TRNR Interactive Strength Inc

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 14, 2024

 

 

INTERACTIVE STRENGTH INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-41610	82-1432916
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
1005 Congress Avenue, Suite 925
Austin, Texas				78701
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 512 885-0035

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, $0.0001 par value per share		TRNR		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02 Results of Operations and Financial Condition.

On November 14, 2024, Interactive Strength Inc. (the "Company") issued a press release announcing its results of operations for the quarter ended September 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Press Release, dated November 14, 2024, issued by Interactive Strength Inc.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Interactive Strength Inc.
Date:	November 14, 2024	By:	/s/ Michael J. Madigan
			Michael J. Madigan Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

 

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INTERACTIVE STRENGTH INC.

Interactive Strength Inc. (Nasdaq: TRNR) Reports Third Quarter 2024 Results

Net Loss and Earnings per Diluted Share of $7.1 million and $1.53

Adjusted EBITDA was a $2.3 million loss, a $1.0 million improvement versus third quarter of 2023

The Company achieved third quarter revenue guidance of $2.0 million, a growth of 325% versus second quarter of 2024

The Company expects to generate $2.4 million in revenue in the fourth quarter of 2024

Stockholders’ Equity was $5.8 million at the end of the third quarter of 2024

Austin, Texas - November 14, 2024 - - Interactive Strength Inc. (Nasdaq: TRNR) (“TRNR” or the “Company”), maker of innovative specialty fitness equipment under the CLMBR and FORME brands, today announced its financial results for the third quarter of 2024.

The Company incurred a net loss of $7.1 million for the third quarter of 2024, or a loss of $1.53 per diluted share, as compared with a net loss of $10.4 million, or a loss of $29.35 per diluted share for the same period in 2023.

Adjusted EBITDA, a non-GAAP financial measure, was a $2.3 million loss for the quarter. Adjusted EBITDA for the third quarter reflects $3.2 million of non-cash stock-based compensation. For more information regarding the non-GAAP financial measures discussed in this press release, please see "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures" below.

Trent Ward, Co-Founder and CEO of TRNR, said: “The third quarter was very positive for us as we achieved the revenue guidance of $2.0 million and reduced the adjusted EBITDA loss to $2.3 million. We expect to improve on both those figures in the fourth quarter, with revenue expected to be $2.4 million and adjusted EBITDA loss to be below $2.0 million.”

“Our balance sheet improved due to the capital raise in July,” Mr. Ward continued, “and we finished the quarter with $2.3 million of cash. Most importantly, we also had a stockholders’ equity of $5.8 million, which is well in excess of the Nasdaq requirement of $2.5 million, and we expect that that figure will be higher at the end of the fourth quarter. When combined with the reverse split earlier this week, we believe we are fully in compliance with Nasdaq listing standards and expect to receive notification of full compliance in due course.”

“We have distributed our first shareholder letter this quarter and we are excited to share more about our business vision. We are actively working on additional acquisitions and will communicate more at the appropriate time,” Mr. Ward concluded.

For more commentary, information and details on the quarter’s performance and operations, please see TRNR’s shareholder letter, which will be posted on the Company’s investor website, www.interactivestrength.com once the 10-Q has been filed after market close today.

 

TRNR Investor Contact
ir@interactivestrength.com

TRNR Media Contact

forme@jacktaylorpr.com

 

 

 

 

 

 

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About Interactive Strength Inc.

Interactive Strength Inc. produces innovative specialty fitness equipment and digital fitness services under two main brands: 1) CLMBR and 2) FORME. Interactive Strength Inc. is listed on NASDAQ (symbol: TRNR).

CLMBR is a vertical climbing machine that offers an efficient and effective full-body strength and cardio workout. CLMBR's design is compact and easy to move – making it perfect for commercial or in-home use. With its low impact and ergonomic movement, CLMBR is safe for most ages and levels of ability and can be found at gyms and fitness studios, hotels, and physical therapy facilities, as well as available for consumers at home. www.clmbr.com.

