The Urethane Blog

Everchem Updates

VOLUME XXI

September 14, 2023

Everchem’s Closers Only Club

Everchem’s exclusive Closers Only Club is reserved for only the highest caliber brass-baller salesmen in the chemical industry. Watch the hype video and be introduced to the top of the league: read more

November 16, 2021

Congestion Fees Delayed

California Ports Defer Congestion Fee At The Last-Minute

by Tyler DurdenTuesday, Nov 16, 2021 – 02:40 PM

Authored by Greg Miller via FreightWaves.com,

Did ports defer fee plan because of progress or political peril?

It came down to the wire, but the highly controversial Los Angeles/Long Beach congestion fee is not happening — at least, not yet.

The ports were scheduled to begin charging ocean carriers $100 per import container starting Monday for boxes moving by truck that dwelled for nine or more days, and for boxes dwelling for six or more days that move by rail. The charge was scheduled to escalate by $100 a day until the container left the property.

The ports announced Monday that they will “delay consideration” of the fee until Nov. 22, citing a 26% reduction in long-dwelling containers since the plan was announced on Oct. 25.

“There’s been significant improvement in clearing import containers from our docks in recent weeks,” said Port of Los Angeles Executive Director Gene Seroka. According to Port of Long Beach Executive Director Mario Cordero, “Clearly, everyone is working together to speed the movement of the cargo and reduce the backlog of ships off the coast as quickly as possible.”

Political risks of fee plan

Another reason the ports may not have pulled the trigger: the political peril of doing so.

Carriers explicitly stated that they would pass the cost along to importers. As of Monday, Long Beach had 19,656 containers on its terminals that would have been charged the late fee. There were at least 29,249 containers that would have incurred fees at the Port of Los Angeles (not including containers moving by rail that were between six and nine days late, which are not included in the data).

That means the aggregate fees to all carriers on Monday alone would have exceeded $4.8 million. And because the proposed fee would increase daily, the aggregate cost would have quickly risen into the tens of millions per day, and would have likely topped $100 million per day by the end of the first week.

During a conference call on Friday, Hapag-Lloyd CEO Rolf Habben Jansen warned, “If there’s cargo in those boxes that is not very valuable, you may end up with a lot of abandoned cargo that is going to stay at the terminal for much, much longer.”

Consultant Jon Monroe wrote in his weekly newsletter, “While I understand the intention, this is really a dumb idea for one good reason: The ports cannot measure the days that the container has been available to deliver.

“Under the current conditions, when a terminal discharges a container, it puts a percentage of the containers into closed lanes,” Monroe explained.

“Whenever a container is in a closed lane, it is unavailable for pickup by the trucker. No appointment can be made. Depending upon the terminal, anywhere from 20% to 80% of the containers will be put into a closed lane for an amount of time that varies. It is not unheard of for containers to sit in a closed lane for weeks. How will the ports account for containers that are in closed lanes?”

In a letter to the Federal Maritime Commission sent Monday, 85 business associations including the National Retail Federation wrote, “We are especially concerned about the announcements by the carriers that they intend to pass the charges through to the cargo owners.”

The groups warned that the new fee, if implemented, would “add substantial costs to the supply chain” due to “ongoing challenges that many cargo owners and drayage trucking companies are experiencing with the ability to retrieve cargo because of port congestion, restrictive empty return policies, and subsequent chassis shortages that result.”

During the inaugural meeting of the National Shippers Advisory Council on Oct. 27, various members called the Los Angeles/Long Beach congestion fee plan “catastrophic,” “crazy” and “out of left field.”

Long way to go

The two port bosses cited significant progress with clearing the terminals, yet the numbers show that most of the gains occurred in late October and early November. In recent days, the numbers have actually gotten worse.

In the port of Los Angeles, the number of containers dwelling nine day or more on Monday was up 18% from where it stood on Saturday and was the highest since last Wednesday. The total number of containers on the port — 76,613 — is higher than the number on Nov. 4.

