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 Oct. 29.
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.
“We are proud of the relationship we have developed with National Securities and grateful for the opportunity to provide counsel in these significant transactions,” Older said.
McGuireWoods ranked among the top law firms for advising corporate issuers and underwriters in U.S. capital markets transactions in the first nine months of 2018, according to league tables published by Bloomberg and Thomson Reuters. The firm was honored as Law Firm of the Year in Mergers & Acquisitions magazine’s Mid-Market M&A Awards. McGuireWoods also is a finalist in 11 deal categories for the 2018 M&A Advisor Awards, which recognize top corporate transactions from the past year and the firms involved in closing those deals.