F45 Receives NYSE Non-Compliance Notice Over Low Stock Price
Shares of F45 have had an average closing price less than $1.00 for 30 consecutive trading days
F45 Training has received a notice from the New York Stock Exchange indicating that the functional fitness company, backed by Mark Wahlberg, isn’t in compliance with its listing standards because the average closing price of its stock was less than $1.00 over a 30-day consecutive trading period.
The notice doesn’t immediately affect the F45 stock listing on the NYSE.
F45 says it plans to respond to the NYSE within ten business days. The functional fitness company has a six-month period following the receipt of the notice to regain compliance.
According to its recently filed Form 8-K, F45 said it intends to consider a number of available alternatives to cure its non-compliance with NYSE’s price criteria.
BODi (formally Beachbody) received a similar NYSE notification last fall.
F45 itself 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 functional fitness company recently delayed filing its Q1 earnings for 2023, stating it needed additional time. The delay came on the heels of Ben Coates, F45’s former interim CEO, resigning from the functional fitness company’s board following the earlier board exit of co-founder Adam Gilchrist.
F45 says its ongoing transitions in its executive leadership team, including the recent appointment of its interim CFO and new CEO, have contributed to the delays in its filings.
F45 recently named Tom Dowd as CEO and Wahlberg as chief brand officer as it looks it to turn a corner from its recent shake-ups.
