ALPINE, Utah and NEW YORK, Feb. 2, 2018 /PRNewswire/ — Global Partner Acquisition Corp. (NASDAQ: GPAC; GPACW; GPACU), a special purpose acquisition company (“GPAC” or the “Company”), and Purple Innovation, LLC (“Purple”), a comfort technology company known for creating the “World’s First No Pressure™ Mattress,” announced today that they have completed their business combination, pursuant to which Purple has become a wholly owned subsidiary of the Company. The transaction was approved at a special meeting of the Company’s stockholders held on February 2, 2018. Under the terms of the merger agreement entered into by the Company, Purple and other parties (the “Merger Agreement”), GPAC has changed its corporate name to Purple Innovation, Inc. The Company’s common stock and warrants are expected to be listed on NASDAQ beginning on February 5, 2018 under the symbols “PRPL” and “PRPLW.”
Global Partner Acquisition Corp. (PRNewsfoto/Purple Innovation, LLC)
Pursuant to the Merger Agreement and the related transactions, GPAC’s common stock has been renamed “Class A” common stock. In addition, the Board of Directors of GPAC has been enlarged with the election of additional directors, and a new slate of officers of the Company has been appointed, including the appointment of Sam Bernards as Chief Executive Officer. Following the merger, approximately 82% of the Company’s voting securities are owned by a company controlled by the founders of Purple, Tony and Terry Pearce. Upon the merger, the previously trading units of GPAC, which consisted of one share of common stock and one warrant, will no longer trade as a unit, but will trade separately as stock and warrants.
Paul Zepf, the CEO of GPAC prior to the merger said, “We are very pleased to have completed the merger with Purple as it embarks on this new journey as a publicly traded company.”
Zepf continued, “As a leading comfort technology company, we believe Purple presents a compelling opportunity for investors and is poised for success in the public markets. With a dynamic growth profile and disruptive business model, Purple is truly a unique company with key differentiators and incredible financial standing. We believe Terry, Tony, Sam and their team have done a tremendous job building Purple into an industry leader with strong vertical integration and a long runway for profitable growth.”
Sam Bernards, the new CEO of the