other material
confidence high
sentiment positive
materiality 0.80
RumbleOn closes rights offering raising ~$98.4M net; backstop investors buy unsubscribed shares
RideNow Group, Inc.
- Rights offering subscribed for $81.1M (81.1% of $100M); backstop purchase adds $18.9M.
- Net proceeds ~$98.4M; $50M to prepay Oaktree Term Loan; remainder for growth, acquisitions.
- Outstanding shares post-closing ~35,015,190.
- Backstop purchasers: Mark Tkach, William Coulter, Stone House Capital Management.