RumbleOn Announces Extension of $100 Million Rights Offering Subscription Period
November 22 2023 - 1:37PM
Business Wire
RumbleOn, Inc. (NASDAQ: RMBL) (the “Company” or “RumbleOn”), the
largest powersports retailer in North America, today announced that
its Board of Directors is extending the Rights Offering
subscription period an additional week until December 5, 2023, in
order to better ensure that holders of its Class A common stock and
Class B common stock (together, the "Eligible Stockholders") have
sufficient time to subscribe for shares of Class B Common Stock of
RumbleOn.
The Company has distributed one Subscription Right for each
share of the Company’s Class A common stock and Class B common
stock held by Eligible Stockholders as of the Record Date. Each
Subscription Right entitles Eligible Stockholders to purchase
1.078444 shares of the Company’s Class B common stock at the
Subscription Price of $5.50 per share. The Rights Offering is fully
backstopped pursuant to a standby purchase agreement between the
Company and certain of its stockholders.
Other Important Information
The Registration Statement relating to the Rights Offering has
been filed with the U.S. Securities and Exchange Commission
("SEC"), and became effective on November 13, 2023. The Company
reserves the right to cancel or terminate the Rights Offering at
any time. This press release does not constitute an offer to sell
or the solicitation of an offer to buy any Subscription Rights or
any other securities to be issued in the Rights Offering or any
related transactions, nor shall there be any offer, solicitation or
sale of Subscription Rights or any other securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful. Copies of the prospectus are being mailed to all Eligible
Stockholders as of the Record Date and may also be obtained free of
charge at the website maintained by the SEC at www.sec.gov or by
contacting the information agent for the Rights Offering,
Broadridge Corporate Issuer Solutions, LLC, at (888)789-8409
(toll-free).
About RumbleOn
RumbleOn is the largest powersports retailer in North America,
offering a wide selection of new and used motorcycles, all-terrain
vehicles, utility terrain vehicles, personal watercraft, and other
powersports products, including parts, apparel, accessories, and
aftermarket products from a wide range of manufacturers. As of
November 2023, we operate 55 retail locations, each equipped with
full service departments, as well as 5 regional fulfillment
centers. Our retail locations are run by our highly-trained and
knowledgeable team and are primarily located in the Sun Belt of the
United States. To learn more please visit us online at
https://www.rumbleon.com/.
Cautionary Note on Forward-Looking Statements
This press release may contain "forward-looking statements" as
that term is defined under the Private Securities Litigation Reform
Act of 1995 (PSLRA), which statements may be identified by words
such as "expects," "projects," "will," "may," "anticipates,"
"believes," "should," "intends," "estimates," and other words of
similar meaning. Readers are cautioned not to place undue reliance
on these forward-looking statements, which are based on our
expectations as of the date of this press release and speak only as
of the date of this press release and are advised to consider the
factors listed under the heading "Forward-Looking Statements" and
"Risk Factors" in the Company's SEC filings, as may be updated and
amended from time to time. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231122379197/en/
Investor Relations Contact: Will Newell
investors@rumbleon.com
RumbleOn (NASDAQ:RMBL)
Historical Stock Chart
From Mar 2024 to Apr 2024
RumbleOn (NASDAQ:RMBL)
Historical Stock Chart
From Apr 2023 to Apr 2024