RumbleOn, which is launching an online marketplace for motorcycles, announced terms for its IPO uplisting on Wednesday. The company also added Maxim Group as a joint bookrunner and Aegis Capital as a co manager on the deal. The company's Class B common stock is currently traded on the OTCQB marketplace under the symbol "RMBL."
The Charlotte, NC-based company plans to raise $19 million by offering 2 million Class B shares at $9.49/share, based on yesterday's closing price on the OTCQB. At this price, RumbleOn would command a market value of $105 million.
RumbleOn was founded in 2013 and booked $0.3 million in sales for the 12 months ended June 30, 2017. It plans to list on the Nasdaq under the symbol RMBL. Roth Capital and Maxim Group LLC are the joint bookrunners on the deal.
