Form 8-K - Current report
September 05 2023 - 3:49PM
Edgar (US Regulatory)
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2023-08-30
2023-08-30
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange
Act of 1934
Date of Report (Date of earliest event reported): August
30, 2023
RumbleOn, Inc.
(Exact name of registrant as specified in its charter)
Nevada |
|
001-38248 |
|
46-3951329 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
901 W. Walnut Hill Lane, Suite 110A
Irving, Texas |
|
75038 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including area
code: (214) 771-9952
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b)) |
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Class B Common Stock, $0.001 par value |
|
RMBL |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR
§240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 30, 2023, the Board
of Directors (the “Board”) of RumbleOn, Inc. (the “Company” or “RumbleOn”) appointed Mark Cohen as
a Class I director of the Company to fill the vacant seat created by Shin Lee’s resignation from the Board on July 29, 2023. The
Board designated Mr. Cohen as a Class I director with a term expiring at the Company’s 2025 annual meeting of stockholders. The
Board determined that Mr. Cohen is an independent director for purposes of the Nasdaq listing requirements and Mr. Cohen is also expected
to be appointed to serve as a member of the Compensation Committee of the Board.
Mr. Cohen is an experienced
investor and the managing partner of Stone House Capital Management, LLC (“Stone House”), a significant stockholder of the
Company. Mr. Cohen founded Stone House in 2010. Prior to founding Stone House, he was an Investment Analyst at Force Capital Management,
LLC. Mr. Cohen holds a B.S. in Economics from the University of Pennsylvania’s Wharton School.
Mr. Cohen will participate in the Company’s non-employee
director compensation program, which is described under the section titled “Director Compensation” in the Company’s
proxy statement for its 2023 annual meeting of stockholders, which was filed with the Securities and Exchange Commission (“SEC”)
on June 23, 2023.
There are no family relationships between Mr. Cohen and any Company director
or executive officer, and no arrangements or understandings between Mr. Cohen and any other person pursuant to which he was selected as
a director, other than the Standby Purchase Agreement (as defined below). Mr. Cohen was appointed to the Board pursuant to the board nomination
right granted to Stone House under the Standby Purchase Agreement, dated August 8, 2023 (the “Standby Purchase Agreement”),
by and among the Company, Stonehouse, Mark Tkach, and William Coulter, which agreement is described in and filed as an exhibit to our
Current Report on Form 8-K filed with the SEC on August 11, 2023. Under the Standby Purchase Agreement, Stone House has committed to purchase
any unsubscribed shares in the Company’s proposed rights offering for a maximum aggregate purchase amount of $50,000,000. The Standby
Purchase Agreement also provides Stone House with the right to designate one nominee to the Board, who will be considered as a candidate
for election or appointment to the Board, subject to applicable corporate governance policies and guidelines of the Company and the Board
and applicable legal, regulatory, and stock exchange requirements. On August 8, 2023, after the execution of the Standby Purchase Agreement,
Stone House notified the Company that it was designating Mr. Cohen as its nominee to serve on the Board. Because Mr. Cohen is the Managing
Partner and an affiliate of Stone House, the Standby Purchase Agreement is considered a related party transaction between the Company
and Mr. Cohen reportable under Item 404 of Regulation S-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
|
Description |
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
|
|
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
RUMBLEON, INC. |
|
|
Date: September 5, 2023 |
/s/ Blake Lawson |
|
Blake Lawson |
|
Chief Financial Officer |
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Aug. 30, 2023 |
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Document Period End Date |
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Entity File Number |
001-38248
|
Entity Registrant Name |
RumbleOn, Inc.
|
Entity Central Index Key |
0001596961
|
Entity Tax Identification Number |
46-3951329
|
Entity Incorporation, State or Country Code |
NV
|
Entity Address, Address Line One |
901 W. Walnut Hill Lane
|
Entity Address, Address Line Two |
Suite 110A
|
Entity Address, City or Town |
Irving
|
Entity Address, State or Province |
TX
|
Entity Address, Postal Zip Code |
75038
|
City Area Code |
(214)
|
Local Phone Number |
771-9952
|
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Pre-commencement Issuer Tender Offer |
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Title of 12(b) Security |
Class B Common Stock, $0.001 par value
|
Trading Symbol |
RMBL
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
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