On July 26, 2022, the Company disclosed that its CEO had resigned, that about 60% fewer exercise studios would be opening than previously stated, that a $250 million credit line was no longer available, and that it made significant cuts to its financial guidance including decreasing full-year 2022 revenue to just between $120 million and $130 million, compared to the prior guidance of $255 million to $275 million, and full-year Adjusted EBITDA between $25 million and $30 million, compared to the prior guidance of $90 million to $100 million. On this news, shares of F45 plummeted over 60%, from a close of $3.51 on July 26 to close at $1.35 on July 27, 2022, more than a 78% decline from its offering price of $16 per share on July 16, 2021.