Stadium Capital Management Amends Sleep Number Filing

Ticker: SNBR · Form: SC 13D/A · Filed: 2024-11-04T00:00:00.000Z

Sentiment: neutral

Topics: ownership-change, sec-filing, schedule-13d

Related Tickers: SNBR

TL;DR

Stadium Capital Management updated their 13D filing for Sleep Number (SNBR).

AI Summary

Stadium Capital Management, LLC has filed Amendment No. 3 to its Schedule 13D regarding Sleep Number Corporation. The filing, dated November 4, 2024, indicates a change in beneficial ownership. Stadium Capital Management, LLC is based in New Canaan, CT.

Why It Matters

This filing signals a potential shift in the ownership structure or strategy of Sleep Number Corporation, as a significant stakeholder has updated their disclosures.

Risk Assessment

Risk Level: medium — Changes in beneficial ownership filings can indicate activist investor activity or significant stake-building, which may lead to volatility.

Key Players & Entities

FAQ

What is the primary purpose of this SC 13D/A filing?

This filing is an amendment to a Schedule 13D, indicating a change in beneficial ownership of Sleep Number Corporation's securities by Stadium Capital Management, LLC.

Who is the filing entity and what is their address?

The filing entity is Stadium Capital Management, LLC, located at 199 Elm Street, New Canaan, CT 06840-5321.

What is the subject company and its ticker symbol?

The subject company is Sleep Number Corporation. While not explicitly stated in the provided text, Sleep Number Corporation's common stock has the CUSIP number 83125X103.

When was this amendment filed?

This amendment (Amendment No. 3) was filed on November 4, 2024.

What was the former name of Sleep Number Corporation?

The former name of Sleep Number Corporation was Select Comfort Corp, with a date of name change on August 21, 1998.

Filing Stats: 1,953 words · 8 min read · ~7 pages · Grade level 9.4 · Accepted 2024-11-04 19:08:50

Key Financial Figures

Filing Documents

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration .

is hereby amended

Item 3 is hereby amended and restated to read as follows: All of the Shares reported herein were purchased on behalf of the Reporting Persons using their investment capital or funds under management. The aggregate purchase price of 2,456,261 Shares reported herein was approximately $54,146,923 (including brokerage commissions and transaction costs).

Purpose of Transaction

Item 4. Purpose of Transaction .

is hereby amended

Item 4 is hereby amended to add the following: The Reporting Persons note the Issuer’s leadership and governance changes announced on October 30, 2024. While these changes represent forward progress, the Reporting Persons remain concerned with the Issuer’s long-term underperformance and intend to engage with the Issuer and other market participants to assess whether further change is necessary.

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer . Items 5(a) – (c) are hereby amended and restated to read as follows: (a) – (b) The responses of the Reporting Persons to rows 7, 8, 9, 10, 11 and 13 on the cover pages of this Amendment No. 3 are incorporated herein by reference. As of the date of this Amendment No. 3, the Reporting Persons beneficially owned 2,456,261 Shares, representing approximately 11.0% of the outstanding Shares. The percentage in this paragraph relating to beneficial ownership of Shares is based upon 22,355,000 Shares outstanding as of June 29, 2024 as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 6, 2024. (c) The transactions in the securities of the Issuer during the past 60 days are set forth in Schedule A and are incorporated herein by reference. All of such transactions were effected in the open market unless otherwise noted therein. 7 CUSIP No. 83125X103

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: November 4, 2024 STADIUM CAPITAL MANAGEMENT, LLC By: /s/ Alexander M. Seaver Name: Alexander M. Seaver Title: Manager STADIUM CAPITAL MANAGEMENT GP, L.P. By: Stadium Capital Management, LLC General Partner By: /s/ Alexander M. Seaver Name: Alexander M. Seaver Title: Manager STADIUM SPECIAL OPPORTUNITY I, L.P. By: Stadium Capital Management GP, L.P. General Partner By: Stadium Capital Management, LLC General Partner By: /s/ Alexander M. Seaver Name: Alexander M. Seaver Title: Manager STADIUM CAPITAL PARTNERS, L.P. By: Stadium Capital Management GP, L.P. General Partner By: Stadium Capital Management, LLC General Partner By: /s/ Alexander M. Seaver Name: Alexander M. Seaver Title: Manager /s/ Alexander M. Seaver Alexander M. Seaver 8 CUSIP No. 83125X103 SCHEDULE A Transactions in the Securities of the Issuer During the Past 60 Days Nature of the Transaction Amount of Securities Purchased / (Sold) Price ($) Date of Purchase / Sale STADIUM CAPITAL PARTNERS, L.P. Purchase of Common Stock 27,817 17.6762 09/27/2024 Purchase of Common Stock 21,826 17.9223 09/30/2024 Purchase of Common Stock 68,448 17.5133 10/01/2024 Purchase of Common Stock 42,865 17.1532 10/02/2024 Purchase of Common Stock 23,723 16.8498 10/03/2024 Purchase of Common Stock 19,487 17.4302 10/04/2024 Purchase of Common Stock 38,569 17.1609 10/07/2024 Purchase of Common Stock 5,082 14.6379 10/10/2024 Purchase of Common Stock 14,918 14.6303 10/11/2024 Purchase of Common Stock 40,989 13.0148 10/31/2024 Purchase of Common Stock 8,100 12.9697 1 10/31/2024 Purchase of Common Stock 50,911 13.9648 2 10/31/2024 Purchase of Common Stock 87,205 12.9303 3 11/01/2024

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