# EDGAR Filing Document

**Accession Number:** 0001468327
**File Stem:** 0000950103-26-005725
**Filing Date:** 2026-4
**Character Count:** 183879
**Document Hash:** 06be72aadd594a05fec0d5ce70366927
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-26-005725.hdr.sgml**: 20260415

**ACCESSION NUMBER**: 0000950103-26-005725

**CONFORMED SUBMISSION TYPE**: 424B5

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260415

**DATE AS OF CHANGE**: 20260415

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Rent the Runway, Inc.
- **CENTRAL INDEX KEY:** 0001468327
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-RETAIL STORES, NEC [5990]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 800376379
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 424B5
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-279757
- **FILM NUMBER:** 26862670

**BUSINESS ADDRESS:**
- **STREET 1:** 10 JAY ST
- **CITY:** BROOKLYN
- **STATE:** NY
- **ZIP:** 11201
- **BUSINESS PHONE:** 2125246860

**MAIL ADDRESS:**
- **STREET 1:** 10 JAY ST
- **CITY:** BROOKLYN
- **STATE:** NY
- **ZIP:** 11201

**Filed pursuant to Rule 424(b)(5)**

**Registration No. 333-279757**

**PROSPECTUS SUPPLEMENT<br> (To Prospectus dated May 28, 2024)<br>** 

<br> **RENT THE RUNWAY, INC.**

**Up to $40,000,000<br> Class A common stock**

We have entered into an at-the-market sales agreement, or the Sales Agreement, with BTIG, LLC (the "Agent"), dated April 15, 2026, relating to the sale of shares of our Class A common stock, $0.001 par value per share, offered by this prospectus supplement. In accordance with the terms of the Sales Agreement, under this prospectus supplement, we may offer and sell shares of our Class A common stock having an aggregate offering price of up to $40,000,000 from time to time through the Agent, acting as our sales agent.

As of April 14, 2026, the aggregate market value of our outstanding Class A common stock held by non-affiliates, or the public float, was $29,893,655, which was calculated based on 4,649,091 shares of our outstanding Class A common stock held by non-affiliates at a price of $6.43 per share, the closing price of our Class A common stock on February 24, 2026. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell shares pursuant to this prospectus supplement with a value of more than one-third of the aggregate market value of our Class A common stock held by non-affiliates in any 12-month period, or $9,964,551, so long as the aggregate market value of our Class A common stock held by non-affiliates is less than $75,000,000. During the prior 12-months as of the date of this prospectus supplement, we have sold no shares of our Class A common stock, leaving $9,964,551 that could be sold under this prospectus supplement.

Sales of shares of our Class A common stock, if any, under this prospectus supplement will be made by any method permitted that is deemed an "at the market offering" as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended, or the Securities Act, including sales made directly on or through The Nasdaq Global Market, or Nasdaq, or any other existing trading market for our Class A common stock, in block transactions, or as otherwise agreed upon by us and the Agent or any other method permitted by applicable law. The Agent is not required to sell any specific number or dollar amount of shares of our Class A common stock, but will act as our sales agent using commercially reasonable efforts consistent with its normal trading and sales practices. There is no arrangement for funds to be received in any escrow, trust or similar arrangement.

The Agent will be entitled to compensation at a commission rate of 3.0% of the gross sales price per share sold under the Sales Agreement. See "Plan of Distribution" beginning on page [S-14](#a_023) for additional information regarding the compensation to be paid to the Agent.

In connection with the sale of shares of our Class A common stock on our behalf, the Agent may be deemed to be an "underwriter" within the meaning of the Securities Act and the compensation of the Agent may be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and contribution to the Agent with respect to certain liabilities, including liabilities under the Securities Act.

Shares of our Class A common stock trade on Nasdaq under the symbol "RENT." On April 14, 2026, the last sale price of our Class A common stock as reported on Nasdaq was $5.22 per share.

**Investing in our Class A common stock involves a high degree of risk. See "Risk Factors" beginning on page [S-4](#a_006) of this prospectus supplement and in the documents incorporated by reference into this prospectus supplement or any applicable prospectus supplement.**

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities being offered by this prospectus supplement, or determined if this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.

