E-commerce mattress maker Casper sold for about $308 million

NEW YORK (AP) - The e-commerce mattress maker Casper is being acquired and taken private, less that a year after its public debut, for about $308 million.

Shares of Casper Sleep Inc. spiked 88.5% to close Monday at $6.69.

Durational Capital Management will pay $6.90 per share for Casper.

The New York City company went public in February 2020 and it's had a rough debut.

After being valued as a private company at more than $1 billion, it began selling shares early last year for $14.50, which put its value as a public company at around $575 million. That was close to its peak.

At the close of trading Friday, a share of Casper could be had for $3.55.

On Monday the company, which does have some brick-and-mortar retail locations, posted a $25.3 million loss for the third quarter. It also announced that Emilie Arel, the company's president and chief commercial officer, will take over for Casper co-founder, Philip Krim as CEO.

The deal is expected to close in 2022's first quarter if approved by Casper shareholders.