Interactive Strength Inc. has announced the issuance of a convertible promissory note valued at $725,000 to S Interactive LLC, with a discounted purchase price of $652,500. The note, maturing on June 4, 2027, carries an annual interest rate of 15%. The company has the option to prepay the note before maturity; however, if the accrued interest is less than $217,500 at the time of prepayment, the company must compensate the holder for the shortfall. Additionally, the note can be converted into Series A Preferred Stock at $1.25 per share before maturity. This financial move highlights Interactive Strength Inc.'s strategic approach to managing its capital structure and financial obligations.
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