RumbleOn (RMBL) said Friday that its $10 million fully backstopped registered equity rights offering received subscriptions for more than 2 million class B shares at $4.18 per share.

The 349,333 unsubscribed shares are expected to be acquired by Stone House Capital Management in a backstop private placement, the company said.

Net proceeds of the offering and the backstop are expected to be about $9 million. The subscribed shares are expected to be issued next Tuesday, while the private placement is expected to close next Thursday, the company said.

RumbleOn shares were 3% higher in premarket trading.