Attached files
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EX-5.1 - OPINION OF AKERMAN LLP - RumbleOn, Inc. | rmbl_ex51.htm |
EX-1.1 - UNDERWRITING AGREEMENT - RumbleOn, Inc. | rmbl_ex1-1.htm |
8-K - CURRENT REPORT - RumbleOn, Inc. | rmbl_8k.htm |
Exhibit 99.1
RumbleOn, Inc.
Closes $14.1M Public Offering of its Class B Common
Stock
2,328,750 Shares of Class B Common Stock Sold at $6.05 Per
Share
Charlotte,
NC, July 20, 2018 –RumbleOn, Inc. (Nasdaq:
RMBL) (the “Company”), 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 the closing of its previously announced underwritten
public offering of 2,328,750 shares of its Class B Common Stock at
a price of $6.05 per share. The completed offering includes 303,750
shares of Class B Common Stock issued by the underwriter’s
exercise in full of its over-allotment option. All of the Class B
Common Stock was offered by the Company.
National
Securities Corporation, a wholly owned subsidiary of National
Holdings Corporation (NasdaqCM:NHLD) acted as sole book running
manager for the offering. B. Riley FBR, Inc. acts as the
Company’s capital markets advisor.
The
gross proceeds from the offering, including the exercise of the
over-allotment option, were approximately $14.1 million, excluding
underwriting discounts and commissions and other offering-related
expenses.
The
Company intends to use the net proceeds from the offering for
working capital and general corporate purposes, which may include
purchases of additional inventory held for sale, increased spending
on marketing and advertising and capital expenditures necessary to
grow the business.
The
Company offered and sold the shares of Class B Common Stock by
means of a prospectus supplement and accompanying base prospectus
forming a part of the effective registration statement on Form S-3
(Reg. No. 333-225217) filed with the U.S. Securities and Exchange
Commission (SEC) and declared effective on June 6, 2018. The
prospectus supplement relating to this offering is dated July 18,
2018. 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: Marguerite Rogers, Sr. Vice President, 200 Vesey
St, 25th
Floor, New York, NY 10281, Telephone: (212)-417-8227; Email:
prospectusrequest@nationalsecurities.com;
or the 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.
RumbleOn, Inc. (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.
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. 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 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 SEC. 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.
Investor Relations:
The Blueshirt Group
Whitney Kukulka, 415-489-2187
whitney@blueshirtgroup.com
SOURCE RumbleOn, Inc.