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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.
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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.