Chart: American Shipper based on data from Port of Los Angeles. Note: Containers dwelling six or more days that move by rail would also incur a fee.

According to Los Angeles’ data platform with Port Optimizer, 45% of containers at the APM Terminals facility were still past deadline, dwelling for nine days or more, as of Monday. The share of “late” containers was 40% at Everport Terminal Services and 48% at West Basin Container Terminal.

Charts: Port of Long Angeles, Port Optimizer

In the port of Long Beach, the number of containers that were past the time limit on Monday was up 14% from Saturday. The number is now higher than where it stood back on Nov. 6.

Chart: American Shipper based on data from Port of Long Beach. Note: containers past deadline include boxes moving by both rail and truck.

Meanwhile, cargo continues to flood into the two ports from the trans-Pacific trade lane.

On Friday and Monday, yet another record was set for the number of container ships stuck at anchor or in holding patterns off the ports: 83. The average wait time at anchor for ships arriving in Los Angeles hit yet another fresh peak on Tuesday: 16.9 days.

https://www.zerohedge.com/economics/politics-or-progress-california-ports-defer-congestion-fee-last-minute

November 15, 2021

PFA Fall Meeting Highlights

Polyurethane Foam Association Fall Meeting Provides Forum For
Issues Discussion, Technical Advances


Edge-Sweets Company and James T. McIntyre, Jr. Inducted Into The Flexible Polyurethane
Foam Hall Of Fame


CHARLOTTE, NC (November 12, 2021)—The Polyurethane
Foam Association (PFA) recently concluded its fall meeting,
which spotlighted key regulatory issues and new technical
developments.


PFA’s two-day meeting in early November was attended by
more than 130 executives from foam manufacturers, chemical
suppliers, and other companies supporting the industry. This
marked a return to a full live-meeting format after COVID-19
restrictions required PFA to cancel past meetings or conduct
them primarily online.


Attendees saw presentations on key industry issues including
supply chain challenges, recycling, regulations, and end-user
market forecasting.


Keynote speakers, identical twins Terrence and Lee Resnick of
Resnick Associates, provided attendees with financial advice on
company succession issues and potential tax law changes.
In addition, a Technical Program featured presentations on
innovations and best practices on topics ranging from new mold
release agents and additives to reduce foam compression set, to
plant safety, new equipment, and new additives for improved
foam production.

2021 Flexible Polyurethane Foam Hall
of Fame Inductees, James T. McIntyre
(top right), pictured with PFA President
Chip Holton of NCFI Polyurethanes;


and Edge-Sweets Company (ESCO).
Accepting for ESCO were President
Richard Hungerford, Jr.(holding award)
with (L to R) Kelo Waivio, Stephen
Hoffman, and John Slott.

Mark McBride and Willie Wesley III of BASF won the Dr. Herman Stone Technical Excellence
Award, as their presentation, “Recent Advances In Flexible Foam,” was voted best by those
attending the Technical Program. “After four decades in this industry, I am still impressed by the
level of innovation that continues in flexible polyurethane foam,” noted Bill Gollnitz, Past
President of PFA and Moderator for the Technical Program. “Congratulations to Mark and
Wesley—and to our other presenters—for exceptional work.”


As part of its 40 th Anniversary celebration, PFA also recognized one manufacturer and one
individual for induction into the Flexible Polyurethane Foam Hall Of Fame. The Hall of Fame
was established to honor the leaders and innovators of the industry. It serves as an information
source for future industry members and researchers regarding the contribution of individuals and
companies who have significantly contributed to the growth and betterment of the flexible
polyurethane foam industry in North America.


The two 2021 inductees were Edge-Sweets Company (ESCO) and James T. McIntyre, Jr.
ESCO produces highly specialized machines for cutting and processing polyurethane foams.
With its engineer-to-order approach, ESCO’s is unique in its abilities to meet customers’
requirements using modern manufacturing technologies, 3D modeling software and finite
element analysis. The company is the product of a merger between The Edge Company of Grand
Rapids, MI and the Martin Sweets Company of Louisville, KY.


