<SEC-DOCUMENT>0001193125-23-034452.txt : 20230213
<SEC-HEADER>0001193125-23-034452.hdr.sgml : 20230213
<ACCEPTANCE-DATETIME>20230213083054
ACCESSION NUMBER:		0001193125-23-034452
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230213
DATE AS OF CHANGE:		20230213

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Purple Innovation, Inc.
		CENTRAL INDEX KEY:			0001643953
		STANDARD INDUSTRIAL CLASSIFICATION:	HOUSEHOLD FURNITURE [2510]
		IRS NUMBER:				474078206
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37523
		FILM NUMBER:		23614896

	BUSINESS ADDRESS:	
		STREET 1:		4100 N. CHAPEL RIDGE RD
		STREET 2:		SUITE 200
		CITY:			LEHI
		STATE:			UT
		ZIP:			84043
		BUSINESS PHONE:		801-756-2600

	MAIL ADDRESS:	
		STREET 1:		4100 N. CHAPEL RIDGE RD
		STREET 2:		SUITE 200
		CITY:			LEHI
		STATE:			UT
		ZIP:			84043

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Global Partner Acquisition Corp.
		DATE OF NAME CHANGE:	20150602

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Coliseum Capital Management, LLC
		CENTRAL INDEX KEY:			0001409751
		IRS NUMBER:				223918079
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		105 ROWAYTON AVENUE
		CITY:			ROWAYTON
		STATE:			CT
		ZIP:			06853
		BUSINESS PHONE:		203-883-0100

	MAIL ADDRESS:	
		STREET 1:		105 ROWAYTON AVENUE
		CITY:			ROWAYTON
		STATE:			CT
		ZIP:			06853
</SEC-HEADER>
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<FILENAME>d459412ddfan14a.htm
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<TITLE>DFAN14A</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A INFORMATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the
Registrant&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other than the Registrant&nbsp;&nbsp;&#9746; </P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary&nbsp;Proxy&nbsp;Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential,</B><B></B><B>&nbsp;For</B><B></B><B>&nbsp;Use</B><B></B><B>&nbsp;of</B><B></B><B>&nbsp;the</B><B></B><B>&nbsp;
Commission</B><B></B><B>&nbsp;Only (as</B><B></B><B>&nbsp;permitted</B><B></B><B>&nbsp;by</B><B></B><B>&nbsp;Rule</B><B></B><B><FONT STYLE="white-space:nowrap">&nbsp;14a-6(e)(2))</FONT> </B> </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive&nbsp;Proxy&nbsp;Statement </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material Pursuant to <FONT STYLE="white-space:nowrap">&#167;240.14a-12</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Purple Innovation, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified in Its Charter)&nbsp;&nbsp;&nbsp;&nbsp; </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Coliseum Capital Partners, L.P. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Coliseum Capital, LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Coliseum Capital Management, LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Seth &#147;Hoby&#148; Darling </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Robert DeVincenzi </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Adam
Gray </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>R. Carter Pate </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Erika Serow </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Christopher
Shackelton </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Christopher Murphy </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Chivonne Cassar </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name of
Person(s) Filing Proxy Statement, if Other than the Registrant) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check all boxes that apply): </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
<FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Coliseum Capital Partners, L.P. (&#147;CCP&#148;), together with the other participants named herein
(collectively, &#147;Coliseum&#148;), intends to file a proxy statement and accompanying universal proxy card with the Securities and Exchange Commission (&#147;SEC&#148;) to be used to solicit votes for the election of its slate of nominees for
election to the Board of Directors (the &#147;Board&#148;) of Purple Innovation, Inc. (the &#147;Company&#148;) at the 2023 Annual Meeting of Stockholders of the Company to be held as may be determined by the Board (including any other meeting of
stockholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof, the &#147;Annual Meeting&#148;).</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
February&nbsp;13, 2023, Coliseum issued the following press release, including a public letter to the stockholders of the Company: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FOR IMMEDIATE
RELEASE </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COLISEUM NOMINATES SLATE OF HIGHLY QUALIFIED AND ENGAGED DIRECTOR CANDIDATES FOR ELECTION AT PURPLE INNOVATION 2023 ANNUAL
MEETING </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Will Support <FONT STYLE="white-space:nowrap">Re-Election</FONT> of CEO Rob DeMartini to Board </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>No Longer Pursuing September 2022 Take Private Proposal </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Shareholders Deserve Nimbler, More Engaged Board with Heightened Sense of Urgency and Bias for Action to Help Management Navigate
