Key Summary: In 2021, William Coulter and Mark Tkach sold RideNow Powersports to RumbleOn, where Coulter became Executive Vice Chairman and Tkach became COO and a director. They resigned in February 2022, feeling their roles were diminished. On March 15, 2023, Coulter and Tkach (32.5%) announced plans to nominate five directors to improve operational performance. They filed proxy materials on April 5 and provided updates on May 8. On May 15, the company appointed their nominee, Mr. Pully, to the Board. They criticized severance payments to former COO Peter Levy and demanded changes. On June 16, Tkach was appointed Interim CEO, and the Board was temporarily expanded. On June 30, a Cooperation Agreement led to Tkach filling a board vacancy.Market Cap: $202 million | RumbleON, Inc. operates a technology-based omnichannel platform to aggregate and distribute pre-owned vehicles in North America.
In 2021, William Coulter and Mark Tkach, founders of RideNow Powersports, sell their company to RumbleOn. After RumbleOn purchased RideNow, Mr. Coulter joined RumbleOn as Executive Vice Chairman of the Board, while Mr. Tkach was appointed as a director and the COO of RumbleOn. They stated that despite those titles and substantial share ownership, their voices were considerably less than the roles suggested. As a result, they resigned their roles in February 2022.
On March 15, 2023, William Coulter and Mark Tkach (together 32.5%) issued a public letter to the shareholders of their intention to nominate five director nominees for election to the Board at the 2023 AGM and described their views concerning opportunities to improve the company’s operational performance and begin restoring stockholder value. Kindly click here, to read the entire letter.
On April 5, 2023, William Coulter and Mark Tkach filed proxy materials seeking support for their nominees.
On May 8, 2023, William Coulter and Mark Tkach provided an update to fellow stockholders about their efforts to enhance stockholder value at RumbleOn. Kindly click here to read more.
On May 15, 2023, the company announced the appointment of Mr. Pully, (Concerned shareholders' nominee) to the Board, effective May 11, 2023, as a Class I director, with a term expiring at the 2025 annual meeting of stockholders. Source
On May 15, 2023, William Coulter and Mark Tkach sent a letter to the board criticizing the board’s recent decision to accelerate severance payments to former Director and Chief Operating Officer Peter Levy, and to shield those payments from accountability. They demand that the board immediately take any and all appropriate steps to rescind Mr. Levy’s Release Agreement, amend it to align with the terms he agreed to in his Employment Agreement, or otherwise halt the impending $3,375,000 payment. Source
On June 16, 2023, Mark Tkach was appointed Interim CEO following Marshall Chesrown's resignation. The company also reached a preliminary agreement with the Coulter-Tkach Group to resolve proxy matters before the annual meeting. The Board temporarily expanded to include Melvin Flanigan and Mark Tkach, with Steve Pully becoming Chairman. Mr. Coulter became a Board observer and all nominations and proposals for the annual meeting were withdrawn. Source
On June 30, 2023, the company entered into a Cooperation Agreement with Mr. Coulter and Mr. Tkach regarding the composition of the board. Mr. Tkach will be appointed to fill the vacancy left by the Departing Director. Kindly click here, to read more.
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