Casper Sleep investors can rest easy with shares up nearly 90%.
The in-a-box mattress maker announced it will be acquired by Durational Capital Management LP for $6.90 a share, a 94% premium over Friday's closing stock price.
|CSPR||CASPER SLEEP INC||6.44||-0.09||-1.38%|
"This agreement offers a promising opportunity to realize the highest value for our stockholders while providing Casper with much needed capital to execute on future initiatives to sustain and grow its business," said Philip Krim, Casper’s co-founder and chief executive officer, in the deal announcement.
In addition, the company posted a quarterly loss for the third quarter of $25.3 million or $0.61 per share. Revenue rose by 26.8% to $156.5 million, a fresh record.
The stock has suffered over the past 12 months, falling over 52%.
Along with mattresses, the company also sells pillows, bedding and furniture.