Casper recently cut the target share price range for its initial public offering (IPO) to between $12 and $13. This reduces the valuation of the company to about $500 million, which is markedly less than the $1.1 billion valuation from its most recent funding round.

Casper has positioned itself as a technology firm, using the word “technology” throughout the IPO prospectus 121 times. However, the company only has one product on the market that is arguably “tech” – the glow light.

The prospectus states the company owns about three issued U.S. utility patents and has six pending U.S. utility patent applications. The three issued utility patents are all focused on foam mattresses. Of the six pending U.S. utility patent applications, there is one patent application for the glow light and one patent application for a temperature-regulating mattress. The remaining applications are for duvet inserts, foam mattresses, and a dog mattress.

Are two patent applications and one product on the market enough to position Casper as a technology firm? Some analysts are distinguishing between true technology firms and tech-enabled traditional businesses. It appears from the company’s patent strategy, as well as its current valuation, that Casper is merely a tech-enabled traditional business.