Peloton is recalling its treadmills — Tread and Tread+ — as a result of mounting pressure following dozens of injuries and the death of a 6-year-old.

News of the recall sent Peloton’s stock tumbling below $83 on Wednesday, an eight-month low. The stock had already dropped 22% from early April to market close on Tuesday.

The connected fitness company is offering refunds for over 130,000 Tread+ machines ($4,295), and another 1,050 Treads ($2,495). 

Peloton is rolling out software updates to prevent machines from being turned on involuntarily and offering to move treadmills to a room inaccessible to children and pets in lieu of a recall.

With a recent $100 million investment to scale up logistics and a growing number of challengers on the market, Peloton can ill afford a hit to its brand.

• A slew of competitors have received funding this year: Tonal ($250 million), Tempo ($220 million), Ergatta ($30 million), Hydrow ($25 million), Motosumo ($6 million), and LIT Method (undisclosed).
• The company is also dealing with revelations that all of its customer data is available to any member through a leak in its software API.

Peloton CEO John Foley apologized for initially brushing off warnings from the Consumer Product Safety Commission.

As Equinox welcomes the public back in, it may go public itself.

The high-end gym and owner of SoulCycle is in talks with Chamath Palihapitiya’s Social Capital SPAC about a merger that could value Equinox at over $7.5 billion, per Bloomberg.

Equinox, which launched a line of luxury hotels in 2019, closed many locations and lost around $350 million last year. It received capital from Silver Lake at a $9 billion valuation to prop it up through the pandemic.

Should the SPAC deal go through, it would include a substantial cash injection as the gym seeks to lure customers back.

SoulCycle recently launched an at-home connected bike with guaranteed delivery in 1-3 weeks, an area where Peloton struggles.

Help may also come from the federal government. The GYMS Act, which would provide grants to gyms and fitness centers, has bipartisan support and 104 cosponsors in the House of Representatives.

Palihapitiya, a former Facebook executive, is a minority owner and board member of the Golden State Warriors. He has launched six SPACs, including one that took Virgin Galactic public.

Health data wrapped around your finger — sounds interesting, right? For one company, it’s a concept that’s scored a nine-figure investment.

Oura Health announced Tuesday that it has raised $100 million in Series C funding, bringing the company’s total funds to $148.3 million.

The wearable fitness manufacturer produces the Oura Ring, a sleep and activity tracker you can slide on your finger.

More than 500,000 have been sold.

Made of lightweight titanium, the ring includes an internal battery for seven days of use, Bluetooth transmission, and a smartphone app that tracks the data.

Oura Health, which launched in 2013, has seen a recent uptick in interest from sports leagues including the NBA, WNBA, NASCAR, and UFC. The technology tracks: 

• Respiratory rate
• Calorie burn
• Sleep cycles
• Body temperature, which can highlight issues like early-stage COVID-19

Roughly a quarter of players in last year’s NBA Bubble used the smart ring, an Oura spokesperson told Business Insider. The league ordered 2,000 for staff, players, and coaches at around $300 each.

The funding round was led by Elysian Park, the Los Angeles Dodgers’ investment arm, and The Chernin Group. It included new investors Temasek, JAZZ Venture Partners, and Eisai.