RumbleOn Says More Than 2 Million Shares Subscribed to in Rights Offering
RumbleOn (RMBL) said Friday that its $10 million fully backstopped registered equity rights offering received subscriptions for more than 2 million class B shares at $4.18 per share.
The 349,333 unsubscribed shares are expected to be acquired by Stone House Capital Management in a backstop private placement, the company said.
Net proceeds of the offering and the backstop are expected to be about $9 million. The subscribed shares are expected to be issued next Tuesday, while the private placement is expected to close next Thursday, the company said.
RumbleOn shares were 3% higher in premarket trading.
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