Interactive Strength Inc. completed the acquisition of All Assets of CLMBR, Inc. and CLMBR1, LLC for $13.7 million.
Daniel J. Layfield of Moore & Van Allen PLLC acted as legal advisor to Interactive Strength Inc. and Jordan H. Koss and Daniel J. Gawronski of Michael Best & Friedrich LLP acted as legal advisor to CLMBR, INC.
Interactive Strength Inc. (NasdaqGM:TRNR) completed the acquisition of All Assets of CLMBR, Inc. and CLMBR1, LLC for $13.7 million on February 2, 2024. As per the filling of May 20, 2024, the total purchase price $15.9 million consists of (i) cash of $30,000, (ii) shares of the Company?s common stock with a fair value of $1.0 million, 1,428,922 shares, (iii) shares of the Company?s non-voting Series B preferred stock with a fair value of $2.7 million, 1,500,000 shares, (iv) contingent consideration with a fair value of $1.3 million, and (v) the retirement of $9.4 million of senior debt and $1.4 million in related fees, such retirement to be in the form of a $1.4 million cash payment to the lender of the senior debt and the issuance of an $8.0 million promissory note to such lender (the ?Acquisition?).