RumbleOn (RMBL) announced that it has commenced a $10M fully backstopped registered equity rights offering, pursuant to which the company is expected to receive aggregate gross proceeds of $10M, less expenses related to the Rights Offering. The company intends to use the proceeds from the Rights Offering for general corporate purposes which may include repayment of the company’s convertible senior 6.75% promissory notes due January 1, 2025. The proceeds raised will also satisfy, in part, the additional capital financing obligations of the company pursuant to a recent amendment to the company’s credit agreement with Oaktree.
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Read More on RMBL:
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