The board of Xponential Fitness Inc. reported on Monday at 5 p.m. that it was exploring “strategic alternatives” for the company such as a sale or merger.
“Our Board is firmly focused on maximizing value for shareholders, and we are confident that undertaking a thorough and disciplined review of the opportunities available to the company will determine the best path forward,” Independent Directors Rachel Lee and Lily Yang said in a statement.
The announcement follows the pleas of two Xponential shareholders, Voss Capital and Kanen Wealth Management, for the fitness studio franchisor to review alternatives such as a sale.
“While the Board conducts this process, the Xponential team is continuing to execute our strategy to position our brands for success,” Chief Executive Mike Nuzzo added.
Shares were up 1.9% to $6.88 apiece on Tuesday, after the news, with a market cap of $350 million (NYSE: XPOF).
