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RumbleOn, Inc. (NASDAQ:RMBL) (the "Company" or "RumbleOn"), the largest powersports retailer in North America, today announced that its Board of Directors is extending the Rights Offering subscription period an additional week until December 5, 2023, in order to better ensure that holders of its Class A common stock and Class B common stock (together, the "Eligible Stockholders") have sufficient time to subscribe for shares of Class B Common Stock of RumbleOn.
The Company has distributed one Subscription Right for each share of the Company's Class A common stock and Class B common stock held by Eligible Stockholders as of the Record Date. Each Subscription Right entitles Eligible Stockholders to purchase 1.078444 shares of the Company's Class B common stock at the Subscription Price of $5.50 per share. The Rights Offering is fully backstopped pursuant to a standby purchase agreement between the Company and certain of its stockholders.
Posted In: RMBL