The company has manufactured products for industries including furniture and upholstery,
bedding, packaging, industrial insulation, oil and gas, building and construction, automotive,
marine, medical, defense, mining, and aerospace.


“ESCO has long been a supporter of PFA and the flexible foam industry,” said Chip Holton of
NCFI Polyurethanes, PFA’s President. “ESCO’s efforts in innovation, customer service, and
education made the company a more-than-worthy candidate to join other great manufacturers in
the Flexible Polyurethane Foam Hall of Fame.”


James McIntyre, Jr. of the McIntyre & Lemon Law Firm in Washington, DC, has served as
PFA’s Legal Counsel from the beginning of the association. Prior to his private law practice, he
served in the Cabinet of President Jimmy Carter as the Director of the Office of Management and
Budget. He also served as Director of the Office of Planning and Budget for the State of Georgia.
President Reagan appointed him to his Commission on Privatization.


McIntyre has helped guide the flexible polyurethane foam industry through a variety of
regulatory challenges through his four decades of service, providing PFA members with
consistent, insightful legal representation. “It is safe to say that the flexible foam industry would
look a lot different today without the efforts of Jim McIntyre,” said Holton.


The Polyurethane Foam Association is a trade association founded in 1980 to help educate foam
users, allied industries and other stakeholders. PFA provides facts on environmental, health and
safety issues and technical information on the performance of FPF in consumer and industrial
products. FPF is used as a key comfort component in most upholstered furniture and mattress products, along with automotive seating, carpet cushion, packaging, and numerous other
applications.

#

www.pfa.org

November 15, 2021

PFA Fall Meeting Highlights

Polyurethane Foam Association Fall Meeting Provides Forum For
Issues Discussion, Technical Advances


Edge-Sweets Company and James T. McIntyre, Jr. Inducted Into The Flexible Polyurethane
Foam Hall Of Fame


CHARLOTTE, NC (November 12, 2021)—The Polyurethane
Foam Association (PFA) recently concluded its fall meeting,
which spotlighted key regulatory issues and new technical
developments.


PFA’s two-day meeting in early November was attended by
more than 130 executives from foam manufacturers, chemical
suppliers, and other companies supporting the industry. This
marked a return to a full live-meeting format after COVID-19
restrictions required PFA to cancel past meetings or conduct
them primarily online.


Attendees saw presentations on key industry issues including
supply chain challenges, recycling, regulations, and end-user
market forecasting.


Keynote speakers, identical twins Terrence and Lee Resnick of
Resnick Associates, provided attendees with financial advice on
company succession issues and potential tax law changes.
In addition, a Technical Program featured presentations on
innovations and best practices on topics ranging from new mold
release agents and additives to reduce foam compression set, to
plant safety, new equipment, and new additives for improved
foam production.

2021 Flexible Polyurethane Foam Hall
of Fame Inductees, James T. McIntyre
(top right), pictured with PFA President
Chip Holton of NCFI Polyurethanes;


and Edge-Sweets Company (ESCO).
Accepting for ESCO were President
Richard Hungerford, Jr.(holding award)
with (L to R) Kelo Waivio, Stephen
Hoffman, and John Slott.

Mark McBride and Willie Wesley III of BASF won the Dr. Herman Stone Technical Excellence
Award, as their presentation, “Recent Advances In Flexible Foam,” was voted best by those
attending the Technical Program. “After four decades in this industry, I am still impressed by the
level of innovation that continues in flexible polyurethane foam,” noted Bill Gollnitz, Past
President of PFA and Moderator for the Technical Program. “Congratulations to Mark and
Wesley—and to our other presenters—for exceptional work.”


As part of its 40 th Anniversary celebration, PFA also recognized one manufacturer and one
individual for induction into the Flexible Polyurethane Foam Hall Of Fame. The Hall of Fame
was established to honor the leaders and innovators of the industry. It serves as an information
source for future industry members and researchers regarding the contribution of individuals and
companies who have significantly contributed to the growth and betterment of the flexible
polyurethane foam industry in North America.


