Business
Interactive Strength Inc. (Nasdaq: TRNR) Announces Closing of $4 Million Public Offering
AUSTIN, TX - (NewMediaWire) - July 02, 2024 - Interactive Strength Inc. (NASDAQ: TRNR) ("Interactive Strength" or the "Company"), maker of innovative
About this update from Interactive Strength Inc.
[{"type":"text","content":"AUSTIN, TX - (NewMediaWire) - July 02, 2024 - Interactive Strength Inc. (NASDAQ: TRNR) (\"Interactive Strength\" or the \"Company\"), maker of innovative specialty fitness equipment under the CLMBR and FORME brands, announced today the closing of its previously announced public offering for the purchase and sale of an aggregate of 2,836,880 shares of its common stock (or common stock equivalents in lieu thereof), Series A-1 warrants to purchase up to 2,836,880 shares of common stock and Series A-2 warrants to purchase up to 2,836,880 shares of common stock (all the warrants, collectively, the \"Series Warrants\"), at a combined public offering price of $1.41 per share (or per common stock equivalent in lieu thereof) and accompanying Series Warrants. The Series Warrants have an exercise price of $1.41 per share and will be exercisable beginning on the effective date of stockholder approval of the issuance of the shares upon exercise of the Series Warrants. The Series A-1 warrants will expire on the five-year anniversary of the initial issuance date. The Series A-2 warrants will expire on the eighteen month anniversary of the initial issuance date.\nH.C. Wainwright & Co. acted as the exclusive placement agent for the offering.\nThe gross proceeds to the Company from the offering, before deducting the placement agent's fees and other offering expenses payable by the Company, were approximately $4 million. The potential additional gross proceeds to the Company from the Series Warrants, if fully exercised on a cash basis, will be approximately $8 million. No assurance can be given that any of the Series Warrants will be exercised for cash. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.\nThe securities described above were offered pursuant to a registration statement on Form S-1 (File No. 333-280410), as amended, which was declared effective by the Securities and Exchange Commission (the \"SEC\") on July 1, 2024. The offering was made only by means of a prospectus forming part of the effective registration statement relating to the offering. Electronic copies of the final prospectus may be obtained on the SEC's website at http://www.sec.gov and may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at ...