Why Casper Sleep Is Flying High Today

Shares of Casper Sleep (NYSE: CSPR) were soaring 10.8% higher heading into noontime trading Wednesday after Seeking Alpha reported shareholders of the mattress stock had approved the sale of the company to hedge fund operator Durational Capital Management. It had been careening toward penny stock status before Durational rescued the mattress stock last November with an offer to buy it for $6.90 per share. Casper Sleep's board of directors had previously approved the acquisition unanimously, and it noted the deal was not subject to a financing condition, and Durational has committed debt financing led by KKR's Credit and Callodine Commercial Finance.