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8-K - CURRENT REPORT - RumbleOn, Inc. | rmbl_8k.htm |
Exhibit
99.1
RumbleOn, Inc. Announces Exercise and Closing
of Over-Allotment Option in Public Offering
DALLAS--(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.
Investor Relations:
The
Blueshirt Group:
Whitney
Kukulka
investors@rumbleon.com
Source: RumbleOn, Inc.