Why Purple Innovation Stock Is Falling After Hours

Purple Innovation Inc PRPL shares are trading lower in Thursday's after-hours session after the company proposed a $65 million underwritten public offering.

The underwriter will have a 30-day option period to purchase up to 15% additional shares of common stock from Purple Innovation. BofA Securities is acting as the sole underwriter for the offering.

Purple Innovation is a comfort innovation company that designs, manufactures and sells a range of comfort technology offerings, including mattresses, pillows, cushions, sheets, bed platforms and other products.

PRPL 52-Week Range: $5.05 - $36.44

The stock was down 7.45% in after hours trading at $6.34 at press time.