FORME is a digital fitness platform that combines premium smart home gyms with live virtual personal training and coaching to deliver an immersive experience and better outcomes for both consumers and trainers. FORME delivers an immersive and dynamic at-home fitness experience through two connected hardware products: 1. The FORME Studio (fitness mirror) and 2. The FORME Studio Lift (fitness mirror and cable-based digital resistance). In addition to the company’s connected fitness hardware products, FORME offers expert personal training and health coaching in different formats and price points through Video On-Demand, Custom Training, and Live 1:1 virtual personal training. www.formelife.com.

Channels for Disclosure of Information

In compliance with disclosure obligations under Regulation FD, we announce material information to the public through a variety of means, including filings with the Securities and Exchange Commission (“SEC”), press releases, company blog posts, public conference calls, and webcasts, as well as via our investor relations website. Any updates to the list of disclosure channels through which we may announce information will be posted on the investor relations page on our website. The inclusion of our website address or the address of any third-party sites in this press release are intended as inactive textual references only.

Non-GAAP Financial Measures

In addition to our results determined in accordance with accounting principles generally accepted in the United States, or GAAP, we believe the following non-GAAP financial measures are useful in evaluating our operating performance.

The Company's non-GAAP financial measure in this press release consist of Adjusted EBITDA, which we define as net (loss) income, adjusted to exclude: other expense (income), net; income tax expense (benefit); depreciation and amortization expense; stock-based compensation expense; loss on debt extinguishment; vendor settlements; transaction related expenses; and IPO readiness costs and expenses.

The Company believes the above adjusted financial measures help facilitate analysis of operating performance and the operating leverage in our business. We believe that these non-GAAP financial measures are useful to investors for period-to-period comparisons of our business and in understanding and evaluating our operating results for the following reasons:

Our use of Adjusted EBITDA, or any other non-GAAP financial measures we may use in the future, is presented for supplemental informational purposes only and should not be considered as a substitute for, or in isolation from, our financial results presented in accordance with GAAP. Further, these non-GAAP financial measures have limitations as analytical tools. Some of these limitations are, or may in the future be, as follows:

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Further, the non-GAAP financial measures presented may not be comparable to similarly titled measures reported by other companies due to differences in the way that these measures are calculated. For example, the expenses and other items that we exclude in our calculation of Adjusted EBITDA may differ from the expenses and other items, if any, that other companies may exclude from Adjusted EBITDA when they report their operating results. Because companies in our industry may calculate such measures differently than we do, their usefulness as comparative measures is limited. Because of these limitations, Adjusted EBITDA should be considered along with other operating and financial performance measures presented in accordance with GAAP.

Cautionary Statement Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” “trajectory” or the negative of these terms or other comparable terms.However, the absence of these words does not mean that the statements are not forward-looking. Forward-looking statements include, but are not limited to, statements regarding: revenue projections for the third quarter based on expected deliveries; the Company's belief that it will be in compliance with the Equity Rule; the utility of non-GAAP financial measures; and the anticipated features and benefits of our product and service offerings. These forward-looking statements are subject to risks and uncertainties which may cause actual results to differ materially from those expressed or implied in such forward-looking statements. These risk and uncertainties include, but are not limited to, the following: our ability to achieve or maintain profitability; our future capital needs and ability to obtain additional financing to fund our operations; our ability to continue as a “going concern”; the growth rate, if any, of our business and revenue and our ability to manage any such growth; risks related to our subscription or any future revenue model; our limited operating history; our ability to compete successfully; fluctuations in our operating results and factors affecting the same; our reliance on sales of our Forme Studio equipment and CLMBR equipment; our ability to sustain competitive pricing levels; the growth rate, if any, of our target markets and our industry; the ability of our customers to obtain financing to purchase our products; our ability to forecast demand for our products and services, anticipate consumer preferences, and manage our inventory; our ability to attract and retain members, personal trainers, health coaches, and fitness instructors; our ability to expand our commercial and corporate wellness business; unforeseen costs and potential liability in connection with our products and services; our dependence on third-party systems and services; and risks related to potential acquisitions, intellectual property, litigation, dependence on key personnel, privacy, cybersecurity, and other regulatory, tax, and accounting matters, and international operations (including the impact of any geopolitical risks such as regional unrest or outbreak of hostilities or war), as well as the risks and uncertainties discussed in our most recently filed periodic reports on Form 10-Q and subsequent filings and as detailed from time to time in our SEC filings. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. All forward-looking statements set forth in this release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequence to or effects on the Company or its business or operations. These forward-looking statements reflect our management’s beliefs and views with respect to future events and are based on estimates and assumptions as of the date of this press release. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur. Accordingly, you should not rely upon forward-looking statements as predictions of future events. Forward-looking statements set forth in this release speak only as of the date hereof, and we do not undertake any obligation to update forward-looking statements to reflect subsequent events or circumstances, changes in expectations or the occurrence of unanticipated events, except to the extent required by law.

