Interactive Strength Inc (TRNR) has released an update to notify the public and investors about corporate charter and bylaws modifications.
The Board of Directors of the Company has approved the designation of 1,500,000 shares as Series B Preferred Stock, which will automatically convert into common stock under certain conditions after 24 months from the Original Issuance Date, pending stockholder approval. If approval is not received, voluntary conversion is possible up to a limit of 19.99% of outstanding common stock. These preferred shares will not have voting rights or dividend entitlements and will not be listed on any securities exchange, with no established trading market currently in place.
For further insights into TRNR corporate activity, check out TipRanks’ Insiders Trading Activity page.
For a comprehensive understanding of the announcement, you can read the full document here.
