Press Release

Akerman LLP represented RumbleOn, Inc. (NASDAQ: RMBL), an e-commerce company using innovative technology to aggregate and distribute pre-owned vehicles, in its business combination with RideNow, the nation’s largest powersports retailer group, creating the first omnichannel customer experience in powersports.  The business combination is expected to propel revenue growth and drive meaningful cost synergies, leading to improved monetization and margin expansion.  Together, the combined company will have a dominant position in a $100+ billion market. 

Immediately prior to closing the business combination, RumbleOn closed its upsized public offering of approximately 5.1 million shares of Class B Common Stock, which included the full exercise of the underwriter’s option to purchase an additional 659,090 shares.  In connection with the public offering, RumbleOn raised approximately $167 million in gross proceeds for the business combination and working capital.  The business combination was also funded through a $280 million term loan from funds managed by Oaktree Capital Management L.P. and the issuance to RideNow equity holders of approximately 5.8 million shares of RumbleOn’s Class B Common Stock.

The Akerman team, led by Christina Russo, Scott Wasserman and Greg Limoncelli, consists of partners Erin Swick, Brit Brown, Andrew Wamsley, Peter Salomon, Debra Leder, Robert Loewy, Bill Sullivan, Sarah Campbell Smith; Peter Chiabotti, and Paul Russo; Of Counsel Melissa Koch; and Associates Daniel Silva, Felycia Itza, Taylor Jobb, Melissa Olivo, David Chambers, Jesse DouglasCarlos de la Cruz, Joshua Holtzman, Angelica Fortney, Amber Roberts, Kevin Platt, Elissa Weiss, and Harrison Cooper.

RideNow counsel was Gallagher & Kennedy.  B. Riley counsel was Nelson Mullins Riley & Scarborough.  Oaktree’s counsel was Akin Gump Strauss Hauer & Feld.

Michael Francis, formerly an Akerman partner, is General Counsel of RumbleOn.

About Akerman

Akerman LLP is a top 100 U.S. law firm recognized among the most forward thinking firms in the industry by Financial Times. Its more than 700 lawyers and business professionals collaborate with the world’s most successful enterprises and entrepreneurs to navigate change, seize opportunities, and help drive innovation and growth. Akerman is known for its results in middle market M&A and complex disputes, and for helping clients achieve their most important business objectives in the financial services, real estate and other dynamic sectors across the United States and Latin America.

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