 

 

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INTERACTIVE STRENGTH INC. AND SUBSIDIARIES

KEY PERFORMANCE AND BUSINESS METRICS

(unaudited)

(In thousands)

 

		Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
Net Loss (in thousands)		$	(7,141	)		$	(10,408	)		$	(29,172	)		$	(39,971	)
Adjusted EBITDA (in thousands)		$	(2,348	)		$	(3,373	)		$	(8,691	)		$	(13,532	)

 

 

 

 

Adjusted EBTIDA - Please refer to the reconciliation table titled "Reconciliation of Non-GAAP Financial Measures"

With the acquisition of CLMBR, Inc., and the evolution of the FORME business, the Company is now primarily selling to commercial customers ("B2B") and therefore the previously reported Key Operational and Business Metrics associated with a direct to consumer business model ("DTC") are not indicative of the performance of the business. Therefore, the Company will no longer report the following Key Operational and Business Metrics: Households, Members, Annual Recurring Revenue, Average Annualized Recurring Revenue per Household, and Net Dollar Retention Rate.

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RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

INTERACTIVE STRENGTH INC. AND SUBSIDIARIES

CONSOLIDATED RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(unaudited)

(In thousands)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
		(in thousands)
Net Loss		$	(7,141	)		$	(10,408	)		$	(29,172	)		$	(39,971	)
Adjusted to exclude the following:
Total other expense (income), net			(723	)			333				5,718				(657	)
Income tax benefit (expense)			—				—				—				—
Depreciation and amortization expense			1,392				1,696				5,106				4,931
Stock-based compensation expense (1)			3,157				4,836				9,448				23,773
Gain (loss) on extinguishment of debt (2)			110				—				(1,622	)			—
Vendor settlements (3)			—				—				—				(2,595	)
IPO readiness costs and expenses (4)			—				—				—				817
Transaction related expenses (5)			857				170				1,831				170
Adjusted EBITDA (6)		$	(2,348	)		$	(3,373	)		$	(8,691	)		$	(13,532	)

 

(1) Stock-based compensation expense.

(2) Loss on debt extinguishment related to the conversion of promissory notes and senior secured notes to convertible notes.

(3) Gain on forgiveness of debt related to the third-party Content Provider.

(4) Adjusts for IPO- readiness costs and expenses that do not qualify as equity issuance costs.

(5) Transaction costs related to acquisition of CLMBR, Inc and Best Efforts Offering.

(6) Please refer to the "Non-GAAP Financial Measures" section.

 

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INTERACTIVE STRENGTH INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(In thousands, except share and per share amounts)

 

		Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
Revenue:
Fitness product revenue		$	1,617			$	206			$	1,927			$	502
Membership revenue			224				38				586				94
Training revenue			173				62				484				183
Total revenue			2,014				306				2,997				779
Cost of revenue:
Cost of fitness product revenue			(1,349	)			(360	)			(2,075	)			(1,529	)
Cost of membership			(768	)			(960	)			(2,768	)			(2,861	)
Cost of training			(185	)			(109	)			(522	)			(300	)
Total cost of revenue			(2,302	)			(1,429	)			(5,365	)			(4,690	)
Gross loss			(288	)			(1,123	)			(2,368	)			(3,911	)
Operating expenses:
Research and development			2,212				2,357				6,708				7,796
Sales and marketing			194				282				562				1,473
General and administrative			5,060				6,313				15,438				30,043
Total operating expenses			7,466				8,952				22,708				39,312
Loss from operations			(7,754	)			(10,075	)			(25,076	)			(43,223	)
Other income (expense), net:
Other income (expense), net			256				(179	)			(506	)			25
Interest expense			(1,831	)			(154	)			(6,750	)			(1,382	)
Gain upon debt forgiveness			—				—				—				2,595
Loss on issuance of warrants			(4,780	)			—				(5,551	)			—
Gain (loss) upon extinguishment of debt and accounts payable			110				—				(1,622	)			—
Change in fair value of convertible notes			—				—				(316	)			(252	)
Change in fair value of earnout			—				—				1,300				—
Change in fair value of derivatives			956				—				201				—
Change in fair value of warrants			5,902				—				9,148				2,266
Total other income (expense), net			613				(333	)			(4,096	)			3,252
Loss before provision for income taxes			(7,141	)			(10,408	)			(29,172	)			(39,971	)
Income tax expense			—				—				—				—
Net loss attributable to common stockholders		$	(7,141	)		$	(10,408	)		$	(29,172	)		$	(39,971	)
Net loss per share - basic and diluted		$	(1.53	)		$	(29.35	)		$	(15.22	)		$	(136.06	)
Weighted average common stock outstanding—basic and diluted			4,653,452				354,656				1,916,375				293,773

 

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INTERACTIVE STRENGTH INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(In thousands, except share and per share amounts)

		September 30,				December 31,
		2024				2023
Assets
Current assets:
Cash and cash equivalents		$	2,269			$	—
Accounts receivable, net of allowances			519				1
Inventories, net			4,773				2,607
Derivatives			19				—
Vendor deposits			1,976				1,815
Prepaid expenses and other current assets			684				933
Total current assets			10,240				5,356
Property and equipment, net			164				444
Right-of-use-assets			492				283
Intangible assets, net			7,184				2,254
Long-term inventories, net			3,198				2,908
Vendor deposits long term			310				309
Goodwill			13,519				—
Other assets			2,646				5,248
Total Assets		$	37,753			$	16,802
Liabilities, preferred stock and stockholders' equity (deficit)
Current liabilities:
Accounts payable		$	12,880			$	10,562
Accrued expenses and other current liabilities			3,174				906
Operating lease liability, current portion			302				54
Deferred revenue			104				77
Loan payable current portion			5,298				5,806
Senior secured notes			—				3,096
Income tax payable			7				7
Derivatives			—				122
Convertible note payable			4,784				904
Total current liabilities			26,549				21,534
Operating lease liability, net of current portion			210				229
Other long term liabilities			1,050				—
Warrant liabilities			156				591
Loan payable noncurrent			3,996				—
Total liabilities		$	31,961			$	22,354
Commitments and contingencies (Note 14)
Stockholders' equity (deficit)
Series A preferred stock, par value $0.0001; 10,000,000 and 0 shares authorized as of September 30, 2024 and December 31, 2023, respectively; 5,368,865 and 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively.			1				—
Series B preferred stock, par value $0.0001; 1,500,000 and 0 shares authorized as of September 30, 2024 and December 31, 2023, respectively; 1,500,000 and 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively.			—				—
Series C preferred stock, par value $0.0001; 5,000,000 and 0 shares authorized as of September 30, 2024 and December 31, 2023, respectively; 2,861,128 and 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively.			—				—
Common stock, par value $0.0001; 900,000,000 shares authorized as of September 30, 2024 and December 31, 2023, respectively; 17,170,456 and 354,802 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively.			8				7
Additional paid-in capital			202,509				161,252
Accumulated other comprehensive (loss) income			(105	)			100
Accumulated deficit			(196,621	)			(166,911	)
Total stockholders' equity (deficit)			5,792				(5,552	)
Total liabilities, preferred stock and stockholders' equity (deficit)		$	37,753			$	16,802

 

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INTERACTIVE STRENGTH INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited)

(In thousands)