The two 2021 inductees were Edge-Sweets Company (ESCO) and James T. McIntyre, Jr.
ESCO produces highly specialized machines for cutting and processing polyurethane foams.
With its engineer-to-order approach, ESCO’s is unique in its abilities to meet customers’
requirements using modern manufacturing technologies, 3D modeling software and finite
element analysis. The company is the product of a merger between The Edge Company of Grand
Rapids, MI and the Martin Sweets Company of Louisville, KY.


The company has manufactured products for industries including furniture and upholstery,
bedding, packaging, industrial insulation, oil and gas, building and construction, automotive,
marine, medical, defense, mining, and aerospace.


“ESCO has long been a supporter of PFA and the flexible foam industry,” said Chip Holton of
NCFI Polyurethanes, PFA’s President. “ESCO’s efforts in innovation, customer service, and
education made the company a more-than-worthy candidate to join other great manufacturers in
the Flexible Polyurethane Foam Hall of Fame.”


James McIntyre, Jr. of the McIntyre & Lemon Law Firm in Washington, DC, has served as
PFA’s Legal Counsel from the beginning of the association. Prior to his private law practice, he
served in the Cabinet of President Jimmy Carter as the Director of the Office of Management and
Budget. He also served as Director of the Office of Planning and Budget for the State of Georgia.
President Reagan appointed him to his Commission on Privatization.


McIntyre has helped guide the flexible polyurethane foam industry through a variety of
regulatory challenges through his four decades of service, providing PFA members with
consistent, insightful legal representation. “It is safe to say that the flexible foam industry would
look a lot different today without the efforts of Jim McIntyre,” said Holton.


The Polyurethane Foam Association is a trade association founded in 1980 to help educate foam
users, allied industries and other stakeholders. PFA provides facts on environmental, health and
safety issues and technical information on the performance of FPF in consumer and industrial
products. FPF is used as a key comfort component in most upholstered furniture and mattress products, along with automotive seating, carpet cushion, packaging, and numerous other
applications.

#

www.pfa.org

Casper Reports Third Quarter Results

Nov. 15, 2021 8:16 AM ETCasper Sleep Inc. (CSPR)

Emilie Arel Appointed Chief Executive Officer

NEW YORK–(BUSINESS WIRE)– Casper Sleep Inc. (CSPR) (“Casper” or the “Company”) (NYSE: CSPR) today announced financial results for the quarter ended September 30, 2021 (the “third quarter 2021”). The Company also announced that Emilie Arel, who serves as President and Chief Commercial Officer at Casper, has been appointed Chief Executive Officer, assuming the role from Casper Co-Founder, Philip Krim, effective November 15, 2021. Separately, the Company announced that it has entered into a definitive agreement to be acquired by Durational Capital Management LP (“Durational”) for $6.90 per share in an all-cash transaction expected to close in the first quarter of 2022.

Third Quarter 2021 Financial Highlights (as compared to the quarter ended September 30, 2020)

  • Revenue increased 26.8% to an all-time quarterly record of $156.5 million;
    • Direct-to-Consumer revenue, inclusive of Casper’s 72 retail stores and e-commerce channel, increased 6.7% to $96.5 million;
    • Retail Partnership revenue increased 78.6% to $60.0 million;
  • Gross Profit decreased $4.6 million, or 6.7%, to $63.9 million;
  • Net Loss increased by $9.4 million, or 59.4%, to $25.3 million, inclusive of a $2.4 million one-time lease write-off charge;
  • Adjusted EBITDA loss of $12.1 million, compared to a loss of $7.5 million; and
  • Cash and cash equivalents were $43.1 million on September 30, 2021.

Commenting on the third quarter 2021 results and proposed transaction, Casper’s Chief Executive Officer, Philip Krim, said, “Our strong top-line growth of 26.8% and ability to onboard additional world-class retail partners, such as Sleep Country, continues to underscore the strength of our brand and value proposition of our award-winning mattresses and sleep products. However, ongoing industry-wide supply chain challenges are resulting in sustained inflationary pressures across the industry impacting our ability to meet demand effectively and efficiently and impairing the Company’s liquidity position.

