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F45 Training Holdings (NYSE: FXLV) has announced the appointment of Tom Dowd as the new CEO and Mark Wahlberg as Chief Brand Officer, enhancing its leadership team. Dowd, who previously held executive positions at GNC Holdings, aims to refine F45’s business strategy for sustainable growth. Wahlberg, a board member since March 2019, brings his brand-building expertise to elevate F45's brand presence. This leadership transition follows F45's announcement of securing $90 million in financing to improve its financial position and drive future growth.
F45 Training Holdings Inc. (NYSE: FXLV) announced a new $90 million subordinated debt facility facilitated by a consortium of investors led by Kennedy Lewis. This funding aims to bolster the company's liquidity and strengthen its balance sheet, as it implements cost reduction initiatives. Gene Davis has been appointed Chairman of the Board, joined by four new independent directors, while Bob Madore takes on the role of Interim CFO. The financing includes a five-and-a-half-year term, enabling F45 to pay down existing debt and fund corporate needs. A Special Committee's review of strategic alternatives is paused, focusing on enhancing shareholder value.
F45 Training Holdings (NYSE: FXLV) has launched its first brand campaign, “No One Trains Alone,” aiming to build a community around fitness goals. The campaign, starting on January 19, features user-generated content and showcases real members' success stories, reinforcing a team-focused training approach. Celebrity ambassador Mark Wahlberg will also be featured. The initiative supports the Company's mission to offer dynamic 45-minute workouts that cater to fitness enthusiasts and aims to enhance audience engagement through tailored digital strategies across various platforms.
F45 Training Holdings Inc. (NYSE: FXLV) has been recognized as the 29th top franchise in Entrepreneur's Franchise 500 for 2023, moving up 13 spots from the previous year. This ranking highlights F45's unit growth, financial strength, and brand power. The Franchise 500 ranking evaluates franchises based on over 150 data points, emphasizing the importance of franchise opportunities. CEO Ben Coates credited the achievement to the hard work of their team and franchisees. For more details, visit Entrepreneur’s website.
F45 Training Holdings Inc. (FXLV) faces a securities class action lawsuit filed by Barrack, Rodos & Bacine on behalf of investors who purchased shares since its IPO. The complaint, filed in the Western District of Texas, alleges misstatements affecting shareholder interests. Following a significant reduction in financial guidance last July, which included a cut in studio openings and employee layoffs, F45's stock plummeted over 60%. Investors have until February 6, 2023, to seek appointment as lead plaintiff.
BioSteel Sports Nutrition Inc. has partnered with F45 Training Holdings Inc. (NYSE: FXLV) to become the exclusive hydration partner for F45 fitness studios globally. This collaboration will introduce BioSteel's Clean. Healthy. Hydration.™ products directly to F45 members, promoting a zero-sugar hydration routine. BioSteel drinks will be available in-studio, helping enhance the workout experience. The partnership emphasizes hydration's importance, aligning with F45's commitment to quality fitness. BioSteel aims to support health-conscious consumers and athletes through premium hydration solutions.
F45 Training Holdings Inc. (NYSE: FXLV) announced the resignation of CFO Chris Payne effective November 15, 2022, to handle personal matters in Australia. He will assist the company in an advisory role during the transition. Interim CEO Ben Coates praised Payne for his contributions, including his pivotal role in the 2021 IPO and the implementation of a financial strategy aimed at profitability. The company is commencing a search for a new CFO, emphasizing its capital-lite model and commitment to enhancing liquidity and cash flow generation.
F45 Training Holdings (NYSE:FXLV) reported fiscal Q3 2022 results, showing a total revenue of $29.3 million, an 8% increase year-over-year. Despite a net loss of $60 million, Adjusted EBITDA was $6.1 million. The company achieved 84 Net Initial Studio Openings, raising the global total to 2,042 studios. System-wide sales increased 31% to $130.6 million. A Special Committee has been formed to evaluate a takeover proposal from Kennedy Lewis Investment Management at $4.00 per share.
Barrack, Rodos & Bacine is investigating F45 Training Holdings Inc. (NYSE:FXLV) for potential federal securities law violations. Following its IPO in July 2021, F45's financial guidance was drastically reduced from $255-$275 million to $120-$130 million a year later. The company also announced a 60% cut in new studio openings and layoffs of 110 employees, alongside the resignation of CEO Adam Gilchrist. This led to a 60% drop in F45's share price. Additionally, a lawsuit from athletes David Beckham and Greg Norman alleges preferential treatment for insiders amidst significant stock losses.
F45 Training Holdings Inc. (NYSE:FXLV) will report its third quarter fiscal 2022 financial results on November 14, 2022, after market close. The company will host a conference call at 4:30 p.m. ET on the same day, where analysts and investors can participate. The call will be accessible via the company's investor relations website or by phone. An online archive of the call will be available post-broadcast, ensuring stakeholders can review the information at their convenience.