**BTIG** 

**The date of this prospectus supplement is April 15, 2026**

#### **TABLE OF CONTENTS**
**Table of Contents**

<u>Page</u>

**Prospectus Supplement**

---

| | |
|:---|:---|
| [About This Prospectus Supplement](#a_002) | [S-i](#a_002) |
| [Forward-Looking Statements](#a_003) | [S-ii](#a_003) |
| [Prospectus Supplement Summary](#a_004) | [S-1](#a_004) |
| [The Offering](#a_005) | [S-3](#a_005) |
| [Risk Factors](#a_006) | [S-4](#a_006) |
| [Use of Proceeds](#a_007) | [S-8](#a_007) |
| [Material U.S. Federal Income Tax Consequences to Non-U.S. Holders of our Class A Common Stock](#a_008) | [S-9](#a_008) |
| [Dividend Policy](#a_009) | [S-13](#a_009) |
| [Plan of Distribution](#a_010) | [S-14](#a_010) |
| [Legal Matters](#a_011) | [S-16](#a_011) |
| [Experts](#a_012) | [S-16](#a_012) |
| [Where You Can Find More Information](#a_013) | [S-16](#a_013) |
| [Incorporation of Certain Documents by Reference](#a_014) | [S-17](#a_014) |

---

**Prospectus**

---

| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS](#a_016) | [1](#a_016) |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_017) | [2](#a_017) |
| [WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE](#a_018) | [3](#a_018) |
| [THE COMPANY](#a_019) | [4](#a_019) |
| [RISK FACTORS](#a_020) | [6](#a_020) |
| [USE OF PROCEEDS](#a_021) | [7](#a_021) |
| [DESCRIPTION OF CAPITAL STOCK](#a_022) | [8](#a_022) |
| [DESCRIPTION OF DEBT SECURITIES](#a_023) | [14](#a_023) |
| [DESCRIPTION OF WARRANTS](#a_024) | [21](#a_024) |
| [DESCRIPTION OF PURCHASE CONTRACTS](#a_025) | [22](#a_025) |
| [GLOBAL SECURITIES](#a_026) | [24](#a_026) |
| [PLAN OF DISTRIBUTION](#a_027) | [27](#a_027) |
| [LEGAL MATTERS](#a_028) | [29](#a_028) |
| [EXPERTS](#a_029) | [29](#a_029) |

---

**About This Prospectus Supplement**

This prospectus supplement is part of a registration statement that we filed with the Securities and Exchange Commission (the "SEC") utilizing a "shelf" registration process. By using a shelf registration statement, we may sell an unspecified amount of securities from time to time. Under this prospectus supplement, we may from time to time sell shares of our Class A common stock having an aggregate offering price of up to $40,000,000, at prices and on terms to be determined by market conditions at the time of the offering.

Before buying any of the Class A common stock that we are offering, we urge you to carefully read both this prospectus supplement together with all of the information incorporated by reference herein, as well as the additional information described under the headings "Where You Can Find More Information" and "Incorporation of Certain Documents by Reference." These documents contain important information that you should consider when making your investment decision.

To the extent there is a conflict between the information contained in this prospectus supplement, on the one hand, and the information contained in any document incorporated by reference in this prospectus supplement, on the other hand, you should rely on the information in this prospectus supplement, provided that if any statement in one of these documents is inconsistent with a statement in another document having a later date—for example, a document filed after the date of this prospectus supplement incorporated by reference in this prospectus supplement—the statement in the document having the later date modifies or supersedes the earlier statement.

This prospectus supplement contains summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed, will be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus supplement is a part, and you may obtain copies of those documents as described under the headings "Where You Can Find More Information" and "Incorporation of Certain Documents by Reference." We further note that the representations, warranties and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated by reference herein were made solely for the benefit of the parties to such agreement, including, in some cases, for the purpose of allocating risk among the parties to such agreement, and should not be deemed to be a representation, warranty or covenant to you. Moreover, such representations, warranties or covenants were accurate only as of the date when made. Accordingly, such representations, warranties and covenants should not be relied on as accurately representing the current state of our affairs.

We have not authorized anyone to provide any information other than that contained in or incorporated by reference in this prospectus supplement, any applicable prospectus supplement and any related free writing prospectus supplement filed by us with the SEC. We have not, and the Agent has not, authorized anyone to provide you with different information. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus supplement does not constitute an offer to sell or the solicitation of an offer to buy any securities other than the securities described in this prospectus supplement or an offer to sell or the solicitation of an offer to buy such securities in any circumstances in which such offer or solicitation is unlawful. You should assume that the information appearing in this prospectus supplement, any applicable prospectus supplement, the documents incorporated by reference and any related free writing prospectus supplement is accurate only as of their respective dates. Our business, financial condition, results of operations and prospects may have changed materially since those dates.