“Casper’s Board of Directors in consultation with outside advisors, has evaluated a range of strategic and financial alternatives over several months and determined after careful consideration that the transaction proposed by Durational is superior to all other alternatives available. The proposed acquisition offers shareholders immediate and substantial value, and ensures the business has the financial flexibility required to support continued growth. In addition, Durational is committed to building on the strength of the Casper brand, products, omni-channel platform, and employees, to further improve the customer experience and create new opportunities for Casper.”

Mr. Krim added, “I am pleased to announce Emilie Arel’s appointment as Chief Executive Officer. Emilie and I have worked together toward this goal for a long time and her new responsibilities reflect our focus on prioritizing talent development across the company. Emilie’s background and experience at world-class brands including Quidsi, Gap and Target will be of great benefit to Casper – she is a leader who will take bold steps and work across departments to advance our strategic initiatives by leveraging the resources she has available and motivating those around her.”

With over 20 years of leadership experience across retail, merchandising, customer experience, and marketing, Emilie Arel has led Casper’s commercial and brand strategy. Previously, Emilie was the CEO of FULLBEAUTY Brands, a plus-size apparel company, where she led the company through a debt restructuring and put the company on the path to a digital transformation. Prior to that, she served as the CEO of Quidsi, an Amazon company with 10 brands, including Diapers.com and Soap.com. Earlier in her career, Emilie spent seven years with Gap Inc. where she held multiple positions and led a team of 12,000+ employees and 220+ stores. Before joining Gap, Emilie held various roles at Target Corporation. Emilie earned MBAs from Columbia University Business School and the University of California, Berkeley.

Mr. Krim concluded, “I could not be more excited about Casper’s future under Emilie’s leadership and with Durational’s partnership. Durational is committed to building on the strength of the Casper brand by leveraging our accomplishments, unparalleled customer experience, omni-channel platform and market position to further improve the customer experience and create new opportunities for the Casper family of employees. In summary, Emilie’s leadership and our agreement with Durational creates immediate and substantial value for our shareholders and charts a clear path forward to deliver value for all stakeholders as we continue to bring better sleep to more people.”

Commenting on her appointment, Emilie Arel, President and Chief Commercial Officer stated, “I am excited to take on the Chief Executive role at this time of change at Casper. Philip and the founding team disrupted the mattress industry by introducing a new type of shopping experience and built a beloved brand with award-winning products and approximately $500 million in annual sales. Under Durational, Casper will have financial flexibility to accelerate our growth plans, and I look forward to working closely with Durational and with all of Casper’s talented team members to deliver on the tremendous potential of this business in the months and years ahead.”

Withdrawal of Outlook for Certain Financial Metrics

In light of the pending transaction, the Company today withdrew all of its financial guidance for the year ending December 31, 2021.

Cancellation of Third Quarter 2021 Conference Call

The Company will not be conducting its third quarter 2021 conference call and webcast, previously scheduled for today, November 15, 2021 at 5:00 p.m. Eastern Time. The Company plans to file its quarterly report on Form 10-Q with the Securities and Exchange Commission (the “SEC”) on November 15, 2021.

Casper periodically provides information for investors on its corporate website, casper.com, and its investor relations website, ir.casper.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC and information on corporate governance.

About Casper

Casper believes everyone should sleep better. The Sleep Company has a full portfolio of obsessively engineered sleep products—including mattresses, pillows, bedding, and furniture designed in-house by the Company’s award-winning R&D team at Casper Labs. In addition to its e-commerce business, Casper owns and operates Sleep Shops across North America and its products are available at a growing list of retailers.