Challenges Ahead </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ROWAYTON, CT, February&nbsp;13, 2023&#133;.Coliseum Capital Partners, L.P. (&#147;Coliseum&#148;), the largest stockholder of
Purple Innovation, Inc. (NASDAQ: PRPL) (&#147;Purple&#148;), announced today that it has nominated five candidates for election to Purple&#146;s seven member Board of Directors at the company&#146;s 2023 Annual Meeting of Stockholders, including
Adam Gray, a current Purple director and Managing Partner and <FONT STYLE="white-space:nowrap">Co-Founder</FONT> of Coliseum Capital Management, LLC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Coliseum also announced that it intends to support the <FONT STYLE="white-space:nowrap">re-election</FONT> of Purple&#146;s Chief Executive Officer, Rob
DeMartini, and not oppose the election of one other nominee proposed by Purple management after review of their slate. If Mr.&nbsp;DeMartini is not <FONT STYLE="white-space:nowrap">re-elected,</FONT> Coliseum intends to recommend that he be
immediately appointed a director. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Coliseum also confirmed that it is no longer pursuing its September 2022 proposal to acquire the remaining shares not
owned by Coliseum. Coliseum committed that if it does make a similar proposal in the future, it will be conditioned on the same terms as the September 2022 proposal: it must be approved by a special committee of Purple&#146;s board and by the
holders of a majority of the stock not then owned by Coliseum. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Coliseum issued the following letter to Purple stockholders which includes background
information on Coliseum&#146;s nominees: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear fellow stockholders of Purple Innovation, Inc. (&#147;Purple&#148; or the &#147;Company&#148;), </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Five Years After its <FONT STYLE="white-space:nowrap">De-SPAC</FONT> Merger, Purple&#146;s Common Stock Now Trades 54% Below its IPO Price, and 89%
Below its <FONT STYLE="white-space:nowrap">All-Time</FONT> High<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> </U></B></P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Purple common stock closed at $4.56 on February&nbsp;10, 2023 and $40.05 per share on February&nbsp;19, 2021.
Purple&#146;s IPO price in February 2019 was $10 per share. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While we (Coliseum Capital Partners, L.P., together with our affiliates, &#147;Coliseum&#148;) are
enthusiastic about the Company&#146;s longer-term prospects, and strongly supportive of its existing management team, we also recognize that the road ahead &#150; particularly over the next <FONT STYLE="white-space:nowrap">12-24</FONT> months &#150;
will be neither straight nor smooth. Purple needs, <I>and shareholders deserve</I>, a far nimbler board with a heightened sense of urgency to help management navigate these challenges and halt further deterioration of shareholder value. <I>As the
Company&#146;s largest shareholder, our interests are squarely aligned with yours.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To be clear, we believe that the current <FONT
STYLE="white-space:nowrap">non-executive</FONT> directors are good people with good intentions. Nevertheless, we believe that <I>after five years of disappointing returns it is time for shareholders to demand change</I>. Absent significant change,
we no longer have confidence in this board&#146;s ability to help steward the Company through current headwinds, and to unlock the value creation that we believe is achievable. Accordingly, and in the absence of agreement with the Company for an
overhaul in the <FONT STYLE="white-space:nowrap">non-executive</FONT> composition of its board, we have decided to pursue this public nomination process. Further, given our conviction that such an overhaul is necessary, we are funding this
initiative on behalf of all shareholders <I>without</I> a customary request that the Company reimburse such costs if our slate is elected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As you will
see below, our proposed directors are accomplished, dynamic business leaders: value creators with deep and relevant experience navigating headwinds, transformation, and growth. We believe, and hope you will agree,<I> that their skillset, fresh
perspective, and energized engagement will prove critical for the benefit of all shareholders. </I> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Our Interests are Squarely Aligned </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have been strong and consistent supporters of the Company since its February 2018 <FONT STYLE="white-space:nowrap">de-SPAC</FONT> merger, funding nearly
$110&nbsp;million (about half) of the equity capital Purple has raised to enable the Company&#146;s journey to date. With ownership today of nearly 47&nbsp;million shares of Purple&#146;s common stock (approximately 45% of the outstanding common
stock), <I>Coliseum is the Company&#146;s largest stockholder; our interests are deeply, squarely aligned with yours.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In contrast, based on our