		Nine Months Ended September 30,
		2024				2023
Cash Flows From Operating Activities:
Net loss		$	(29,172	)		$	(39,971	)
Adjustments to reconcile net loss to net cash used in operating activities:
Foreign currency			218				64
Depreciation			418				743
Amortization			4,687				4,188
Non-cash lease expense			203				66
Inventory valuation loss and inventory step up amortization			141				261
Stock-based compensation			9,448				23,773
Loss on extinguishment of debt and accounts payable			1,622				—
Gain upon debt forgiveness			—				(2,595	)
Fair value of common stock issued with Best Efforts Offering			299				—
Interest expense			2,147				77
Amortization of debt discount			4,603				1,305
Common stock issued to lender in connection with entering Equity Line of Credit Agreement			368				—
Change in fair value of convertible notes			316				252
Loss on issuance of warrants			5,894				442
Loss on exchange of warrants for equity			358				—
Change in fair value of earnout			(1,300	)			—
Change in fair value of derivatives			(201	)			—
Change in fair value of warrants			(9,148	)			(2,266	)
Changes in operating assets and liabilities
Accounts receivable			(1,134	)			(7	)
Inventories			684				(442	)
Prepaid expenses and other current assets			342				464
Vendor deposits			(101	)			323
Warrant liabilities			—				—
Other assets			(13	)			(10	)
Accounts payable			(3	)			585
Accrued expenses and other current liabilities			862				(780	)
Deferred revenue			(234	)			37
Operating lease liabilities			(213	)			(70	)
Net cash used in operating activities			(8,909	)			(13,561	)
Cash Flows From Investing Activities:
Acquisition of internal use software			—				(349	)
Acquisition of business, cash paid, net of cash acquired			(1,447	)			—
Acquisition of software and content			40				(797	)
Net cash used in investing activities			(1,407	)			(1,146	)
Cash Flows From Financing Activities:
Payments of loans			(831	)			—
Proceeds from loans			1,280				—
Proceeds from related party loans			650				465
Payments of related party loans			(527	)			(483	)
Proceeds from issuance of common stock and pre-funded warrants upon offering, net of offering costs			4,510				10,820
Payments of offering costs			(90	)			(1,453	)
Proceeds from senior secured notes			—				3,030
Payments of senior secured notes			—				(2,000	)
Redemption on convertible notes			(212	)			—
Proceeds from issuance of convertible notes, net of issuance costs			4,756				—
Proceeds from the issuance of Class A common stock			—				4,247
Proceeds from issuance of common stock from At the Market Offering, net of issuance costs			4,023				—
Interest paid on loans and convertible notes			(1,093	)			—
Proceeds from the exercise of common stock options and warrants			92				30
Proceeds from the issuance of common stock from equity line of credit			389				—
Net cash provided by financing activities			12,947				14,656
Effect of exchange rate on cash			(362	)			(145	)
Net Change In Cash and Cash Equivalents			2,269				(196	)
Cash and restricted cash at beginning of the period			-				226
Cash and restricted cash at end of period		$	2,269			$	30
Supplemental Disclosure Of Cash Flow Information:
Interest expense due but not paid			1,054				—
Non-Cash Investing and Financing Information:
Property & equipment in accounts payable			18				18
Issuance of common stock and series B preferred stock for the acquisition of business			3,969				—
Offering costs in accounts payable and accrued expenses			69				3,155
Issuance of preferred stock through conversion of debt			15,170				—
Exercise and exchange of stock warrants			480				2,468
Conversion of convertible notes into common stock			1,949				4,521
Right-of-use assets obtained in exchange for new operating lease liabilities			—				313
Decrease in right-of-use asset and operating lease liabilities due to lease termination			—				61
Issuance of common stock from convertible notes and conversion of debt			920				—
Issuance of common stock from rights offering			—				202
Net exercise of options			—				323
Non cash settlement of accounts receivable and debt			750				—
Stock-based compensation capitalized in intangible asset and other assets			155				745

 

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v3.24.3

Document And Entity Information	Nov. 14, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 14, 2024
Entity Registrant Name	INTERACTIVE STRENGTH INC.
Entity Central Index Key	0001785056
Entity Emerging Growth Company	true
Entity File Number	001-41610
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1432916
Entity Address, Address Line One	1005 Congress Avenue, Suite 925
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78701
City Area Code	512
Local Phone Number	885-0035
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Ex Transition Period	false
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	TRNR
Security Exchange Name	NASDAQ

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