In this prospectus supplement, the term "Rent the Runway," "we," "us" and "our" refer to Rent the Runway, Inc., and its consolidated subsidiaries, unless the context otherwise requires or indicates.

S-i

**<u>[**TABLE OF CONTENTS**](#a_001)</u>**

**Forward-Looking Statements**

This prospectus supplement and the documents incorporated by reference herein contain forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical fact contained in this prospectus supplement and the documents incorporated by reference may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "aims," "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions.

The forward-looking statements in this prospectus supplement are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the important factors described under the heading "Risk Factors" in our Annual Report on Form 10-K for the period ended January 31, 2026, and those identified under "Risk Factors" in any subsequent reports that we file with the SEC. The forward-looking statements in this prospectus supplement are based upon information available to us as of the date of this prospectus supplement, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

You should read this prospectus supplement with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this prospectus supplement. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this prospectus supplement, whether as a result of any new information, future events or otherwise.

S-ii

**<u>[**TABLE OF CONTENTS**](#a_001)</u>**

**Prospectus Supplement Summary**

*This summary highlights selected information contained elsewhere in this prospectus supplement and in the documents we incorporate by reference. This summary does not contain all of the information you should consider before making an investment decision. You should read this entire prospectus supplement carefully, especially the risks related to this offering discussed under "Risk Factors" beginning on page [S-4](#a_006) of this prospectus supplement, along with the other risk factors, our consolidated financial statements and notes to those consolidated financial statements and the other information incorporated by reference in this prospectus supplement or any applicable prospectus supplement.*

**Overview**

Our mission is to power women to feel their best every day.

Since our founding in November 2009, we have built the world's first shared designer closet with thousands of styles by hundreds of brand partners. We give customers access to our "unlimited closet" through our subscription offering ("Subscription") or the ability to rent a-la-carte through our reserve offering ("Reserve"). We also give our subscribers and customers the ability to buy our products through our Resale offering. Our Closet in the Cloud offers a wide assortment of items for every occasion, from evening wear and accessories to ready-to-wear, workwear, denim, casual, maternity, outerwear, blouses, knitwear, loungewear, jewelry, handbags, activewear and ski wear. We have served approximately 3.5 million lifetime customers across all of our offerings and we had 183,552 total subscribers (active and paused) as of January 31, 2026. We had 143,796 active subscribers as of January 31, 2026. In fiscal year 2025, 90% of our total revenue was generated by subscribers compared to 88% in fiscal year 2024.

We have created a two-sided discovery engine: customers find new brands they love and brand partners find new customers they need. For customers, we unlock freedom of self-expression through access to our "Unlimited Closet" that has a constantly rotating supply of styles for all occasions, seasons, moods and price points. This leads to deep engagement with our platform as customers discover new brands they love. Brand partners are able to tap into our large, engaged community to discover new customers and get unparalleled data insights. All of this helps them grow and run their businesses and encourages them to partner more closely with us over time.

When our customers use Rent the Runway, they experience the magic of accessing an "Unlimited Closet" while saving money and time and reducing clothing waste. We deliver significant financial value to customers, with our average subscriber wearing clothes worth more than 24 times what she pays for a monthly RTR Subscription on an annualized basis (more than $48,000 in designer retail value in fiscal year 2025).

Our evolving selection of products is enabled by our designer brand partnerships. We source virtually all of our products directly from or in partnership with our brand partners that include many of the most renowned and relevant names in the fashion industry. The nature of our customer value proposition means our customers are typically younger and/or different from other audiences our brands are exposed to. For example, many of our brand partners work with us because we introduce them to new, desirable customers and deepen awareness of their brands. Over the last 16 years, we have fostered strong relationships with our brand partners and have experienced limited voluntary attrition. Our Closet in the Cloud connects our deeply engaged customers and our differentiated brand partners on a powerful platform built around our brand, data, logistics and technology advantages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Brand Partner Advantage</u>: Our assortment contains thousands of new, current season styles that luxury competitors simultaneously
carry-all available for Subscription, Reserve, and/or Resale at much lower prices. We believe our engaged and loyal customer base paired
with the data that we offer to our brand partners makes us an essential destination for many of the world's most important brands.
Over time, our commercial relationships with our brand partners have evolved towards more capital efficient forms of rental product acquisition.

