- Culp, Inc. (CULP, Financial) signs a multi-year cooperation agreement with largest shareholder, 22NW, LP.
- 22NW will support CULP at its 2025 and 2026 Annual Meetings of Shareholders.
- New independent directors, Doug Collier and Lynn Heatherton, to be nominated alongside Alexander B. Jones from 22NW.
Culp, Inc. (CULP), a leading provider of fabrics for bedding and upholstery, has announced a significant development by entering into a multi-year cooperation agreement with its largest shareholder, Seattle-based 22NW, LP. This strategic partnership includes voting, governance, and standstill provisions, with 22NW committing to provide its voting support to Culp at its upcoming 2025 and 2026 Annual Meetings of Shareholders.
As part of this agreement, new independent director candidates, Doug Collier and Lynn Heatherton, are set to be nominated for election to Culp's board of directors. They will join alongside Alexander B. Jones of 22NW, who became a board member in 2024. Notably, the size of the company's board will remain unchanged with these nominations.
Robert G. Culp, IV, Culp's President and CEO, expressed optimism about the agreement, highlighting its potential to foster positive outcomes for stakeholders by enhancing support for the company's management, employees, and customers. Aron R. English, Portfolio Manager and Founder of 22NW, reinforced their commitment to support Culp as it aims for future growth opportunities.
The comprehensive agreement will be documented and filed with the SEC as part of a Form 8-K exhibit.
