Interactive Strength Faces Delisting Concerns
Ticker: TRNR · Form: 8-K · Filed: Aug 23, 2024 · CIK: 1785056
| Field | Detail |
|---|---|
| Company | Interactive Strength, Inc. (TRNR) |
| Form Type | 8-K |
| Filed Date | Aug 23, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $1.00 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-standards, regulatory-filing
TL;DR
Interactive Strength might get delisted, stock could be in trouble.
AI Summary
Interactive Strength, Inc. filed an 8-K on August 23, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard as of August 20, 2024. The company is incorporated in Delaware and its principal executive offices are located in Austin, Texas.
Why It Matters
This filing indicates potential issues with Interactive Strength, Inc.'s continued listing on an exchange, which could impact its stock trading and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards is a significant negative event that can lead to severe trading restrictions or removal from an exchange.
Key Numbers
- 001-41610 — Commission File Number (Identifies the company's SEC filings)
- 82-1432916 — IRS Employer Identification No. (Company's tax identification number)
Key Players & Entities
- Interactive Strength, Inc. (company) — Registrant
- August 20, 2024 (date) — Earliest event reported
- August 23, 2024 (date) — Filing date
- Delaware (jurisdiction) — State of Incorporation
- Austin, Texas (location) — 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 was not met, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the expected timeline for the delisting process, if it proceeds?
The filing does not provide a specific timeline for the delisting process.
Has Interactive Strength, Inc. taken any steps to rectify the situation and avoid delisting?
The filing does not mention any specific actions taken by the company to address the listing issue.
What is the significance of the 'Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard'?
This notice indicates that the company's securities may be subject to removal from the exchange where they are listed, which can severely impact liquidity and investor confidence.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on August 20, 2024.
Filing Stats: 727 words · 3 min read · ~2 pages · Grade level 13.6 · Accepted 2024-08-23 16:05:49
Key Financial Figures
- $0.0001 — nge on which registered Common stock, $0.0001 par value per share TRNR The Nasdaq
- $1.00 — Company's common stock had closed below $1.00 per share, which is the minimum bid pri
Filing Documents
- trnr-20240820.htm (8-K) — 37KB
- 0000950170-24-100172.txt ( ) — 148KB
- trnr-20240820.xsd (EX-101.SCH) — 24KB
- trnr-20240820_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. On August 20, 2024, Interactive Strength Inc. (the "Company") received a deficiency letter (the "Notice") from the Listing Qualifications Department (the "Staff") of the Nasdaq Stock Market, LLC ("Nasdaq") notifying the Company that, for the last 30 consecutive business days, the bid price for the Company's common stock had closed below $1.00 per share, which is the minimum bid price required to maintain continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Requirement"). The Notice has no immediate effect on the listing of the Company's common stock. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has an initial period of 180 calendar days (which expires on February 18, 2025) to regain compliance with the Minimum Bid Requirement. To regain compliance, the closing bid price of the Company's common stock must be at least $1.00 per share for a minimum of 10 consecutive business days during this 180-calendar day period. If the Company does not regain compliance with the Minimum Bid Requirement during the initial 180 calendar day period, it may be eligible for an additional 180 calendar day compliance period. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the minimum bid price requirement, and will need to provide written notice to Nasdaq of its intention to cure the deficiency during the second compliance period. If the Company does not qualify for the second compliance period or fails to regain compliance during the second 180 calendar day period, Nasdaq will notify the Company of its determination to delist the Common Stock, at which point the Company would have an opportunity to appeal the delisting determination to a H
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: August 23, 2024 By: /s/ Michael J. Madigan Michael J. Madigan Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)