But during the July trading update, investors learned that credit line would not be available.
Revenue guidance was downgraded by 53 per cent and full-year earnings guidance was slashed by 71 per cent. The company pointed to worsening economic conditions as the reason for reining in operational expenses and prioritizing profitability.
Mr Gilchrist, who held about $US371 million worth of shares at the time of the much-hyped IPO, also revealed he had resigned as chief executive officer and chairman a month before the July trading update. Actor Mark Wahlberg cashed out $US12.2 million in April.
Mr Gilchrist, not to be confused with the cricketer, was paid out $US7 million, while 110 people were laid off from the business.
Following the poor F45 news, Mr Gilchrist put his $14 million house in Freshwater on Sydney’s northern beaches up for auction.
He also runs two rugby union teams based in Los Angeles, California, and Austin, Texas. The teams are named the LA Giltinis, a combination of Mr Gilchrist’s own name and a martini drink he planned to bring to market, and the Austin Gilgronis, a similar portmanteau relating to Negronis.
The four law firms hoping to represent aggrieved investors in the series of class actions are The Portnoy Law Firm, The Schall Law Firm in Los Angeles, and Faruqi & Faruqi and Brager Eagel & Squire in New York City.
The aim is to examine whether F45 may have breached federal securities law.