05:53 PM EST, 11/26/2024 (MT Newswires) -- RumbleOn ( RMBL ) said late Tuesday it launched a $10 million fully backstopped registered equity rights offering.

The company is distributing nontransferable subscription rights to the holders of its class A and B common shares to purchase up to 2,392,344 class B shares at $4.18 apiece. Each subscription right entitles the holder to purchase 0.0677 class B shares, the company said.

The offering is scheduled to expire Dec. 12.

RumbleOn ( RMBL ) said it plans to use the proceeds for general corporate purposes, among other things.