RumbleOn, Inc. announced on December 17, 2024, the final results of its $10.0 million fully backstopped registered equity rights offering. The subscription period for the offering concluded on December 12, 2024.
The offering resulted in subscriptions for 2,043,011 shares of Class B common stock at a price of $4.18 per share. The Standby Purchaser is expected to acquire 349,333 unsubscribed shares of Class B common stock for approximately $1.5 million, ensuring the offering was fully subscribed.
The company estimates the net proceeds from the rights offering and the backstop private placement to be approximately $9.0 million. These funds are designated for general corporate purposes, including the repayment of the company's 6.75% convertible senior notes due January 1, 2025, and to satisfy capital financing obligations under its credit agreement with Oaktree.
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