RumbleOn Announces Extension Of $100M Rights Offering Subscription Period
Portfolio Pulse from Benzinga Newsdesk
RumbleOn, Inc. (NASDAQ:RMBL) has extended the subscription period for its $100M Rights Offering until December 5, 2023. This extension is to give Eligible Stockholders of Class A and Class B common stock more time to subscribe for Class B shares. Each Subscription Right allows the purchase of 1.078444 shares at $5.50 per share, with the Rights Offering being fully backstopped by a standby purchase agreement with certain stockholders.
November 22, 2023 | 6:39 pm
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POSITIVE IMPACT
RumbleOn extends its Rights Offering subscription period, allowing more time for stockholders to participate, potentially increasing participation and capital raised.
The extension of the Rights Offering subscription period may lead to increased participation from Eligible Stockholders, which could result in RumbleOn successfully raising more capital. This could be viewed positively by the market, potentially leading to a short-term uptick in RMBL's stock price.
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