RumbleOn, Inc. Announces Exercise and Closing of Over-Allotment Option in Public Offering
18 January 2020 - 8:15AM
Business Wire
RumbleOn, Inc. (NASDAQ: RMBL) (the "Company"), the e-commerce
company using innovative technology to simplify how dealers and
consumers buy, sell, trade or finance pre-owned vehicles, today
announced that in connection with its previously announced public
offering of its Class B Common Stock, the underwriters fully
exercised and closed on their over-allotment option to purchase an
additional 2,700,000 shares of Class B Common Stock from the
Company. The Company received approximately $1.4 million in
additional net proceeds from the sale of these shares, after
deducting the underwriting discount.
National Securities Corporation, a wholly owned subsidiary of
National Holdings Corporation (NasdaqCM:NHLD), acted as lead
book-running manager for the offering. Maxim Group LLC acted as
co-manager for the offering. Akerman LLP served as legal counsel to
RumbleOn and McGuireWoods LLP served as legal counsel to the
underwriters.
The Company intends to use the net proceeds from the sale of
these additional shares on working capital and general corporate
purposes, which may include further technology development,
increased spending on marketing and advertising, and capital
expenditures necessary to further grow the business.
A shelf registration statement relating to the shares of Class B
Common Stock offered and sold was filed with the U.S. Securities
and Exchange Commission (SEC) on Form S-3 (Reg. No. 333-234340) and
was declared effective by the SEC on October 31, 2019. The
prospectus supplement relating to this offering is dated January
10, 2020. Copies of the final prospectus supplement and the
accompanying base prospectus relating to the offering may be
obtained by request to the offices of National Securities
Corporation, Attn: Charles Wanyama, Syndicate, 200 Vesey St, 25th
Floor, New York, NY 10281, Telephone: (212)-417-3634; Email:
prospectusrequest@nationalsecurities.com; or on the SEC’s website
at http://www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale is not permitted.
About RumbleOn, Inc.
RumbleOn (NASDAQ: RMBL) is an e-commerce company that uses
innovative technology to simplify how dealers and customers buy,
sell, trade, or finance pre-owned vehicles through RumbleOn’s 100%
online marketplace. Leveraging its capital-light network of 17
regional partnerships and innovative technological solutions,
RumbleOn is disrupting the old-school pre-owned vehicle supply
chain by providing users with the most efficient, timely and
transparent transaction experience. For more information, please
visit http://www.rumbleon.com.
Cautionary Note on Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
regarding the intended use of proceeds from the offering. 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 above
together with the additional factors under the heading
“Forward-Looking Statements” and “Risk Factors” in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2018, as
may be supplemented or amended by the Company’s Quarterly Reports
on Form 10-Q and other filings with the SEC, including the
prospectus supplement. We undertake no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise, except as required
by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200117005474/en/
Investor Relations: The Blueshirt Group: Whitney Kukulka
investors@rumbleon.com
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