RumbleOn Provides Update on RideNow Merger, Reiterates Guidance

RumbleOn Inc (NASDAQ:RMBL) has updated on the pending business combination with RideNow while reiterating its prior guidance.
RumbleOn had filed preliminary proxy materials with the Securities and Exchange Commission (SEC) related to the pending business combination with RideNow. It expects the merger with RideNow to close in the third quarter of 2021.
The company had cash and equivalents of $2.13 million as of March 31, 2021.
The company expects Q2 revenue of $140.0 to $150.0 million, a 66%-78% growth year-over-year.
Gross profit is expected to grow 113%-125% Y/Y to $18.0 to $19.0 million, and Adjusted EBITDA in the range of $1.2 million to $3.0 million.
The company sees FY 2021 revenue of $1.45 billion to $1.55 billion and adjusted EBITDA of $110.0 million to $115.0 million.
Price action: RMBL shares are trading lower by 0.69% at $36.10 on the last check Monday.

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