RumbleOn, Inc. Announces Closing of $9.5 Million Common Stock Private Offering
May 17 2019 - 4:10PM
Business Wire
RumbleOn, Inc. (NASDAQ: RMBL) today announced the closing of its
previously announced private placement, pursuant to Regulation D
under the Securities Act of 1933, as amended, of 1,900,000 shares
of its Class B Common Stock at a price of $5.00 per share.
JMP Securities LLC acted as placement agent for the private
placement. National Securities Corporation, a wholly-owned
subsidiary of National Holdings Corporation (NasdaqCM: NHLD), and
Craig-Hallum Capital Group LLC acted as the Company’s financial
advisors for the private placement.
The aggregate net proceeds from the private placement were
approximately $8.8 million, after deducting placement agent fees
and estimated offering expenses.
RumbleOn intends to use the net proceeds from the private
placement for general corporate purposes, which may include
increased spending on marketing and advertising, and expenditures
necessary to grow the business. Pending these uses, RumbleOn may
invest the net proceeds in short-term interest-bearing investment
grade instruments.
Akerman LLP acted as legal counsel to RumbleOn, and McGuireWoods
LLP and Goodwin Procter LLP each acted as legal counsel to JMP
Securities LLC.
About RumbleOn, Inc.
RumbleOn (NASDAQ: RMBL) is an innovative e-commerce company
whose mission is to simplify how dealers and customers buy, sell,
trade, or finance pre-owned vehicles through one online location.
Leveraging its capital-light network of 17 regional partnerships
and innovative technological solutions, RumbleOn is disrupting the
old-school pre-owned vehicle supply chain by providing users with
the most efficient, timely and transparent transaction experience.
For additional information, please visit RumbleOn’s website at
www.RumbleOn.com. Also visit the Company on Facebook, LinkedIn,
Twitter, Instagram, YouTube and Pinterest.
Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of Section 27A of the Act and Section 21E of the
Securities Exchange Act of 1934. These statements involve risks and
uncertainties that could cause actual results to differ materially,
including, but not limited to, the anticipated use of net proceeds
of the private placement which could change as a result of market
conditions or for other reasons. Forward-looking statements may be
identified by the use of the words “may,” “will,” “expect,”
“intend,” and other similar expressions. These forward-looking
statements are based on estimates and assumptions by RumbleOn’s
management that, although believed to be reasonable, are inherently
uncertain and subject to a number of risks. Actual results may
differ materially from those anticipated or predicted by RumbleOn’s
forward-looking statements. All forward-looking statements are
subject to other risks detailed in RumbleOn’s Annual Report on Form
10-K for the year ended December 31, 2018 and the risks discussed
in RumbleOn’s other filings with the Securities and Exchange
Commission. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
All forward-looking statements are qualified in their entirety by
this cautionary statement, and RumbleOn undertakes no obligation to
revise or update this press release to reflect events or
circumstances after the date hereof, except as required by
applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190517005523/en/
Investor Relations:The Blueshirt GroupWhitney
Kukulkainvestors@rumbleon.com
Press ContactRumbleOnMartin
McBrideMartin@rumbleon.com
RumbleOn (NASDAQ:RMBL)
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