<SEC-DOCUMENT>0001193125-23-099319.txt : 20230525
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<ACCEPTANCE-DATETIME>20230412164649
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-23-099319
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230412

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Interactive Strength, Inc.
		CENTRAL INDEX KEY:			0001785056
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC & OTHER ELECTRICAL EQUIPMENT (NO COMPUTER EQUIP) [3600]
		IRS NUMBER:				821432916
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1005 CONGRESS AVENUE
		STREET 2:		SUITE 925
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78701
		BUSINESS PHONE:		3106978655

	MAIL ADDRESS:	
		STREET 1:		1005 CONGRESS AVENUE
		STREET 2:		SUITE 925
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78701
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pillsbury Winthrop Shaw Pittman LLP</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2550
Hanover Street | Palo Alto, CA 94304-1115 | tel 650.233.4500 | fax 650.233.4545</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Davina K. Kaile</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">tel: +1.650.233.4564</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">dkaile@pillsburylaw.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA EDGAR </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;12, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Manufacturing
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE Washington, DC 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Attn:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Patrick&nbsp;Fullem</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Asia Timmons-Pierce</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Jeff Gordon</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Andrew Blume</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Re:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Interactive Strength, Inc.</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Filed March&nbsp;29, 2023 (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-269246)</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>CIK No. 0001785056</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
behalf of Interactive Strength Inc. (the &#147;Registrant&#148; or the &#147;Company&#148;), we are providing this letter in response to the comments of the staff of the U.S. Securities and Exchange Commission&#146;s Division of Corporation Finance
(the &#147;Staff&#148;) contained in its letter, dated April&nbsp;11, 2023 (the &#147;Comment Letter&#148;), relating to the Registrant&#146;s Amendment No.&nbsp;3 to Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1,</FONT> filed
on March&nbsp;29, 2023 (the &#147;Registration Statement&#148;).<I> </I>The Registrant is concurrently filing herewith Amendment No.&nbsp;4 to the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> (the &#147;Amended
Registration Statement&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The responses below correspond to the numbering and headings of the paragraphs contained in the Comment Letter, which for
your convenience we have incorporated into this response letter in italics. Page references in the text of the Registrant&#146;s responses correspond to the page numbers of the Registration Statement. Capitalized
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">VIA EDGAR </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
terms used in this letter but not otherwise defined in this letter shall have the meanings set forth in the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Amendment No.3 to Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> filed March&nbsp;29, 2023 </U></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Use of Proceeds, page 89 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your disclosure that you expect to use a portion of the net proceeds to repay amounts outstanding
under senior secured notes. Please revise to disclose in this section the amount of proceeds that you intend to use for repayment of debt. Also, disclose the interest rates and maturity dates of the debt. To the extent the debt was incurred within
one year, describe the use of proceeds of such indebtedness. Refer to Instruction 4 to Item 504 of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT></I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The Registrant respectfully acknowledges the Staff&#146;s comment and has revised the disclosure under &#147;Use of
Proceeds&#148; in the Amended Registration Statement to specify that the Registrant anticipates using $2.0&nbsp;million of the net proceeds from the offering to repay in full the principal amount outstanding under the senior secured notes issued in
the Bridge Note Financing, and to disclose that the maturity dates of the senior secured notes are the earlier of: (i)&nbsp;May&nbsp;15, 2023; or (ii)&nbsp;if the offering is closed on or before May&nbsp;15, 2023, five business days thereafter. The
Registrant supplementally confirms that the senior secured notes do not bear any interest and that in lieu of thereof, the Registrant issued warrants to the noteholders as disclosed on page&nbsp;15 and elsewhere in the Amended Registration
Statement. In response to the Staff&#146;s comment, similar disclosure regarding the issuance of warrants in lieu of interest on the senior secured notes has been added under &#147;Use of Proceeds.&#148; Disclosure has also been added under
&#147;Use of Proceeds&#148; to clarify that the proceeds from the Bridge Note Financing provided <FONT STYLE="white-space:nowrap">short-term</FONT> liquidity and were used for general corporate purposes, including working capital, sales and
marketing activities, and general and administrative matters. Conforming disclosure regarding the foregoing has also been added under &#147;The Offering &#150; Use of Proceeds.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Report of Independent Registered Public Accounting Firm, page <FONT STYLE="white-space:nowrap">F-2</FONT> </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that the audit report dated March</I><I></I><I>&nbsp;29, 2023 is unsigned. Please provide a signed
audit report as required by Rule <FONT STYLE="white-space:nowrap">2-02(a)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT></I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The Registrant acknowledges the Staff&#146;s comment and confirms that the signed audit report has been included on page <FONT
STYLE="white-space:nowrap">F-2</FONT> of the Amended Registration Statement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">VIA EDGAR </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please contact the undersigned at (650) <FONT STYLE="white-space:nowrap">233-4564</FONT> or
dkaile@pillsburylaw.com with any questions regarding the responses to the Staff&#146;s comments or the Registration Statement, or if you require any additional information. Thank you in advance for your attention to this matter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Davina K. Kaile </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Davina K. Kaile </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">cc:&nbsp;&nbsp;&nbsp;&nbsp;Trent Ward </P>
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