RumbleON, Inc. announced that it has received $18.93809 million in funding from Stone House Capital Management, LLC and other investors
December 05, 2023
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RumbleON, Inc. announced that it has entered into Standby Purchase Agreement with Mark Tkach, William Coulter and Stone House Capital Management, LLC to issue 3,443,289 shares of Class B common stock at an exercise price of $5.50 per share for the gross proceeds of $18,938,089.5 on December 6, 2023. The issuance and sale of the Backstop Securities to the Standby Purchasers was made in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, for a transaction by an issuer not involving any public offering. The transaction included participation from individual investors Mark Tkach and William Coulter for 860,822 shares each for $4,734,521 each.
RumbleOn, Inc. is engaged in the business of powersports and vehicle transportation services. The Company's powersports business offers a wide selection of new and pre-owned motorcycles, all-terrain vehicles, utility terrain or side-by-side vehicles, personal watercraft, snowmobiles, and other powersports products. It also offers parts, apparel, accessories, finance and insurance products and services, and aftermarket products from a wide range of manufacturers. Additionally, it offers a full suite of repair and maintenance services. It offers over 500 powersports franchises representing 52 different brands of products. Its vehicle transportation services business includes Wholesale Express, LLC, its subsidiary, which provides asset-light transportation brokerage services facilitating automobile transportation primarily between and among dealers. It provides services focused on pre-owned vehicles to clients in all 50 states through its established network of pre-qualified carriers.