review of public filings, the other five <FONT STYLE="white-space:nowrap">non-executive</FONT> directors, taken as a whole, have written checks to acquire only approximately 57,000 shares and today hold approximately 323,000 shares (approximately
0.3% of the outstanding common stock).<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>No Longer Pursuing Going-Private; Restating Commitment
to Stockholder-Friendly Conditions </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As you may know, in September 2022, Coliseum proposed to take Purple private in a transaction that offered
Purple stockholders a 56% premium over Purple&#146;s closing stock price the day before our proposal. About four months later, a special committee of Purple&#146;s independent directors formally rejected our proposal. While we were disappointed by
what we viewed as the special committee&#146;s lack of engagement, we respect the special committee&#146;s decision. <I>We confirm today that we are no longer pursuing a going-private transaction with Purple.</I> </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Excludes shares granted as compensation for Board service or received as a result of cashless exercise of
warrants. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Importantly, when we made our proposal in 2022, we insisted that any transaction would occur only if it was
supported by an independent, special committee of Purple&#146;s board and by holders of a majority of the stock not held by Coliseum. <I>We further confirm today that, while we have no current plan to pursue a going-private transaction with Purple,
if we proposed any such transaction in the future, we would commit to those same stockholder-friendly conditions.</I> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>The Road Ahead Will Continue
to be Difficult&#133; Requiring a Nimbler, More Engaged Board with Heightened Sense of Urgency and Bias for Action </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our view &#151; that Purple has
a terrific opportunity to create and unlock substantial value for its shareholders &#151; has been bolstered by the strength of Rob DeMartini, by the team he is building, and by the clarity with which Rob has outlined and actioned key strategic and
operating priorities. That said, Purple faces a tough macroeconomic environment, strong industry headwinds, and aggressive competitive activity. We believe the action we are taking today to refresh the board will lead to <I>a nimbler, more engaged
board of directors, critical to support management and to protect shareholders from the elevated downside risk evident at this time.</I> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Proposed
Slate of Director Nominees Highly Qualified to Deliver the Change Shareholders Deserve </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition to supporting the reelection of current
director and Coliseum <FONT STYLE="white-space:nowrap">co-founder</FONT> Adam Gray, we are nominating for election to Purple&#146;s board four new directors, all of whom are known by us largely through their service as executives and/or board
members at other companies in which Coliseum is or was invested where <I>they helped navigate headwinds, transformation and growth, ultimately protecting and driving substantial value for shareholders.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hope you will agree that these five director nominees, each of whom is accomplished in her/his own right and shares our commitment to work tirelessly on
behalf of all Purple shareholders, represent the change we deserve. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To be clear, Coliseum is not proposing to change the entire board of Purple because
we believe Purple and its stockholders will benefit from the continued service on the board of Purple&#146;s Chief Executive Officer, Rob DeMartini, and of Mr.&nbsp;Gray. In fact, if Mr.&nbsp;DeMartini is not reelected to the Purple board, Coliseum
intends to recommend that he be immediately appointed to that role. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nevertheless, we believe that after five years of disappointing shareholder returns
&#150; with the Company&#146;s common stock trading 54% below its IPO price and at levels 89% below its <FONT STYLE="white-space:nowrap">all-time</FONT> high touched February 2021<SUP STYLE="font-size:75%; vertical-align:top">3</SUP> &#150; the
board requires major refreshment. Indeed, three of the existing directors are holdovers who were chosen almost eight years ago to be directors of a blank-check SPAC entity that had no operations. New skillsets and experience are required to oversee
Purple&#146;s public company operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Below is a brief biography of each of our nominees: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S. Hoby Darling</B>. Hoby has held several executive roles at Logitech International (NASDAQ: LOGI), including most recently as head of its sports and
human performance advisory business. He was previously CEO of Skull Candy (NASDAQ: SKUL), a leading consumer audio and technology company. Prior to joining Skull Candy, Hoby held several roles at Nike, Inc. </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Purple common stock closed at $4.56 on February&nbsp;10, 2023 and $40.05 per share on February&nbsp;19, 2021.
