RumbleOn announces $100M rights offering backstopped by existing holders to repay debt

RideNow Group, Inc.

Rights offering of $100M in Class B common stock to holders of Class A, Class B, and certain warrants.
Backstop purchasers Tkach, Coulter, Stone House commit to buy unsubscribed shares; no fee.
Subscription price capped at $6.15 per share; final terms and record date not yet set.
Net proceeds to repay debt under amended credit facility and fund growth/possible acquisitions.
Rights offering expected to close Q4 2023 after SEC registration effective.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

RideNow Group, Inc. entered into Standby Purchase Agreement with Mark Tkach, William Coulter and Stone House Capital Management, LLC (effective 2023-08-08).

Action: entry
Agreement: equity purchase
Counterparty: Mark Tkach, William Coulter and Stone House Capital Management, LLC
Effective: 2023-08-08

Exact text from the filing

On August 8, 2023 (the “Effective Date”), RumbleOn, Inc., a Nevada corporation (the “Company” or “RumbleOn”), entered into a Standby Purchase Agreement (the “Purchase Agreement”) with Mark Tkach (“Tkach”), William Coulter (“Coulter”) and Stone House Capital Management, LLC, a Delaware limited liability company (“Stone House” and, collectively with Tkach and Coulter, the “Standby Purchasers”).

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RideNow Group, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-065854

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