AUSTIN, TX, April 27, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Interactive Strength Inc. (FORME) announced today the pricing of its initial public offering of an aggregate of 1,500,000 shares of its common stock at a price to the public of $8.00 per share. The shares are expected to begin trading on The Nasdaq Global Market under the ticker symbol “TRNR” on April 28, 2023. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses, are expected to be $12 million, excluding any exercise of the underwriter’s over-allotment option. The offering is expected to close on May 2, 2023, subject to customary closing conditions.
In addition, FORME has granted the underwriter a 45-day option to purchase up to 225,000 additional shares of common stock at the initial price to the public, less underwriting discounts and commissions. If exercised in full, the aggregate proceeds of the base offering and over-allotment will be $13.8 million.
Aegis Capital Corp is acting as the sole underwriter.
The offering is being made only by means of a prospectus. A copy of the final prospectus, when available, may be obtained from Aegis Capital Corporation, 1345 Avenue of the Americas, 27th Floor, New York, NY 10019, by e-mail at syndicate@aegiscap.com or by telephone at (212) 813-1010.
A registration statement relating to these securities has been filed with, and declared effective on April 27, 2023 by, the U.S. Securities and Exchange Commission. Copies of the registration statement, as amended, can be accessed through the SEC’s website at www.sec.gov. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About FORME
FORME is a digital fitness platform that combines premium connected fitness hardware products 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 at-home fitness experience through two connective hardware products: 1. The FORME Studio (fitness mirror) and 2. The FORME Studio Lift (fitness mirror and cable-based digital resistance). The Studios uniquely transform to host a variety of workouts and activities, returning to an elegant, full-length mirror when not in use. 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.
Forward Looking Statements:
This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. These forward-looking statements include any statements regarding the commencement of trading of FORME’s common stock on The Nasdaq Global Market and the closing of the offering. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under “Risk Factors” in FORME’s registration statement relating to the offering. Except as required by law, FORME has no obligation to update any of these forward-looking statements to conform these statements to actual results or revised expectations.
Contacts:
For investors:
adam@tradigitalir.com
For media:
forme@jacktaylorpr.com
