McGuireWoods Advises Placement Agents in $21.6 Million PIPE by RumbleOn

Friday, November 9, 2018 - 09:17
 
McGuireWoods served as placement agents’ counsel for National Securities Corp. and Craig-Hallum Capital Group in a $21.6 million private placement (PIPE) of Class B common stock by RumbleOn Inc.(NASDAQ: RMBL) The placement closed October 29th.
 
The transaction funded RumbleOn’s acquisitions of Wholesale LLC, one of the largest independent U.S. distributors of used cars, and its related logistics company, Wholesale Express LLC. RumbleOn is an e-commerce platform that enables consumers and dealers to buy, sell, trade and finance pre-owned vehicles.
 
Securities partners Stephen Older and Rakesh Gopalan led the McGuireWoods team, which also included associates David Wolpa and Ellison Johnstone. McGuireWoods has advised National Securities, one of the nation’s largest broker-dealers, in multiple securities offerings, including the underwriting of RumbleOn’s $14.1 million public offering of Class B common stock in July. National Securities is a subsidiary of National Holdings Corp., a leading investment banking and asset management firm.