Purple&#146;s IPO price in February 2019 was $10 per share </P></TD></TR></TABLE>
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(NYSE: NKE), including as Global GM of Nike+ Digital Sport and as Head of Strategy and Planning for Nike Affiliates. Prior to Nike, Hoby served as SVP, Strategic Development and General Counsel,
at Volcom, Inc. (NASDAQ:VLCM), a leading manufacturer and marketer of consumer lifestyle products. Hoby began his career as a corporate attorney at the global law firm of Latham&nbsp;&amp; Watkins. <I>While we have not worked directly with Hoby, we
believe that his multi-channel consumer brand leadership credentials, particularly involving innovative technology and its ability to improve lifestyle outcomes, and his sense of urgency and drive for performance/accountability will be valuable
additions to Purple&#146;s boardroom. </I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Erika Serow</B>. Erika is the Chief Marketing Officer of Bain&nbsp;&amp; Company (&#147;Bain&#148;),
responsible for Bain&#146;s global marketing and communication teams, and a member of Bain&#146;s Global Operating Council (Executive Leadership Team), where she serves on the Investment and Risk committees. Prior to this role, Erika was the Global
President and US CEO for Sweaty Betty, a premium athletic apparel company. Erika began her career with a <FONT STYLE="white-space:nowrap">20-year</FONT> stint as a consultant at Bain, where she ultimately led the firm&#146;s Retail practice in the
Americas. We have seen, firsthand, the value Erika has brought to Lazydays Holdings (NASDAQ: LAZY) through her role on its Board of Directors since March of 2018, including on the Nominating and Governance Committee and Compensation Committee. <I>We
believe that Erika&#146;s deep knowledge and experience helping marquee consumer brands navigate strategy and execution across various stages of transformation, including through each of digital, wholesale, and retail channels, will be of
significant value to the Board..</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>R. Carter Pate</B>. We have seen Carter add (and protect) enormous value in a number of roles, including as
Chairman of BioScrip (NASDAQ: BIOS) and as a board member of its successor company, OptionCare Health (NASDAQ: OPCH), Chairman of Red Lion Hotels (NASDAQ: RLH), and other public company board roles. We also appreciate his tireless work and
substantive contributions during his service as the former CEO of ModivCare, Inc (NASDAQ: MODV). <I>Carter&#146;s drive and determination, and his experience as part of the Global Leadership Team and in leading the
restructuring/performance-improvement practice at PricewaterhouseCoopers, will be terrific complements to this refreshed Purple&#146;s board.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Robert DeVincenzi</B>. We have had the pleasure of working with Bob over many years. Bob currently serves as Chairman of the Board of Universal Technical
Institute (NYSE: UTI), and as the Lead Independent Director of Lazydays Holdings Inc. (NASDAQ: LAZY), where he also served as Interim CEO. Prior, Bob served as President and CEO and then as a board member of Redflex Holding Limited; and held a
number of other senior executive positions at a variety of technology and services companies, spanning sales, marketing, strategy and more. <I>We believe that Bob&#146;s long history of navigating change and creating shareholder value with an
operator&#146;s keen sense of urgency, bias for action and drive for accountability; his deep knowledge of technology, manufacturing, and supply chain; and his extensive public company board experience will be invaluable within the Purple
boardroom.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Adam Gray</B>. Adam Gray is a managing partner and <FONT STYLE="white-space:nowrap">co-founder</FONT> of Coliseum, a private firm that
makes long-term investments. In this role, he has served on the boards of directors of a number of public and private companies. Prior to launching Coliseum in 2005, Adam worked for nearly 20 years with and on behalf of <FONT
STYLE="white-space:nowrap">top-tier</FONT> private equity firms. <I>We believe that Adam&#146;s demonstrated track record of value creation through operating, turnaround and restructuring </I>roles, combined with his private and public equity
investing credentials, will help enable Purple&#146;s future success. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are optimistic that, with the significant changes in Purple&#146;s governance we are proposing, Purple will be much better positioned to continue its
