Interactive Strength Inc. Secures $15M Credit Facility to Support Increased Demand
AUSTIN, TX, June 12, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Interactive Strength Inc. d/b/a FORME (the "Company", or “FORME”) (NASDAQ: TRNR), maker of premium smart home gyms and provider of virtual personal training services, announces that on June 6th the Company signed a note purchase agreement to issue senior secured notes (the "Notes") with gross proceeds to the Company of up to $15.0 million.
The lead investor has committed to purchase at least $7.5 million of the Notes and the Notes have a two-year maturity, at 10.0% interest per annum, and with a 5.0% original issuance discount, representing a total cost of debt of 12.5% over the term of the Notes.
FORME recently announced partnerships with the luxury hotel chain Aethos and sports retail company SIGNA Sports United. Aethos has hotels and clubs across Europe, while SIGNA is based in Germany and serves over 80 online sites. These partnerships will give FORME entry into a new market plus access to an established customer base.
“We are pleased to announce additional funding on attractive terms,” commented Trent Ward, FORME’s CEO. “As we advance commercialization of FORME’s premium smart home gyms with virtual personal training, this funding will help support our growth initiatives as we increase our prescence in the U.S and expand throughout Europe. FORME’s business model offers attractive high-recurring revenue per device, as we combine premium connected fitness hardware products with personal training and coaching. When combined with the proceeds from the IPO, we believe the proceeds from the senior loan we signed this week should fund the Company well into 2024.”
About Interactive Strength Inc.
Interactive Strength Inc. (NASDAQ: TRNR) d/b/a Forme is a digital fitness platform that combines premium connected fitness hardware products with personal training and coaching (from real humans) to deliver an immersive experience and better outcomes for both consumers and trainers. We believe we are the pioneer brand in the emerging sector of virtual personal training and health coaching and that our products and services are accelerating a powerful shift towards outcome-driven fitness solutions. The company is headquarters in Austin, Texas, USA. Visit formelife.com for more information, and connect with Forme on Facebook, and Instagram.
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