RumbleOn, Inc. announced on November 15, 2024, that November 25, 2024, has been fixed as the record date for its proposed $10.0 million registered equity rights offering. The company expects to distribute non-transferable subscription rights to holders of its Class A and Class B Common Stock as of the record date.
The subscription price for the offering will be the lower of a 20% discount to the 30-day volume-weighted average price (VWAP) per share of Class B Common Stock immediately prior to November 11, 2024, or a 20% discount to the 10-day VWAP per share immediately prior to the execution of the Backstop Agreement.
Stone House Capital Management, LLC, the Backstop Investor, has agreed to enter into a standby purchase agreement to exercise its pro rata rights and purchase any unsubscribed shares. Additionally, Mark Tkach and William Coulter, Supporting Investors, have agreed to exercise their full pro rata subscription rights, ensuring the offering is fully backstopped.
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