Attached files
file | filename |
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EX-10.5 - INTELLECTUAL PROPERTY SECURITY AGREEMENT - RumbleOn, Inc. | rmbl_ex10-5.htm |
EX-10.4 - SUBORDINATION AGREEMENT - RumbleOn, Inc. | rmbl_ex10-4.htm |
EX-10.3 - SUBORDINATION AGREEMENT - RumbleOn, Inc. | rmbl_ex10-3.htm |
EX-10.2 - INTERCREDITOR AGREEMENT - RumbleOn, Inc. | rmbl_ex10-2.htm |
EX-10.1 - LOAN AND SECURITY AGREEMENT - RumbleOn, Inc. | rmbl_ex10-1.htm |
EX-4.1 - WARRANT, DATED APRIL 30, 2018 - RumbleOn, Inc. | rmbl_ex4-1.htm |
8-K - CURRENT REPORT - RumbleOn, Inc. | rmbl_8-k.htm |
Exhibit 99.1
RumbleOn Announces Closing of $15 Million Senior Secured Credit
Facility With Hercules Capital, Inc.
CHARLOTTE, N.C., April 30, 2018 (GLOBE NEWSWIRE) -- RumbleOn, Inc.
(NASDAQ:RMBL),
a disruptive e-commerce platform facilitating, in one online
location, the ability of consumers and dealers to buy, sell, trade,
and finance pre-owned vehicles with an emphasis on motorcycles and
other powersports, today announced it has entered into a $15
million Senior Secured Credit Facility with Hercules Capital, Inc.
(“Hercules”), a leader in customized debt financing for
companies in technology and life sciences related markets.
Under the terms of the facility, $5.0 million will be
funded at closing with the balance available in two additional
tranches over the term of the facility, subject to certain
operating targets. The facility has an initial 36-month maturity
and initial 10.5% interest rate. Pursuant to the loan agreement,
RumbleOn issued to Hercules at closing a warrant to purchase 81,818
shares of RumbleOn Class B common stock at an exercise price of
$5.50 per share.
Marshall
Chesrown, Chief Executive Officer of RumbleOn stated, “We are
excited to be working with Hercules, a leader in the industry with
a long history of supporting innovative technology companies. We
are pleased that we were able to work together to design a flexible
credit facility structured to handle our growth capital needs for
the foreseeable future. This financing underscores
confidence that both RumbleOn and Hercules have in our
business plan and provides RumbleOn additional flexibility to fund
our accelerated growth while creating the most trusted brand and
efficient online marketplace in the powersports
market.”
About RumbleOn, Inc.
RumbleOn,
Inc. (NASDAQ:RMBL)
operates a capital light disruptive e-commerce platform
facilitating the ability of both consumers and dealers to
Buy-Sell-Trade-Finance pre-owned vehicles in one online location.
RumbleOn’s goal is to transform the way pre-owned vehicles
are bought and sold by providing users with the most efficient,
timely and transparent transaction experience. RumbleOn’s
initial focus is the market for vin specific pre-owned vehicles
with an emphasis on motorcycles and other powersports. Serving both
consumers and dealers, through its 100% online marketplace
platform, RumbleOn makes cash offers for the purchase of pre-owned
vehicles. In addition, RumbleOn offers a large inventory of
pre-owned vehicles for sale along with third-party financing and
associated products. For additional information, please
visit RumbleOn’s website at www.RumbleOn.com. Also
visit the Company on Facebook, LinkedIn, Twitter, Instagram,
YouTube and Pinterest.
About Hercules Capital, Inc.
Hercules
Capital, Inc. (NYSE:HTGC) is the leading and
largest specialty finance company focused on providing senior
secured venture growth loans to high-growth, innovative venture
capital-backed companies in a broad variety of technology, life
sciences and sustainable and renewable technology industries. Since
inception (December 2003), Hercules has committed more than $7.3
billion to over 410 companies and is the lender of choice for
entrepreneurs and venture capital firms seeking growth capital
financing.
Forward Looking Statement
This press release contains “forward-looking
statements,” as that term is defined under the Private
Securities Litigation Reform Act of 1995 (PSLRA), which statements
may be identified by words such as “expects,”
“plans,” “projects,” “will,”
“may,” “anticipate,”
“believes,” “should,”
“intends,” “estimates,” and other words of
similar meaning. 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, 2017, as may be
supplemented or amended by the Company’s Quarterly Reports on
Form 10-Q and other filings with the Securities and Exchange
Commission. 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.
Contact:
Megan Crudele (Investors)
ICR
RumbleOn@icrinc.com
646-277-1200
Source: RumbleOn, Inc.