**<u>[**TABLE OF CONTENTS**](#a_001)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Data Advantage</u>: We capture a vast amount of unique, actionable data on our customers and products. We leverage this data to
create benefits for our customers (deep personalization of styles and fit), brand partners (understanding of customer demand patterns
and garment lifecycle) and our business (higher subscriber lifetime value and better product return on investment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Technology and Logistics Advantage</u>: We have developed a proprietary operating system that pairs proprietary software with differentiated
infrastructure and hardware. Our expertise in vertically integrated just-in-time reverse logistics and garment science allows us to achieve
multi-year monetization on our garments. We have also built a custom platform that supports all of our consumer-facing offerings on our
website and app.

**Corporate Information**

We were incorporated as Rent the Runway, Inc. in Delaware on March 3, 2009. Our principal executive offices are located at 10 Jay Street, Brooklyn, New York 11201. Our telephone number is (212) 524-6860. Our website address is www.renttherunway.com. Information contained on, or that can be accessed through, our website is not incorporated by reference into this prospectus supplement, and you should not consider information on our website to be part of this prospectus supplement.

**<u>[**TABLE OF CONTENTS**](#a_001)</u>**

**The Offering**

---

| | |
|:---|:---|
| Issuer | Rent the Runway, Inc., a Delaware corporation. |
| Class A common stock offered by us | Class A common stock having an aggregate offering price of up to $40,000,000. |
| Shares of Class A common stock outstanding as April 2, 2026 <br>| <br> 4,649,091 shares. |
| Plan of Distribution | "At the market offering" that may be made from time to time through the Agent. See "Plan of Distribution." |
| Use of Proceeds | We currently intend to use the net proceeds from this offering for general corporate purposes. See "Use of Proceeds." |
| Nasdaq symbol | "RENT." |
| Risk Factors | You should read the "Risk Factors" section of this prospectus supplement, as well as those risks and uncertainties identified in the documents incorporated by reference in this prospectus supplement or any applicable prospectus supplement, including our most recent Annual Report on Form 10-K and any subsequent reports that we file with the SEC, for a discussion of factors to consider carefully before deciding to purchase our Class A common stock. |
| Transfer Agent and Registrar | Equiniti Trust Company, LLC. |

---

Unless we indicate otherwise, all information in this prospectus supplement is based on 33,419,413 shares of Class A common stock outstanding as of April 2, 2026, and excludes as of that date, 1,610,261 shares of our Class A common stock reserved for issuance under our equity incentive plans of which there were (i) outstanding options to purchase 11,134 shares of our Class A common stock at a weighted average exercise price of $178.45 per share, (ii) 3,086,947 of our Class A common stock shares underlying restricted stock units outstanding and (iii) 6,362,904 shares of our Class A common stock underlying performance stock units outstanding (assuming maximum level of performance).

**<u>[**TABLE OF CONTENTS**](#a_001)</u>**

**Risk Factors**

*An investment in our Class A common stock involves a high degree of risk. Before deciding whether to invest in our Class A common stock, you should consider carefully the risks described below and discussed under the sections captioned "Risk Factors" contained in our most recent Annual Report on Form 10-K, as well as in any of our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are incorporated by reference in this prospectus supplement or any applicable prospectus supplement in their entirety, together with other information in this prospectus supplement, the information and documents incorporated by reference in this prospectus supplement or any applicable prospectus supplement, and in any free writing prospectus supplement that we have authorized for use in connection with this offering. Each of the risk factors could adversely affect our business, operating results and financial condition, as well as adversely affect the value of an investment in our securities, and the occurrence of any of these risks might cause you to lose all or part of your investment. There may be additional risks that we do not presently know of or that we currently believe are immaterial which could also impair our business and financial position. Please also read carefully the section titled "Forward-Looking Statements."*

**Additional Risks Related to This Offering** 

**The price of our Class A common stock has and may continue to fluctuate significantly, which could negatively affect us and holders of our Class A common stock.** 

The market price of our Class A common stock has and may continue to fluctuate significantly as a result of many factors, including many that are outside of our control. These risks include those described or referred to in this "Risk Factors" section and in the other documents incorporated herein by reference as well as, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· our operating and financial performance and prospects;

&nbsp;&nbsp;&nbsp;&nbsp;· our successful execution of our business strategy, including with respect to our ongoing fleet rotation;

&nbsp;&nbsp;&nbsp;&nbsp;· sales of a substantial number of shares of our Class A common stock in the public market, or the perception in the market that the
holders of a large number of shares of Class A common stock intend to sell;

