RumbleOn Enters Material Definitive Agreement on Dec 29
Ticker: RDNW · Form: 8-K · Filed: Jan 4, 2024 · CIK: 1596961
| Field | Detail |
|---|---|
| Company | Rumbleon, Inc. (RDNW) |
| Form Type | 8-K |
| Filed Date | Jan 4, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.001, $17.0 million, $3.0 million |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: material-agreement, corporate-action
TL;DR
**RumbleOn just signed a big new deal, details pending.**
AI Summary
RumbleOn, Inc. filed an 8-K on January 4, 2024, reporting an "Entry into a Material Definitive Agreement" on December 29, 2023. This filing indicates a significant new agreement that could impact the company's operations or financial standing. For investors, this matters because material agreements often signal strategic shifts, potential new revenue streams, or changes in operational costs, which could affect RumbleOn's future profitability and stock performance.
Why It Matters
This filing signals a potentially significant business development for RumbleOn, Inc., which could influence its financial health and strategic direction. Investors should monitor for details of this agreement as they become public.
Risk Assessment
Risk Level: medium — The filing indicates a material agreement but provides no details, creating uncertainty about its nature and impact, which could be positive or negative.
Analyst Insight
A smart investor would await further disclosures from RumbleOn, Inc. regarding the specifics of this "Material Definitive Agreement" to assess its potential impact on the company's financials and strategic direction before making any investment decisions.
Key Players & Entities
- RumbleOn, Inc. (company) — the registrant filing the 8-K
- December 29, 2023 (date) — date of the earliest event reported (entry into material definitive agreement)
- January 4, 2024 (date) — date the 8-K was filed
- 001-38248 (string) — Commission File Number for RumbleOn, Inc.
- RMBL (string) — trading symbol for RumbleOn, Inc. Class B Common Stock
FAQ
What is the specific nature of the "Material Definitive Agreement" mentioned in the filing?
The filing states that RumbleOn, Inc. entered into a "Material Definitive Agreement" but does not provide any specific details about the nature, terms, or parties involved in this agreement. Further information would be needed to understand its specifics.
When did the event reported in this 8-K filing occur?
The earliest event reported in this 8-K filing, the "Entry into a Material Definitive Agreement," occurred on December 29, 2023.
What is RumbleOn, Inc.'s trading symbol and on which exchange is it registered?
RumbleOn, Inc.'s Class B Common Stock trades under the symbol RMBL and is registered on The Nasdaq Stock Market LLC.
What is the business address of RumbleOn, Inc. as stated in the filing?
RumbleOn, Inc.'s business address is 901 W. Walnut Hill Lane, Suite 110A, Irving, Texas 75038.
Is RumbleOn, Inc. considered an emerging growth company according to this filing?
No, the filing indicates with an unchecked box that RumbleOn, Inc. is not an emerging growth company as defined by Rule 405 of the Securities Act or Rule 12b-2 of the Exchange Act.
Filing Stats: 578 words · 2 min read · ~2 pages · Grade level 11.3 · Accepted 2024-01-04 16:37:38
Key Financial Figures
- $0.001 — which registered Class B Common Stock, $0.001 par value RMBL The Nasdaq Stock Market
- $17.0 million — uyer for an aggregate purchase price of $17.0 million (the "Portfolio Sale"). The net cash pr
- $3.0 million — om the Portfolio Sale was approximately $3.0 million after the satisfaction of secured indeb
Filing Documents
- rmbl-20231229.htm (8-K) — 25KB
- rmbl-20231229_g1.jpg (GRAPHIC) — 59KB
- 0001596961-24-000002.txt ( ) — 284KB
- rmbl-20231229.xsd (EX-101.SCH) — 2KB
- rmbl-20231229_lab.xml (EX-101.LAB) — 24KB
- rmbl-20231229_pre.xml (EX-101.PRE) — 13KB
- rmbl-20231229_htm.xml (XML) — 3KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. Sale of RumbleOn Finance Receivable Portfolio On December 29, 2023, RumbleOn, Inc. (the "Company") entered into a Purchase Agreement (the "Purchase Agreement") by and among the Company, its subsidiaries RumbleOn Finance, LLC and ROF SPV I, LLC (together, the "Subsidiaries") and Clear Haven 2021 Trust, a Delaware statutory trust ("Buyer"). In accordance with the terms of the Purchase Agreement, the Company completed the sale of a portfolio of retail installment sales contracts and/or promissory notes secured by vehicle loans held by the Subsidiaries to the Buyer for an aggregate purchase price of $17.0 million (the "Portfolio Sale"). The net cash proceeds the Company received from the Portfolio Sale was approximately $3.0 million after the satisfaction of secured indebtedness, expenses, commissions, and fees. Following the Portfolio Sale, the Company remitted the net proceeds, available cash collections, and formerly restricted cash to Oaktree Fund Administration, LLC to reduce the Company's outstanding debt under its Term Loan Credit Agreement dated August 31, 2021, as amended. Other than in respect to the transactions discussed above in connection with the Purchase Agreement, there are no material relationships between the Company and the Buyer or any of its affiliates, or any director or officer or any associates of any such director or officer.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
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: January 4, 2024 By: /s/ Mathew W. Grynwald Mathew W. Grynwald General Counsel and Secretary