Important Information and Where to Find It

In connection with the proposed transaction between the Company and Durational Capital Management LP, a special stockholder meeting will be announced soon to obtain stockholder approval in connection with the proposed transaction. The Company expects to file with the SEC a proxy statement (the “Proxy Statement”), the definitive version of which will be sent or provided to the Company stockholders. The Company may also file other documents with the SEC regarding the proposed transaction. This document is not a substitute for the Proxy Statement or any other document which the Company may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Proxy Statement (when it is available) and other documents that are filed or will be filed with the SEC by the Company through the website maintained by the SEC at www.sec.gov, the Company’s investor relations website at https://ir.casper.com or by contacting the Company investor relations department at cspr@jcir.com.

Participants in the Solicitation

The Company and certain of its directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of the Company’s stockholders will be set forth in the Proxy Statement for its special stockholder meeting. The Company’s stockholders may obtain additional information regarding the direct and indirect interests of the participants in the solicitation of proxies in connection with the proposed transaction, including the interests of the Company directors and executive officers in the transaction, which may be different than those of the Company stockholders generally, by reading the Proxy Statement and any other relevant documents that are filed or will be filed with the SEC relating to the transaction. You may obtain free copies of these documents using the sources indicated above.

https://seekingalpha.com/pr/18561032-casper-reports-third-quarter-results

Casper Reports Third Quarter Results

Nov. 15, 2021 8:16 AM ETCasper Sleep Inc. (CSPR)

Emilie Arel Appointed Chief Executive Officer

NEW YORK–(BUSINESS WIRE)– Casper Sleep Inc. (CSPR) (“Casper” or the “Company”) (NYSE: CSPR) today announced financial results for the quarter ended September 30, 2021 (the “third quarter 2021”). The Company also announced that Emilie Arel, who serves as President and Chief Commercial Officer at Casper, has been appointed Chief Executive Officer, assuming the role from Casper Co-Founder, Philip Krim, effective November 15, 2021. Separately, the Company announced that it has entered into a definitive agreement to be acquired by Durational Capital Management LP (“Durational”) for $6.90 per share in an all-cash transaction expected to close in the first quarter of 2022.

Third Quarter 2021 Financial Highlights (as compared to the quarter ended September 30, 2020)

  • Revenue increased 26.8% to an all-time quarterly record of $156.5 million;
    • Direct-to-Consumer revenue, inclusive of Casper’s 72 retail stores and e-commerce channel, increased 6.7% to $96.5 million;
    • Retail Partnership revenue increased 78.6% to $60.0 million;
  • Gross Profit decreased $4.6 million, or 6.7%, to $63.9 million;
  • Net Loss increased by $9.4 million, or 59.4%, to $25.3 million, inclusive of a $2.4 million one-time lease write-off charge;
  • Adjusted EBITDA loss of $12.1 million, compared to a loss of $7.5 million; and
  • Cash and cash equivalents were $43.1 million on September 30, 2021.

Commenting on the third quarter 2021 results and proposed transaction, Casper’s Chief Executive Officer, Philip Krim, said, “Our strong top-line growth of 26.8% and ability to onboard additional world-class retail partners, such as Sleep Country, continues to underscore the strength of our brand and value proposition of our award-winning mattresses and sleep products. However, ongoing industry-wide supply chain challenges are resulting in sustained inflationary pressures across the industry impacting our ability to meet demand effectively and efficiently and impairing the Company’s liquidity position.

“Casper’s Board of Directors in consultation with outside advisors, has evaluated a range of strategic and financial alternatives over several months and determined after careful consideration that the transaction proposed by Durational is superior to all other alternatives available. The proposed acquisition offers shareholders immediate and substantial value, and ensures the business has the financial flexibility required to support continued growth. In addition, Durational is committed to building on the strength of the Casper brand, products, omni-channel platform, and employees, to further improve the customer experience and create new opportunities for Casper.”

Mr. Krim added, “I am pleased to announce Emilie Arel’s appointment as Chief Executive Officer. Emilie and I have worked together toward this goal for a long time and her new responsibilities reflect our focus on prioritizing talent development across the company. Emilie’s background and experience at world-class brands including Quidsi, Gap and Target will be of great benefit to Casper – she is a leader who will take bold steps and work across departments to advance our strategic initiatives by leveraging the resources she has available and motivating those around her.”

