F45 Training Holdings, Inc. reported receiving notice from the New York Stock Exchange (NYSE) that it is not in compliance for failing to file its annual report timely with the Securities and Exchange Commission (SEC). The SEC notice does not immediately affect the company’s NYSE listing.
F45 said that when the company reported in a prior regularity filing with the SEC on March 16, 2023, the fitness boutique was unable to finalize its 10-K report because the company and its independent registered public accounting firm required additional time to complete certain items concerning its financial statement preparation and review processes, including management’s assessment of the effectiveness of the company’s internal controls over financial reporting for the period ended December 31, 2022. The company said it “continues to work expeditiously to conclude its review and will file the 2022 Form 10-K as soon as practicable.”
F45 has six months from March 31, 2023, to file the 2022 Form 10-K with the SEC to regain compliance with the NYSE listing standards and could receive an extension of up to six months at the discretion of the NYSE.
On March 30, 2023, F45 named Tom Dowd as CEO and Mark Wahlberg as chief brand officer after announcing $90 million in new financing to improve its balance sheet and drive the business forward.
