RTTNews | Nov 15, 2021 10:13AM EST

10:13 Monday, November 15, 2021 (RTTNews.com) - Casper Sleep Inc. (CSPR) shares are surging on Monday morning trade after the company entered into a definitive agreement to be acquired by Durational Capital Management LP for $6.90 per share, a 94 percent premium to the closing on Friday. Further, Casper reported an increase in revenue for the third quarter.

Upon closing of the deal, the engineered sleep products provider will operate as a private firm. Casper said its Board has unanimously approved the deal and is expected to close in the first quarter of 2022. The company also announced the appointment of Emilie Arel as Chief Executive Officer.

The company reported quarter revenue of $156.5 million, up 26.8 percent from $123.46 million the previous year.

In light of the pending transaction, the Company withdrew all of its financial guidance for the year 2021.

Read the original article on RTTNews ( https://www.rttnews.com/3242444/casper-sleep-spikes-after-deal-to-be-acquired-by-durational-capital.aspx)

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