RumbleOn(US:RMBL) Prnewswire·2024-12-17 22:00Core Points - RumbleOn, Inc. announced the final results of its $10 million fully backstopped registered equity rights offering, which resulted in subscriptions for 2,043,011 shares, approximately 85% of the shares offered at a price of $4.18 per share [1] - The Standby Purchaser, Stone House Capital Management, will purchase 349,333 unsubscribed shares for approximately $1.5 million [2] - The net proceeds from the Rights Offering and Backstop Private Placement are estimated to be around $9 million, intended for general corporate purposes, including repayment of convertible senior promissory notes [4] Summary by Sections Rights Offering Results - The subscription period for the Rights Offering expired on December 12, 2024, with 2,043,011 shares subscribed, representing about 85% of the total offered [1] - Shares are expected to be issued to participating stockholders on or about December 17, 2024 [1] Backstop Private Placement - Stone House Capital Management will acquire 349,333 shares that were not subscribed for in the Rights Offering, including 116,555 shares it was entitled to subscribe for [2] - The Backstop Private Placement is expected to close on December 19, 2024 [3] Financial Implications - The estimated net proceeds from both the Rights Offering and Backstop Private Placement are approximately $9 million [4] - Proceeds will be used for general corporate purposes, including the repayment of convertible senior promissory notes due January 1, 2025, and to meet additional capital financing obligations [4] Share Structure - Following the completion of the offerings, the Company expects to have approximately 37,713,298 shares of Class B common stock outstanding [5] Company Overview - RumbleOn operates through two segments: Powersports dealership group and Wholesale Express, LLC, focusing on the automotive industry [8] - It is the largest powersports retail group in the U.S., offering over 500 franchises and a wide selection of new and pre-owned products [8]