Why Casper Sleep Shares Are Soaring Today

Casper Sleep Inc CSPR is trading significantly higher Monday after the company announced it will be acquired by Durational Capital Management.
Casper common shareholders will receive $6.90 per share, representing a 94% premium to the closing share price on Friday.

Pending shareholder approval, the transaction is expected to close in the first quarter of 2022.

"We are delighted to announce this transaction with Durational Capital Management that creates immediate and substantial value for shareholders, and allows Casper to move forward on strong financial footing," said Philip Krim, co-founder and CEO of Casper Sleep.

Casper Sleep also announced third-quarter financial results.

Related Link: Casper Reports Third Quarter Results

Casper Sleep reported a quarterly earnings loss of 61 cents per share, which came in below the estimate for a loss of 43 cents per share. The company reported quarterly revenue of $156.53 million, which beat the estimate of $156.11 million.

CSPR Price Action: Casper Sleep has traded as high as $12 and as low as $3.18 over a 52-week period.

The stock was up 91% at $6.78 at time of publication.

Photo: sk from Flickr.