DALLAS--(BUSINESS WIRE)--RumbleOn, Inc (NASDAQ: RMBL), the e-commerce company using innovative technology to simplify how dealers and consumers buy, sell, trade or finance pre-owned vehicles, today announced it expects the pending business combination with RideNow to close on Tuesday, August 31, 2021, acquiring 100% of the RideNow dealership portfolio. RumbleOn announced the pricing of its underwritten public offering this morning and has secured all funds necessary to close.
“We are only days away from becoming the first omnichannel consumer experience in powersports in North America and the first public company in this vehicle segment,” said Marshall Chesrown, RumbleOn’s Chief Executive Officer. “We are pleased to announce that we are on plan to close this transformational business combination with RideNow next Tuesday, August 31. We are more excited than ever to support each of our manufacturer partners to provide incredible customer service, fulfill their individual brand aspirations and initiatives, as well as help bring new passionate riders to powersports.”
On March 15, 2021, RumbleOn and RideNow announced they entered into a definitive merger/equity purchase agreement, to create the only omnichannel customer experience in powersports and the first publicly traded powersports dealership platform. The combination of RumbleOn and RideNow is well positioned to capitalize on the trending changes in consumer behavior that have been accelerated by the events of the last 18 months.
Founded in 2017, RumbleOn (NASDAQ: RMBL) is an e-commerce company using innovative technology to aggregate and distribute pre-owned vehicles. RumbleOn is disrupting the pre-owned vehicle supply chain by providing dealers with technology solutions such as virtual inventory, and a 24/7 distribution platform, and consumers with an efficient, timely and transparent transaction experience, without leaving home. Whether buying, selling, trading or financing a vehicle, RumbleOn enables dealers and consumers to transact without geographic boundaries in a transparent, fast and friction free experience. For more information, please visit http://www.rumbleon.com.
Founded in 1983, RideNow has grown into the largest powersports retailer group in the United States through its dealership consolidation strategy. RideNow compliments its vehicle sales with complete parts, service, accessories, and after sales offerings. For more information, please visit https://www.ridenow.com.
Cautionary Note on Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the pending business combination of RumbleOn and RideNow (the “Transaction”), including the benefits of the Transaction and the expected timing of the Transaction. The Transaction is subject to successful completion of the debt and equity financing and other customary closing conditions as described in the transaction agreement between the parties. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release and are advised to consider the factors listed above together with the additional factors under the heading “Forward-Looking and Cautionary Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as may be supplemented or amended by the Company’s Quarterly Reports on Form 10-Q and other filings with the SEC, including the preliminary prospectus supplement. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
No Offer or Solicitation
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted.