RumbleOn Announces Closing of $15 Million Senior Secured Credit Facility With Hercules Capital, Inc.
May 02 2018 - 8:15AM
RumbleOn, Inc. (NASDAQ:RMBL), a disruptive e-commerce platform
facilitating, in one online location, the ability of consumers and
dealers to buy, sell, trade, and finance pre-owned vehicles with an
emphasis on motorcycles and other powersports, today announced it
has entered into a $15 million Senior Secured Credit Facility with
Hercules Capital, Inc. (“Hercules”), a leader in customized debt
financing for companies in technology and life sciences related
markets. Under the terms of the facility, $5.0 million
will be funded at closing with the balance available in two
additional tranches over the term of the facility, subject to
certain operating targets. The facility has an initial 36-month
maturity and initial 10.5% interest rate. Pursuant to the loan
agreement, RumbleOn issued to Hercules at closing a warrant to
purchase 81,818 shares of RumbleOn Class B common stock at an
exercise price of $5.50 per share.
Marshall Chesrown, Chief Executive Officer of RumbleOn stated,
“We are excited to be working with Hercules, a leader in the
industry with a long history of supporting innovative technology
companies. We are pleased that we were able to work together to
design a flexible credit facility structured to handle our growth
capital needs for the foreseeable future. This financing
underscores confidence that both RumbleOn and Hercules
have in our business plan and provides RumbleOn additional
flexibility to fund our accelerated growth while creating the most
trusted brand and efficient online marketplace in the powersports
market.”
About RumbleOn, Inc.RumbleOn, Inc.
(NASDAQ:RMBL) operates a capital light disruptive e-commerce
platform facilitating the ability of both consumers and dealers to
Buy-Sell-Trade-Finance pre-owned vehicles in one online location.
RumbleOn’s goal is to transform the way pre-owned vehicles are
bought and sold by providing users with the most efficient, timely
and transparent transaction experience. RumbleOn’s initial focus is
the market for vin specific pre-owned vehicles with an emphasis on
motorcycles and other powersports. Serving both consumers and
dealers, through its 100% online marketplace platform, RumbleOn
makes cash offers for the purchase of pre-owned vehicles. In
addition, RumbleOn offers a large inventory of pre-owned vehicles
for sale along with third-party financing and associated
products. For additional information, please visit
RumbleOn’s website at www.RumbleOn.com. Also visit the
Company on Facebook, LinkedIn, Twitter, Instagram, YouTube and
Pinterest.
About Hercules Capital, Inc. Hercules Capital,
Inc. (NYSE:HTGC) is the leading and largest specialty finance
company focused on providing senior secured venture growth loans to
high-growth, innovative venture capital-backed companies in a broad
variety of technology, life sciences and sustainable and renewable
technology industries. Since inception (December 2003), Hercules
has committed more than $7.3 billion to over 410 companies and is
the lender of choice for entrepreneurs and venture capital firms
seeking growth capital financing.
Forward Looking Statement This press release
contains “forward-looking statements,” as that term is defined
under the Private Securities Litigation Reform Act of 1995 (PSLRA),
which statements may be identified by words such as “expects,”
“plans,” “projects,” “will,” “may,” “anticipate,” “believes,”
“should,” “intends,” “estimates,” and other words of similar
meaning. 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 Statements” and “Risk
Factors” in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2017, as may be supplemented or amended by the
Company’s Quarterly Reports on Form 10-Q and other filings with the
Securities and Exchange Commission. 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.
Contact:Megan Crudele
(Investors)ICRRumbleOn@icrinc.com 646-277-1200Source:
RumbleOn, Inc.
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