RumbleOn recently announced that after they closed an underwritten public offering of over 1 million shares of Class B Common Stock of around $5.55 per share.
The e-commerce company whose mission is to simplify how dealers and customers buy, sell, trade or finance pre-owned vehicles through one online location said the completed offering includes 166,500 shares of Class B Common Stock issued in connection with the underwriters’ exercise in full of their over-allotment option.
All of the Class B Common Stock was offered by the company, according to a news release.
The company highlighted the gross proceeds from the offering, including the exercise of the over-allotment option, were approximately $7.1 million, excluding underwriting discounts and commissions and other offering-related expenses.
RumbleOn reiterated that it intends to use the net proceeds from the offering for working capital and general corporate purposes, which may include purchases of additional inventory held for sale, increased spending on marketing and advertising and capital expenditures necessary to grow the business.
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