A number of private equity firms have been considering a buyout of Peloton as the connected fitness company looks to refinance its debt and return to growth after 13 straight quarters of losses, CNBC reported Tuesday.

Shares of the fitness equipment maker rose 12% to $3.98.

The New York-based company has had talks with at least one firm in recent months as it considers going private, the report said, citing people familiar with the matter.

“We do not comment on speculation or rumors,” a Peloton spokesperson said when contacted for comment on the report.

Last week, Peloton CEO Barry McCarthy quit and the company announced job cuts to reduce costs after posting weak results.

Dwindling demand for its stationary bikes and treadmills despite price cuts led to Peloton reporting a smaller-than-expected revenue for the third quarter and trimming its full-year forecast.

A number of other private equity firms have been circling Peloton as an acquisition target, but it’s unclear if they have held formal discussions, the report added.