F45 Adds Anthony Pasqua to its Board
The functional fitness company recently received a notice from the NYSE that it’s not in compliance with listing standards due to its stock price
Functional fitness company F45 Training has elected Anthony Pasqua, a partner and executive of Kennedy Lewis Investment Management LLC, to its board of directors.
The fitness company recently named Tom Dowd as CEO and Mark Wahlberg as chief brand officer, and has experienced high-profile departures on its board.
According to a recent SEC filing, the board elected Pasqua on May 22, and his position is effective immediately. Pasqua will serve as a Class II Director until the F45’s 2023 annual meeting of stockholders and until his successor is elected and qualified.
The filing states that Pasqua won’t receive compensation for his service as a non-employee director of F45.
Pasqua is currently a partner, CFO and COO of Kennedy Lewis Investment Management.
Kennedy Lewis is the investment manager to F45 stockholders. Last fall, the functional fitness company received an unsolicited $385 million bid from the firm to take F45 private.
F45 recently received a notice from the New York Stock Exchange indicating that the Mark Wahlberg-backed fitness company isn’t in compliance with listing standards because the average closing price of its stock was less than $1.00 over a 30-day consecutive trading period.
The functional fitness company has a six-month period following the receipt of the notice to regain compliance. F45 said it intends to consider available alternatives to cure its non-compliance with the NYSE’s price criteria.
F45 was hit with a separate NYSE notice of non-compliance in April after it failed to timely file its annual Form 10-K report for the year ending December 31, 2022.
The fitness company has recently experienced numerous high-level personnel changes, with former interim CEO Ben Coates resigning from the F45 board following the earlier exit of co-founder Adam Gilchrist.