journey as a publicly traded company. As Purple&#146;s largest stockholder, with approximately 45% of the outstanding common stock, Coliseum is squarely aligned with you in seeking long-term success for Purple. We believe that success is attainable,
but it is not assured; without substantial change, we lack confidence in the current board&#146;s ability to help navigate these challenging times. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We
are asking stockholders to think carefully about their options at the upcoming meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Vote with the Company&#146;s largest stockholder and for a
reinvigorated slate that is committed to steering the Company towards long-term success. </U> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Or vote to retain the status quo, despite our
lack of confidence in the current board, and risk further destruction of shareholder value.</U> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We look forward to introducing our slate of nominees
to you, and to our continued engagement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONTACTS: </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Arthur B. Crozier </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gabrielle Wolf </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Innisfree M&amp;A Incorporated </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">212 750 5833 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTAIN INFORMATION CONCERNING THE PARTICIPANTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Coliseum Capital Partners, L.P. (&#147;CCP&#148;), together with the other participants named herein (collectively, &#147;Coliseum&#148;), intends to file a
proxy statement and accompanying universal proxy card with the Securities and Exchange Commission (&#147;SEC&#148;) to be used to solicit votes for the election of its slate of nominees for election to the Board of Directors (the &#147;Board&#148;)
of Purple Innovation, Inc. (the &#147;Company&#148;) at the 2023 Annual Meeting of Stockholders of the Company to be held as may be determined by the Board (including any other meeting of stockholders held in lieu thereof, and any adjournments,
postponements, reschedulings or continuations thereof, the &#147;Annual Meeting&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COLISEUM STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ
THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING THE PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC&#146;S WEBSITE AT HTTP://WWW.SEC.GOV.
IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS&#146; PROXY SOLICITOR, INNISFREE M&amp;A
INCORPORATED, AT ITS TOLL-FREE NUMBER 1 888 750 5834 OR VIA EMAIL AT info@innisfreema.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The participants in the proxy solicitation are anticipated to
be Coliseum Capital Partners, L.P., Coliseum Capital, LLC (&#147;Coliseum Capital&#148;), Coliseum Capital Management, LLC (&#147;CCM&#148;), Seth &#147;Hoby&#148; Darling, Robert DeVincenzi, Adam Gray, R. Carter Pate, Erika Serow, Christopher
Shackelton, Christopher Murphy and Chivonne Cassar. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Information regarding the persons who may, under the rules of the SEC, be deemed participants in the
solicitation of proxies in connection with the election of Coliseum&#146;s nominees as directors of the Company, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy
statement and other proxy materials when they are filed with the SEC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of the date hereof, CCP beneficially owns 30,341,629 shares of Class&nbsp;A
common stock, par value of $0.0001 per share, of the Company (the &#147;Class&nbsp;A Stock&#148;). As of the date hereof, Coliseum Capital beneficially owns 33,475,078 shares of Class&nbsp;A Stock. As of the date hereof, CCM beneficially owns
40,854,130 shares of Class&nbsp;A Stock. As of the date hereof, Adam Gray beneficially owns 40,854,130 shares of Class&nbsp;A Stock. As of the date hereof, none of Seth &#147;Hoby&#148; Darling, Robert DeVincenzi, R. Carter Pate, Erika Serow,
Christopher Murphy or Chivonne Cassar beneficially owns any securities of the Company. As of the date hereof, Christopher Shackelton beneficially owns 40,854,130 shares of Class&nbsp;A Stock. </P>
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