Casper SleepThe mattress company was valued at approximately 94% more than Friday’s closing prices by Durational Capital Management, a private equity firm.

Casper stock closed Friday closing at $3.55 per shares. According to a release, Durational Capital agreed to pay $6.90 per Casper share remaining. Casper shares surged more than 94% premarket Monday after the announcement.

Philip Krim (Casper CEO and co-founder) said, “This agreement provides a promising opportunity for us to realize the greatest value for our stockholders.”

Krim stated that the company had been in contact with outside advisors for several months and Casper’s board to assess a variety of financial options before making the decision to go with this option.

Casper’s Board unanimously endorses the Durational offer and recommends to shareholders that they approve of the transaction.

This deal should close by the end of the first quarter in 2022.

Casper’s chief commercial officer and president Emilie Arel is expected to assume control of the CEO post from Krim as soon as possible.

Casper was listed on February 20, 2020 at $12 per share. started trading on the New York Stock Exchange at $14.50Casper was valued at $575 million. Casper was valued as a private company at $1.1 million at one time.

This company sells products direct to customers and through wholesalers like TargetSince its debut,, its value has fallen steadily. Casper had a market capitalization of $147 million as of Friday.

Casper, established in 2014, is considered the pioneering of the direct-to-consumer movement. It includes retailers for eyeglasses. Warby ParkerBrands of sneaker shoes Allbirds. Casper however has experienced its own challenges in the increasingly competitive mattress market and has failed to make any money even though it has opened dozens of retail stores.

Monday was reported by the company that its loss for the third quarter ended September 30th increased to $25.3million or 61c per share from $15.9million or 40cs per shares a year ago.

Casper has released the complete press release here.