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RumbleOn responds to shareholder’s letter

RumbleOn has issued the following statement regarding the preliminary proxy statement (open letter) filed by two former directors and current shareholders, William Coulter and Mark Tkach. At issue, the two former directors and major shareholders say they have asked the board to provide investors with its plans regarding cost structure and inventory controls. The two shareholders also proposed new candidates for the open board seats in the upcoming election.

In the news release, RumbleOn management says its board of directors is “deeply committed to enhancing value for all shareholders and overseeing the company’s strategy.”

RumbleOn’s board comprises six directors, four of whom are independent. “These directors bring expansive operational and financial experience,” the company states. “The board recognizes the importance of having the right mix of skills, expertise, and experience to effectively oversee RumbleOn and regularly reviews the board’s composition and refreshes those skill sets as appropriate to ensure alignment with the interests of shareholders. With these key criteria in mind, the board’s nominating and corporate governance committee continues to review director candidates for the two Class 2 seats up for election this year, including the candidates proposed by Mr. Coulter and Mr. Tkach.”

Shareholders are not required to take any action at this time, according to the company. The board will present its formal recommendation for director nominations in its proxy materials that will be filed with the SEC and mailed to shareholders eligible to vote at the 2023 annual meeting, which is yet to be scheduled.

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