RumbleOn sets Nov 13 record date for fully-backstopped $100M rights offering; proceeds to repay debt

RideNow Group, Inc.

Record date of Nov 13, 2023 for $100M rights offering to holders of Class A and B common stock.
Subscription period expected Nov 13–28, 2023; subscription price not yet determined.
Rights offering fully backstopped by Mark Tkach, William Coulter, and Stone House Capital Management.
Proceeds: $50M to prepay Oaktree term loan; remainder for growth and acquisitions.
Backstop purchasers commit to buy all unsubscribed shares via private placement, closing by Dec 1, 2023.

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