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HomeMongolia NewsLive news updates: Shares of Mark Wahlberg-backed gym chain F45 plunge 70%...

Live news updates: Shares of Mark Wahlberg-backed gym chain F45 plunge 70% on outlook cut

Colonel Charles B Dockery and Mark Wahlberg, right, attend the opening of F45 Training at Miramar MCAs in June 2021 © Phillip Faraone/Getty Images for F45 Training

F45 Training shares plunged more than 70 per cent after the fitness chain, which is backed by actor Mark Wahlberg, slashed its full-year outlook and announced that its chief executive was stepping aside.

F45’s share price fell as much as 77.5 per cent to a record low of 79 cents during morning trading on Wednesday. This left shares down more than 95 per cent in the year since the company floated on the New York Stock Exchange at a price of $16 a share for a valuation of $1.4bn.

The sell-off followed an announcement released after the closing bell on Tuesday in which F45 cut its fiscal 2022 outlook in an effort to prioritise “profitability and cash flow generation”.

The company, which is based in Austin, Texas, now expects full-year revenue to between $120mn and $130mn,…

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