Attached files
Exhibit 99.1
RumbleOn Receives $5.2 Million in Funding from the Paycheck
Protection Program
RumbleOn,
Inc (NASDAQ: RMBL), the e-commerce company using innovative
technology to simplify how dealers and consumers buy, sell, trade
or finance pre-owned vehicles, today announced the receipt of
approximately $5.2 million in funding from the Paycheck Protection
Program (PPP).
“With
economic uncertainty affecting all of us, we proactively applied
for these funds as part of our ongoing contingency planning and
preparation. The funding provided to us by the SBA PPP loan ensures
that we are positioned to reaccelerate our business as conditions
permit,” commented Chief Executive Officer, Marshall
Chesrown. “Over the course of the past two months, we have
communicated the actions we are taking to mitigate the impact on
our financial performance. While the ongoing and future effects of
the COVID-19 pandemic are unpredictable and continue to evolve, we
are taking prudent steps to protect the long-term health of our
business and remain committed to delivering shareholder value over
time.”
The PPP
funding takes the form of a low-interest loan, certain amounts of
which are forgivable in accordance with the PPP.
About
RumbleOn
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 regarding forward looking statements
This
press release may contain “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,” “projects,”
“will,” “may,” “anticipates,”
“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 the
Company’s expectations as of the date of this report and
speak only as of the date of this report and are advised to
consider the factors listed under the heading
“Forward-Looking Statements” and “Risk
Factors” in the Company’s SEC filings, as may be
updated and amended from time to time. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, 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