With over 20 years of leadership experience across retail, merchandising, customer experience, and marketing, Emilie Arel has led Casper’s commercial and brand strategy. Previously, Emilie was the CEO of FULLBEAUTY Brands, a plus-size apparel company, where she led the company through a debt restructuring and put the company on the path to a digital transformation. Prior to that, she served as the CEO of Quidsi, an Amazon company with 10 brands, including Diapers.com and Soap.com. Earlier in her career, Emilie spent seven years with Gap Inc. where she held multiple positions and led a team of 12,000+ employees and 220+ stores. Before joining Gap, Emilie held various roles at Target Corporation. Emilie earned MBAs from Columbia University Business School and the University of California, Berkeley.

Mr. Krim concluded, “I could not be more excited about Casper’s future under Emilie’s leadership and with Durational’s partnership. Durational is committed to building on the strength of the Casper brand by leveraging our accomplishments, unparalleled customer experience, omni-channel platform and market position to further improve the customer experience and create new opportunities for the Casper family of employees. In summary, Emilie’s leadership and our agreement with Durational creates immediate and substantial value for our shareholders and charts a clear path forward to deliver value for all stakeholders as we continue to bring better sleep to more people.”

Commenting on her appointment, Emilie Arel, President and Chief Commercial Officer stated, “I am excited to take on the Chief Executive role at this time of change at Casper. Philip and the founding team disrupted the mattress industry by introducing a new type of shopping experience and built a beloved brand with award-winning products and approximately $500 million in annual sales. Under Durational, Casper will have financial flexibility to accelerate our growth plans, and I look forward to working closely with Durational and with all of Casper’s talented team members to deliver on the tremendous potential of this business in the months and years ahead.”

Withdrawal of Outlook for Certain Financial Metrics

In light of the pending transaction, the Company today withdrew all of its financial guidance for the year ending December 31, 2021.

Cancellation of Third Quarter 2021 Conference Call

The Company will not be conducting its third quarter 2021 conference call and webcast, previously scheduled for today, November 15, 2021 at 5:00 p.m. Eastern Time. The Company plans to file its quarterly report on Form 10-Q with the Securities and Exchange Commission (the “SEC”) on November 15, 2021.

Casper periodically provides information for investors on its corporate website, casper.com, and its investor relations website, ir.casper.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC and information on corporate governance.

About Casper

Casper believes everyone should sleep better. The Sleep Company has a full portfolio of obsessively engineered sleep products—including mattresses, pillows, bedding, and furniture designed in-house by the Company’s award-winning R&D team at Casper Labs. In addition to its e-commerce business, Casper owns and operates Sleep Shops across North America and its products are available at a growing list of retailers.

Important Information and Where to Find It

In connection with the proposed transaction between the Company and Durational Capital Management LP, a special stockholder meeting will be announced soon to obtain stockholder approval in connection with the proposed transaction. The Company expects to file with the SEC a proxy statement (the “Proxy Statement”), the definitive version of which will be sent or provided to the Company stockholders. The Company may also file other documents with the SEC regarding the proposed transaction. This document is not a substitute for the Proxy Statement or any other document which the Company may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Proxy Statement (when it is available) and other documents that are filed or will be filed with the SEC by the Company through the website maintained by the SEC at www.sec.gov, the Company’s investor relations website at https://ir.casper.com or by contacting the Company investor relations department at cspr@jcir.com.

Participants in the Solicitation

The Company and certain of its directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of the Company’s stockholders will be set forth in the Proxy Statement for its special stockholder meeting. The Company’s stockholders may obtain additional information regarding the direct and indirect interests of the participants in the solicitation of proxies in connection with the proposed transaction, including the interests of the Company directors and executive officers in the transaction, which may be different than those of the Company stockholders generally, by reading the Proxy Statement and any other relevant documents that are filed or will be filed with the SEC relating to the transaction. You may obtain free copies of these documents using the sources indicated above.

https://seekingalpha.com/pr/18561032-casper-reports-third-quarter-results