Australian-born gym chain F45 intends to delist its shares from the New York Stock Exchange, after what one market observer dubbed a “disaster” run for the company since its powerhouse IPO lifted the company to a $2 billion valuation.
F45, an early pioneer of the box gym franchise model, announced on Wednesday its intention to pull its shares from the NYSE after two years of public trading.
The company has fallen behind on public filings required for listing on the stock exchange, and its average share price has languished below US$1 for 30 days, the company stated.
“Going dark” will shave the ongoing costs associated with public listing, the company added, while noting its low trading price has hampered its ability to raise capital and attract institutional investors.
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