Business
Interactive Strength Inc. (Nasdaq: TRNR) Strengthens Balance Sheet by Partially Converting Senior Loan to Equity and Extending the Maturity
Reduced the Liability of the Senior Loan by Converting $3.0 Million to Equity Extended the Maturity of the Remaining Balance to December 2024 AUSTIN, TX -
About this update from Interactive Strength Inc.
[{"type":"text","content":" Reduced the Liability of the Senior Loan by Converting $3.0 Million to Equity\n Extended the Maturity of the Remaining Balance to December 2024\nAUSTIN, TX - (NewMediaWire) - April 26, 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 it had converted $3.0 million of the Company's $8.0 million senior loan to equity and extended the maturity of the remaining loan balance to December 2024.Trent Ward, Co-Founder and CEO of TRNR, said: \"We continue to make progress towards financial stability with the reduction of liabilities and the extension of maturity of our senior loan. We expect to be approaching profitability as early as the fourth quarter of this year based on the performance of the CLMBR business that we acquired in February. As part of that transaction, we assumed some of the liabilities of CLMBR, including this senior loan, and we expect that the Company will be able to re-finance the loan as it matures.\"\nTRNR Investor Contact\[email protected]\n \nTRNR Media Contact\[email protected]\nAbout Interactive Strength Inc.:\nInteractive 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).\nCLMBR 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.\nFORME 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 per...