Nautilus, Inc. Announces Plans to Change Corporate Name to BowFlex Inc.
October 19 2023 - 4:45PM
Business Wire
Company to also change NYSE ticker to BFX,
effective November 1
Nautilus, Inc. (NYSE: NLS) announced today plans to change its
corporate name to BowFlex Inc., reflecting a focus on the Company’s
strongest consumer brand, and continued execution of its growth
transformation strategy, North Star.
“In the last few decades, BowFlex has become a powerful brand in
our portfolio, recognized for quality and innovative strength and
cardio equipment,” commented Jim Barr, Chief Executive Officer and
Director. “Our new corporate identity better represents our unique
position in connected at-home fitness equipment and reinforces our
focus to help people build inner and outer strength. We’re gearing
up for an exciting fitness season as we introduce a pipeline of new
products this holiday season and continue to position our Company
to capitalize on the enduring shift to home fitness.”
The Company expects the corporate name change to be effective
November 1, 2023. In tandem, the Company also intends to change its
ticker symbol on the New York Stock Exchange from “NLS” to “BFX”
effective on November 1, 2023. BowFlex Inc. will be led by the
current management team and will continue its mission of fueling
the joy of movement in thousands of people worldwide daily.
The corporate name and ticker symbol change follow the Company’s
sale of the Nautilus brand trademark assets and related licenses
earlier this year as part of its ongoing comprehensive strategic
review.
“As BowFlex Inc., we remain committed to our shareholders, our
partners, our customers and our employees,” added Aina Konold,
Chief Financial Officer. “We are excited for this next chapter and
what it means for us as we continue to execute on our North Star
strategy.”
About Nautilus, Inc. (The future BowFlex Inc.)
Nautilus, Inc. (NYSE:NLS), which is changing its name to BowFlex
Inc., is a global leader in digitally connected home fitness
solutions. The Company’s brand family includes Bowflex®, Schwinn®,
and JRNY®, its digital fitness platform. With a broad selection of
exercise bikes, cardio equipment, and strength training products,
we empower healthier living through individualized connected
fitness experiences and in doing so, envisions building a healthier
world, one person at a time.
Headquartered in Vancouver, Washington, the Company’s products
are sold direct to consumer on brand websites and through retail
partners and are available throughout the U.S. and internationally.
Nautilus, Inc. uses the investor relations page of its website
(www.nautilusinc.com/investors) to make information available to
its investors and the market.
Forward-Looking Statements
This press release includes forward-looking statements
(statements which are not historical facts) within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements include, but are not limited to, express or implied
forward-looking statements relating to the Company’s corporate name
change, the Company’s NYSE ticker symbol change, the introduction
of new products, and the Company’s anticipated business and
financial performance. All of these forward-looking statements are
subject to risks and uncertainties that may change at any time.
Factors that could cause Nautilus, Inc.’s actual expectations to
differ materially from these forward-looking statements also
include: weaker than expected demand for new or existing products;
our ability to timely acquire inventory that meets our quality
control standards from sole source foreign manufacturers at
acceptable costs; risks associated with current and potential
delays, work stoppages, or supply chain disruptions, including
shipping delays due to the severe shortage of shipping containers;
an inability to pass along or otherwise mitigate the impact of raw
material price increases and other cost pressures, including
unfavorable currency exchange rates and increased shipping costs;
experiencing delays and/or greater than anticipated costs in
connection with launch of new products, entry into new markets, or
strategic initiatives; our ability to hire and retain key
management personnel; changes in consumer fitness trends; changes
in the media consumption habits of our target consumers or the
effectiveness of our media advertising; a decline in consumer
spending due to unfavorable economic conditions; risks related to
the impact on our business of the COVID-19 pandemic or similar
public health crises; softness in the retail marketplace;
availability and timing of capital for financing our strategic
initiatives, including being able to raise capital on favorable
terms or at all; changes in the financial markets, including
changes in credit markets and interest rates that affect our
ability to access those markets on favorable terms and the impact
of any future impairment. Additional assumptions, risks and
uncertainties are described in detail in our registration
statements, reports and other filings with the Securities and
Exchange Commission, including the “Risk Factors” set forth in our
Annual Report on Form 10-K, as supplemented by our quarterly
reports on Form 10-Q. Such filings are available on our website or
at www.sec.gov. You are cautioned that such statements are not
guarantees of future performance and that our actual results may
differ materially from those set forth in the forward-looking
statements. We undertake no obligation to publicly update or revise
forward-looking statements to reflect subsequent developments,
events, or circumstances, except as may be required under
applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20231019001886/en/
Investor Relations: John Mills ICR, LLC 646-277-1254
John.Mills@icrinc.com
Media: John Fread Nautilus, Inc. 360-859-5815
jfread@bowflex.com
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