Fellow shareholders –
I wanted to provide a quick update and overview on our recent Nasdaq-related announcements, including the one we issued yesterday.
Those of you who follow us closely know that we’ve had our fair share of filings and disclosures this year about our listing. Given the changes we have made – and continue to make – to our basic business model, this kind of cascade of exchange-related updates isn’t unprecedented.
It can get confusing, however. So, as we wind this year down, I wanted to summarize where we are at – because it’s important that all our shareholders recognize why we believe that we’re in great shape with respect to our listing heading into 2025.
Specifically, with respect to two key Nasdaq standards – bid price compliance and stockholders’ equity – the exchange has recently confirmed in separate letters that TRNR fully meets Nasdaq’s requirements. Our stock has traded above $1.00 for a defined period; and we also reported, as part our Q3 earnings, $5.8 million of stockholder equity, well over the required $2.5 million minimum. There is a third Nasdaq standard related to publicly held shares, but we had addressed this deficiency before we received the letter and it is a prerequisite to be in compliance with this standard before a company can be in compliance with the $1.00 share price rule, so we did not specifically address it.
As I noted in our releases, the confirmations from Nasdaq are exciting news, as it allows us to keep our focus on running and growing TRNR’s businesses. On that front, we’re proud of our steady progress, as our performance over the course of 2024 shows steady improvement sequentially as well as year on year, on both our top and bottom lines.
The market makes its own determinations, of course, but we believe we are very much on the right track with the strategy outlined in our recent quarterly shareholder letter. We’ll have more to report with respect to how we are executing against this strategy in the coming weeks – and of course we also expect to have more commercial progress to share as well.
In the meantime, to reiterate, we have successfully solidified our Nasdaq compliance status, and in so doing, de-risked one of our most valuable assets – our listing, which gives us the flexibility and opportunity to efficiently invest in growing businesses like CLMBR.
Best, Trent