Casper Sleep CEO Phillip Krim recently filed for a $300 million blank-check IPO after shares of his popular bed-in-a-box company plunged 30% since debuting on the NYSE in February.
Tailwind Acquisition Corp., a special purpose acquisition company (SPAC), filed with the U.S. Securities and Exchange Commission on Tuesday to sell shares at $10 each. The company will be issuing 30 million shares. Jefferies Financial Group Inc. is the sole underwriter for the offering.
Phillip Krim is the chairman of Tailwind Acquisition Corp. in addition to his duties as CEO of Casper Sleep. According to the filings; the company is hoping to find acquisition targets in the digital media, consumer internet, and marketing technology sectors. Venture capitalist Chris Herrod is CEO of the new firm.
SPAC IPOs have become huge sources of capital during the COVID-19 pandemic. Seventy-four SPACs have raised $28 billion on U.S. exchanges in IPOs this year, according to Bloomberg. Boston-based sports betting company DraftKings and Richard Branson’s Virgin Galactic are two of the most noteworthy recent SPAC deals.
Casper Sleep went public in February with a $100 million IPO after cutting the target for their valuation by more than a third. The company promptly declined in value from their $1.1 Billion private valuation down to $476 million in the IPO and has since dropped down to $338 million. They recently announced a round of layoffs and shut down their European operations in response to the pandemic.
The company is one of the largest of the so-called bed-in-a-box companies that have been disrupting the traditional mattress industry in recent years. The company has grown aggressively, often with unethical business practices.
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