended, the “2020 Credit Agreement”). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Second Amendment to the 2020 Credit Agreement.
The Second Amendment amends the 2020 Credit Agreement to allow Coliseum Capital Management, LLC (“Coliseum”) and its Investment Affiliates to acquire 35% or more of the combined voting power of all Equity Interests of the Company entitled to vote for the election of members of the board of directors of the Company without constituting an Event of Default.
Coliseum is an affiliate of the Company. Adam Gray, a member of the Company’s board of directors, serves as a managing partner of Coliseum.
The foregoing summary of the Second Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Second Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
| Exhibit | ||
| Number | Description of Exhibit | |
| 10.1 | Second Amendment to the 2020 Credit Agreement dated March 23, 2022 by and among Purple Innovation, LLC, Purple Innovation, Inc., KeyBank National Association, and the other lenders party thereto | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: March 24, 2022 | PURPLE INNOVATION, INC. | |
| By: | /s/ Bennett Nussbaum | |
| Bennett Nussbaum | ||
| Interim Chief Financial Officer | ||
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