Interactive Strength raises up to $500M via convertible notes to acquire FET tokens; initial $55M closed

Interactive Strength, Inc.

Initial $55.5M principal convertible notes (10% OID, 12% interest) issued to ATW Partners and DWF Labs; net $50M proceeds.
94.5% ($47.25M) of net proceeds used to buy FET tokens for crypto treasury; 5.5% for expenses.
Notes convertible into common at $0.9457 (20% premium to $0.7881 close) or exchangeable into FET after 6 months.
Up to $444.4M additional notes available (total $500M facility); Fetch.ai provides $47.25M backstop FET collateral.
Company enters technology collaboration with Fetch.ai to power AI-driven fitness training platform.

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