Interactive Strength Faces Delisting Concerns
Ticker: TRNR · Form: 8-K · Filed: May 29, 2024 · CIK: 1785056
| Field | Detail |
|---|---|
| Company | Interactive Strength, Inc. (TRNR) |
| Form Type | 8-K |
| Filed Date | May 29, 2024 |
| Risk Level | high |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $2,500,000 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-standards, regulatory-filing
TL;DR
Interactive Strength might get delisted, stock could tank.
AI Summary
Interactive Strength, Inc. filed an 8-K on May 29, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard, with the earliest event reported on May 22, 2024. The company is incorporated in Delaware and its principal executive offices are located at 1005 Congress Avenue, Suite 925, Austin, Texas.
Why It Matters
This filing indicates potential issues with Interactive Strength, Inc.'s continued listing on an exchange, which could lead to significant stock price volatility and investor uncertainty.
Risk Assessment
Risk Level: high — A notice of delisting directly threatens the company's ability to remain publicly traded, posing a significant risk to investors.
Key Numbers
- 001-41610 — SEC File Number (Identifies the company's filing with the SEC.)
- 82-1432916 — IRS Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- Interactive Strength, Inc. (company) — Registrant
- May 22, 2024 (date) — Earliest event reported
- May 29, 2024 (date) — Date of report
- Delaware (jurisdiction) — State of incorporation
- 1005 Congress Avenue, Suite 925, Austin, Texas (address) — Principal executive offices
FAQ
What specific listing rule or standard has Interactive Strength, Inc. failed to satisfy?
The filing does not specify the exact rule or standard that Interactive Strength, Inc. has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the earliest date of the event reported in this 8-K?
The earliest event reported in this 8-K was on May 22, 2024.
What is the company's principal executive office address?
The company's principal executive offices are located at 1005 Congress Avenue, Suite 925, Austin, Texas.
What is the company's SEC file number?
The company's SEC file number is 001-41610.
What is the company's state of incorporation?
Interactive Strength, Inc. is incorporated in Delaware.
Filing Stats: 811 words · 3 min read · ~3 pages · Grade level 13.8 · Accepted 2024-05-29 16:05:45
Key Financial Figures
- $0.0001 — nge on which registered Common stock, $0.0001 par value per share TRNR The Nasdaq
- $2,500,000 — that it did not comply with the minimum $2,500,000 stockholders' equity requirement for co
Filing Documents
- trnr-20240522.htm (8-K) — 38KB
- 0000950170-24-065925.txt ( ) — 150KB
- trnr-20240522.xsd (EX-101.SCH) — 24KB
- trnr-20240522_htm.xml (XML) — 5KB
01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously disclosed, on August 22, 2023, the Listing Qualifications staff (the "Staff") of The Nasdaq Stock Market, LLC ("Nasdaq") had notified Interactive Strength Inc. (the "Company") that it did not comply with the minimum $2,500,000 stockholders' equity requirement for continued listing set forth in Nasdaq Listing Rule 5550(b)(1) (the "Rule"). On February 29, 2024, the Staff granted the Company an exception to regain compliance to the Rule. On February 16, 2024, the Company filed a Form 8-K stating that as of February 15, 2024, as a result of the Company's debt conversion and acquisition, the Company believed it had regained compliance with the Rule. Based on this representation, the Staff notified the Company that it regained compliance with the Rule; however, the Staff noted that if the Company failed to evidence compliance upon filing its periodic report for the period ended March 31, 2024, it may be subject to delisting. On May 22, 2024, the Company received a delist determination letter from the Staff advising the Company that the Staff had determined that the Company no longer complies with the Rule. Specifically, the Staff noted that the Company's stockholders' equity reported in its Form 10-Q for the period ended March 31, 2024 did not satisfy the minimum $2,500,000 stockholders' equity requirement for continued listing. Accordingly, the Staff indicated that unless the Company requests an appeal of the delist determination by May 29, 2024, its securities would be delisted. The Company intends to appeal Nasdaq's determination to a Panel pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series to stay the suspension of the Company's securities and the filing of the Form 25-NSE pending the Panel's decision. Following the appeal request, the Common Stock will continue to trade on The Nasdaq Capital Market under the symbo
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Interactive Strength Inc. Date: May 29, 2024 By: /s/ Michael J. Madigan Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)