Interactive Strength Inc. (Nasdaq:TRNR) Successfully Concludes Hearings Panel Appeal and Confirms Demonstrated Compliance Letter for Continued Nasdaq Listing
Rhea-AI Summary
Interactive Strength (NASDAQ:TRNR) has received confirmation of compliance with Nasdaq's Listing Rule 5550(b)(1), successfully concluding the Hearings Panel appeal process that began in May. The company reported Stockholder's Equity of $5.8 million for the third quarter, exceeding the minimum requirement of $2.5 million. CEO Trent Ward expressed confidence in maintaining compliance levels and focused on delivering the company's growth strategy, with potential positive developments expected before year-end.
Positive
- Confirmed compliance with Nasdaq listing requirements
- Reported strong Stockholder's Equity of $5.8 million, exceeding $2.5 million requirement
- Mitigated delisting risk
Negative
- Previously faced potential delisting threat requiring appeals process
News Market Reaction 1 Alert
On the day this news was published, TRNR gained 25.45%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AUSTIN, TX / ACCESSWIRE / November 27, 2024 / Interactive Strength Inc. (NASDAQ:TRNR) ("TRNR" or "the Company"), maker of innovative specialty fitness equipment under the CLMBR and FORME brands, today announced that the Company received a letter confirming demonstrated compliance with Listing Rule 5550(b)(1) of The Nasdaq Stock Market, which successfully concludes the Hearings Panel appeal process that began in May.
Trent Ward, Co-Founder and CEO of TRNR, said: "We are excited to receive the confirmation that the Company demonstrated compliance with the Equity Rule and are very appreciative that the Hearings Panel agreed in August with our potential to regain compliance with the Equity Rule. We reported a Stockholder's Equity of
"We are very focused on delivering against our growth strategy and hope to be able to share some positive developments before the end of the year," Mr. Ward continued. "Achieving compliance with the Equity Rule of the Nasdaq Continued Listing standards was a critical achievement, and with this risk mitigated, we can fully concentrate on creating shareholder value."
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 maintaining sufficient Stockholders' Equity levels or compliance with Nasdaq Listing Rules in the future, as well as the Company being able to deliver on its growth strategy or share positive business developments this year. 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
john@tradigitalir.com
917-658-2602
SOURCE: Interactive Strength Inc.
View the original press release on accesswire.com
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