Purple Innovation, LLC Announces Revised Merger Agreement with GPAC
Alpine and New York—Global Partner Acquisition Corp. and Purple Innovation, LLC announced Tuesday that they have amended their definitive merger agreement pursuant to which Purple will become a subsidiary of GPAC.
Among other things, the amendment reflects an updated enterprise value of Purple of approximately $500 million. The consummation of the proposed business combination will be subject to the terms and conditions set forth in the amended merger agreement. In addition, GPAC and Purple have prepared an updated investor presentation outlining the updated transaction. GPAC has filed the amendment to the merger agreement and the investor presentation with the Securities and Exchange Commission (“SEC”) under cover of Form 8-K.
GPAC expects to file an amended preliminary proxy statement with the SEC this week to reflect the terms of the proposed business combination as revised by the amendment to the merger agreement. Subject to review of the proxy statement by the SEC, GPAC expects to commence mailing the definitive proxy statement relating to the special meeting of its stockholders to consider the proposed business combination and related matters on or about January 17, 2018. GPAC’s stockholders of record at the close of business on January 10, 2018 are entitled to receive notice of the Special Meeting and to vote the shares of common stock of GPAC owned by them at the Special Meeting, which GPAC anticipates holding on or about February 2, 2018. Both GPAC and Purple remain focused on completing the proposed business combination by February 5, 2018.