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RumbleOn, Inc., now RideNow Group, Inc., reports developments for a powersports retail and vehicle transportation business built around RideNow dealerships and Wholesale Express. News recurring for the company includes quarterly operating results, unit sales of new and pre-owned motorcycles, ATVs, side-by-sides, personal watercraft and other powersports products, as well as parts, apparel, accessories, finance and insurance, and aftermarket revenue.
Company updates also cover RideNow Cash Offer vehicle sourcing, asset-light automobile transportation brokerage activity, credit facility changes, leadership and governance changes, and the completed corporate rebrand, ticker change, headquarters relocation and dealership operating framework.
RumbleOn, Inc. (NASDAQ:RMBL) announced the filing of a definitive proxy statement for a special meeting of shareholders on July 30, 2021, at 8:00 a.m. CT. The meeting aims to vote on matters regarding its proposed business combination with RideNow. Only shareholders of RumbleOn Class A and B common stock as of June 21, 2021 are eligible to participate. The comprehensive proxy statement is available on the SEC's website and the company's investor section, detailing risk factors and the significance of the transaction.
RumbleOn (NASDAQ: RMBL) has appointed Michael Francis as General Counsel, a significant addition given his longstanding relationship with the company and experience in corporate law. Francis has worked closely with RumbleOn's leadership and was previously the outside counsel since its inception. His extensive legal background includes IPOs and corporate transactions, which will aid RumbleOn in executing its business combination with RideNow, aiming to enhance the omnichannel customer experience in powersports. This strategic move supports the company's goals for growth and consolidation in the industry.
RumbleOn, Inc. (NASDAQ: RMBL) provided an update on its pending business combination with RideNow, aiming to create the first omnichannel powersport platform in the U.S. The company filed preliminary proxy materials with the SEC and expects the transaction to close in Q3 2021. RumbleOn reiterated its Q2 revenue guidance of $140 to $150 million, projecting a year-over-year growth of 66%-78%. For the full year 2021, combined revenues are expected between $1.45 billion and $1.55 billion, with Adjusted EBITDA of $110 million to $115 million.
RumbleOn, Inc. (NASDAQ: RMBL) announced the appointment of Peter Levy to its Board of Directors, effective June 17, 2021. Levy, who has been the Chief Operating Officer since 2017, brings over 25 years of experience in technology companies. He has contributed significantly to RumbleOn by fostering relationships with dealers and leading various initiatives, including the Dealer Direct platform. CEO Marshall Chesrown expressed confidence in Levy's leadership as the company aims for growth in the omnichannel powersports market.
RumbleOn, Inc. (NASDAQ: RMBL) announces Beverly Rath as Interim CFO following the death of co-founder Steven Berrard on June 7, 2021. Rath has been instrumental in the finance team since inception and boasts over 35 years of experience. The company also promoted Carlos Ramirez to Assistant Controller. CEO Marshall Chesrown expressed confidence in Rath's leadership and the pending acquisition of RideNow, emphasizing a commitment to RumbleOn's strategic growth. The company continues to focus on becoming the first omnichannel powersports platform in North America.
RumbleOn, Inc. (NASDAQ: RMBL) announces the tragic passing of CFO Steven Berrard on Monday evening. Chairman and CEO Marshall Chesrown expressed profound sorrow and extended condolences to Berrard's family. Berrard was a pivotal figure at RumbleOn, recognized for his extensive experience and dedication, including his vision for the company’s merger with RideNow. Company leadership gathered in Charlotte to support Berrard's family. RumbleOn, founded in 2017, is innovating the pre-owned vehicle market through e-commerce solutions.
RumbleOn (NASDAQ: RMBL) has announced a three-year sponsorship extension for the Sturgis Motorcycle Rally, enhancing its presence in the powersport community. This partnership allows RumbleOn to engage directly with consumers, providing opportunities to buy, sell, or trade vehicles onsite. CEO Marshall Chesrown emphasized the company's commitment to making powersport ownership accessible. The event will feature brand interactions and entertainment, reinforcing RumbleOn's omnichannel experience in North America's powersports market.
RumbleOn, Inc. (NASDAQ: RMBL) reported impressive financial results for Q1 2021, showing a 48.1% increase in total revenue to $104.3 million compared to Q4 2020. Total vehicle sales rose 32.2% to 3,500 units, with automotive sales up 39.6%. Despite an operating loss of $(2.8) million, this was an improvement from the previous quarter. The company expects Q2 revenue between $140 million and $150 million, projecting significant year-over-year growth. The anticipated merger with RideNow is expected to strengthen RumbleOn's market presence.
RumbleOn (NASDAQ: RMBL) will announce its first quarter 2021 financial results on May 17, 2021, before market open. The company specializes in e-commerce solutions for pre-owned vehicles, providing technological tools to enhance dealers' operations and consumer experiences. A conference call is scheduled for 8:30 a.m. ET on the same day to discuss the results. RumbleOn's innovative platform allows seamless transactions for buying, selling, trading, and financing vehicles online.
RumbleOn, Inc. (NASDAQ: RMBL) has successfully closed an underwritten public offering of 1,048,998 shares of its Class B Common Stock at $38.00 per share, generating gross proceeds of approximately $39.86 million, excluding discounts and commissions. The offering includes a 30-day option for underwriters to purchase an additional 157,349 shares. The net proceeds will be allocated for working capital and general corporate purposes. B. Riley Securities managed the offering, with legal counsel provided by Akerman LLP and Nelson Mullins Riley & Scarborough LLP.