RumbleOn Announces Record Date for Proposed $10.0 Million Rights Offering

Core Viewpoint - RumbleOn, Inc. has announced a proposed $10 million registered equity rights offering, with a record date set for November 25, 2024, allowing eligible stockholders to participate on a pro rata basis [1][2]. Group 1: Rights Offering Details - The Rights Offering will distribute non-transferable subscription rights to holders of Class A and Class B Common Stock as of the record date, with each eligible stockholder receiving one subscription right per share held [2]. - The subscription price for the Rights Offering will be set at a 20% discount to either the 30-day or 10-day volume-weighted average price of Class B Common Stock prior to the offering, with the final price yet to be determined [3]. - A binding term sheet has been established with Stone House Capital Management as the backstop investor, ensuring that all shares available will be purchased if the offering is not fully subscribed [4]. Group 2: Supporting Investors - Supporting investors have agreed to purchase all shares available from their pro rata subscription rights in the Rights Offering, ensuring additional support for the offering [5]. Group 3: Company Overview - RumbleOn operates through two segments: a powersports dealership group and an asset-light transportation services provider, making it the largest powersports retail group in the U.S. by revenue and dealership locations [7].