Interactive Strength Inc. (Nasdaq:TRNR) Raises $2.9 Million From New Institutional Investor
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The China Mail - Interactive Strength Inc. (Nasdaq:TRNR) Raises $2.9 Million From New Institutional Investor
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Interactive Strength Inc. (Nasdaq:TRNR) Raises $2.9 Million From New Institutional Investor
AUSTIN, TEXAS / ACCESS Newswire / February 4, 2025 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), maker of innovative specialty fitness equipment under the CLMBR and FORME brands, today announced that it had entered into a definitive purchase agreement with an institutional investor to raise $2.9M in working capital through the sale of a senior secured convertible note with a fixed conversion price at a premium to the market price as well as various warrants. The note has a maturity date in January 2028.
TRNR notes that the institutional investor purchasing the note expressed enthusiasm for the Company's stated M&A strategy as well as its previously announced LOI to acquire a $40M connected fitness and exercise equipment business. The Company continues to make good progress on finalizing a definitive agreement for that transaction, and following this financing will have additional capital to deploy in connection with that possible deal as well as other promising opportunities.
The financing agreement is detailed in full in the 8-K filed last night with the US Securities & Exchange Commission. For information, please see TRNR's investor website.
TRNR Investor Contact
TRNR Media Contact
About Interactive Strength Inc.:
Interactive Strength Inc. produces innovative specialty fitness equipment and digital fitness services under two main brands: 1) CLMBR and 2) FORME. Interactive Strength Inc. is listed on NASDAQ (symbol:TRNR).
CLMBR is a vertical climbing machine that offers an efficient and effective full-body strength and cardio workout. CLMBR's design is compact and easy to move - making it perfect for commercial or in-home use. With its low impact and ergonomic movement, CLMBR is safe for most ages and levels of ability and can be found at gyms and fitness studios, hotels, and physical therapy facilities, as well as available for consumers at home. www.clmbr.com.
FORME is a digital fitness platform that combines premium smart gyms with live virtual personal training and coaching to deliver an immersive experience and better outcomes for both consumers and trainers. FORME delivers an immersive and dynamic fitness experience through two connected hardware products: 1) The FORME Studio Lift (fitness mirror and cable-based digital resistance) and 2) The FORME Studio (fitness mirror). In addition to the company's connected fitness hardware products, FORME offers expert personal training and health coaching in different formats and price points through Video On-Demand, Custom Training, and Live 1:1 virtual personal training. www.formelife.com.
Forward Looking Statements:
This press release includes certain statements that are "forward-looking statements" for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or current facts and reflect management's assumptions, views, plans, objectives and projections about the future. Forward-looking statements generally are accompanied by words such as "believe", "project", "expect", "anticipate", "estimate", "intend", "strategy", "future", "opportunity", "plan", "may", "should", "will", "would", "will be", "will continue", "will likely result" or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the possibility of acquiring future businesses or completing the existing letter of intent that was referenced. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Company. Risks and uncertainties include but are not limited to: demand for our products; competition, including technological advances made by and new products released by our competitors; our ability to accurately forecast consumer demand for our products and adequately maintain our inventory; and our reliance on a limited number of suppliers and distributors for our products. A further list and descriptions of these risks, uncertainties and other factors can be found in filings with the Securities and Exchange Commission. To the extent permitted under applicable law, the Company assumes no obligation to update any forward-looking statements.
Contact Information
John McNamara
IR
[email protected]
917-658-2602
SOURCE: Interactive Strength Inc.
View the original press release on ACCESS Newswire
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