TRNR Announces Second 1-for-10 Reverse Stock Split Amid Nasdaq Compliance Pressure

On February 20, 2026, Interactive Strength Inc. (NASDAQ: TRNR) announced that it will implement a 1-for-10 reverse stock split of its issued and outstanding common stock, effective February 24, 2026. The company’s shares will continue to trade under the ticker symbol “TRNR,” but will be assigned a new CUSIP number: 45840Y500.

This marks the second 1-for-10 reverse stock split executed by TRNR within eight months, following a similar action on June 27, 2025, highlighting the company’s ongoing capital market compliance pressure.

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I. Key Facts of the Reverse Stock Split

The reverse stock split will reduce the company’s outstanding shares from approximately 14.3 million to approximately 1.4 million shares. Every ten pre-split shares will automatically be converted into one post-split share. The total number of authorized shares and the par value per share will remain unchanged.

According to the company, the primary purpose of the reverse stock split is to regain compliance with the Nasdaq Capital Market’s minimum bid price requirement of $1.00 per share. Under Nasdaq rules, if a listed company’s closing bid price remains below $1.00 for 30 consecutive trading days, it receives a non-compliance notice and must regain compliance within a specified cure period by maintaining a closing price of at least $1.00 for a minimum of ten consecutive trading days.

On the day of the announcement (February 20), TRNR’s stock price declined approximately 40%, reflecting a strong negative market reaction.

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II. CEO Letter: Compliance Urgency and an M&A-Driven Strategy

In a shareholder letter released the same day, CEO Trent Ward acknowledged that the company had hoped to avoid implementing a reverse split. However, as the stock price was approaching the 30-day threshold below $1.00, the company had no alternative but to proceed.

He emphasized that maintaining Nasdaq listing compliance is fundamental to TRNR’s M&A-driven growth strategy. The recently signed and definitive-stage