Interactive Strength (NASDAQ:TRNR) stock is rising higher on Monday after the specialty fitness equipment company won its appeal for continued listing on the Nasdaq Exchange.
According to a press release from Interactive Strength, the Nasdaq Hearings Panel has given the company until November 14, 2024, to regain listing compliance. The rule the company isn’t compliant with is maintaining a minimum stockholders’ equity of $2.5 million.
Trent Ward, co-founder and CEO of Interactive Strength, said the following about this news:
“We are pleased that the Hearings Panel agreed with our potential to regain compliance with the Equity Rule when we report our third quarter earnings in November and we look forward to achieving that target. As a starting point and an indication of our confidence in achieving compliance, we are proud to share that we would have been in compliance with the Equity Rule for the quarter that ended on June 30th on a pro forma basis, when including our equity offering that closed on July 2nd.”
How This Affects TRNR Stock Today
With this update comes heavy trading of TRNR stock on Monday. That has more than 85 million shares changing hands as of this writing. This is well above the company’s daily average trading volume of about 1.4 million shares.
TRNR stock is up 58.8% as of Monday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
