RumbleOn launches $10M rights offering backstopped by board members at $4.18/share

RideNow Group, Inc.

Company to raise up to $10M via non-transferable subscription rights offering 2,392,344 shares at $4.18 each.
Rights offering fully backstopped by Stone House Capital and board members Tkach & Coulter; unsubscribed shares bought in private placement.
Proceeds used for general corporate purposes, including possible repayment of 6.75% convertible notes due Jan 1, 2025, and to satisfy loan amendment.
Subscription rights expire Dec 12, 2024; no oversubscription privilege; holders of at least 15 shares can participate.
Insider backstop may indicate limited demand; non-participating stockholders face dilution.

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