&nbsp;&nbsp;&nbsp;&nbsp;· our ability to repay our debt;

&nbsp;&nbsp;&nbsp;&nbsp;· adverse market reactions to any additional debt we incur in the future;

&nbsp;&nbsp;&nbsp;&nbsp;· our credit ratings;

&nbsp;&nbsp;&nbsp;&nbsp;· our access to financial and capital markets to refinance our debt or replace the existing credit facilities;

&nbsp;&nbsp;&nbsp;&nbsp;· investor perceptions of us and the industry and markets in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;· our dividend policy;

&nbsp;&nbsp;&nbsp;&nbsp;· future sales of equity or equity-related securities;

&nbsp;&nbsp;&nbsp;&nbsp;· announcements and actions filed by third parties of significant claims or proceedings against us;

&nbsp;&nbsp;&nbsp;&nbsp;· issuances of new or updated research reports by security or industry analysts, or those analysts not publishing or ceasing to publish
reports about us, our industry or our market;

&nbsp;&nbsp;&nbsp;&nbsp;· speculative trading activities by third parties, driven by, among other things, social media coverage;

**<u>[**TABLE OF CONTENTS**](#a_001)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;· changes in, or results that vary from, earnings estimates or buy/sell recommendations by analysts;

&nbsp;&nbsp;&nbsp;&nbsp;· additions or departures of key management personnel; and

&nbsp;&nbsp;&nbsp;&nbsp;· general financial, domestic, economic and other market conditions.

In addition, stock markets experience significant price and volume fluctuations from time to time that are not related to the operating performance of particular companies. These market fluctuations may have a material adverse effect on the share price of our Class A common stock.

**If you purchase shares of Class A common stock in this offering, you may suffer immediate and substantial dilution of your investment.**

The shares sold in this offering will be sold from time to time at various prices. The price per share of our Class A common stock sold in this offering may, at the time of sale, exceed the net tangible book value per share of our Class A common stock outstanding prior to this offering. Therefore, if you purchase shares of our Class A common stock in this offering, you may pay a price per share that substantially exceeds our net tangible book value per share after this offering. To the extent shares are issued under outstanding options at exercise prices lower than the price of our Class A common stock in this offering, you will incur further dilution.

**You may experience future dilution as a result of future equity offerings.**

To raise additional capital, we may in the future offer additional shares of our Class A common stock or other securities convertible into or exchangeable for our Class A common stock at prices that may not be the same as the price per share in this offering. We may sell shares or other securities in any other offering at a price per share that is less than the price per share paid by investors in this offering, and investors purchasing shares or other securities in the future could have rights superior to existing stockholders. The price per share at which we sell additional shares of our Class A common stock, or securities convertible or exchangeable into Class A common stock, in future transactions may be higher or lower than the price per share paid by investors in this offering.

**The actual number of any shares we may issue and gross proceeds resulting from those sales, at any one time or in total, is uncertain.**

Subject to certain limitations in the Sales Agreement and compliance with applicable law and General Instruction I.B.6 of Form S-3 as set forth on the cover page of this prospectus supplement, we have the discretion to deliver a sale order to the Agent at any time throughout the term of the Sales Agreement. The number of shares that are sold by such Agent after the delivery of any sale order will fluctuate based on the market price of our Class A common stock during the sale period and limits we set with such Agent in any order to sell shares, and the demand for our Class A common stock during the sale period. Because the price per share of each share sold will fluctuate based on the market price of our Class A common stock during the sale period, it is not possible at this stage to predict the gross proceeds to be raised in connection with those sales or the number of shares, if any, that will be ultimately issued.

**The Class A common stock offered hereby will be sold in "at the market offerings," and investors who buy shares at different times will likely pay different prices.**

Investors who purchase shares in this offering at different times will likely pay different prices, and so may experience different outcomes in their investment results. We will have discretion, subject to market demand, to vary the timing, prices and numbers of shares sold, and subject to the final determination by our board of directors or any restrictions we may place in any applicable sale order, there is no minimum or maximum sales price. Investors may experience a decline in the value of their shares as a result of sales made at prices lower than the prices they paid.

**<u>[**TABLE OF CONTENTS**](#a_001)</u>**

**Our ability to utilize our net operating loss carryforwards may be substantially limited as a result of an "ownership change," as defined in Section 382 of the Internal Revenue Code of 1986, as amended.**

As of January 31, 2026, we had federal net operating loss carryforwards of $507.25 million, $7.8 million of which will expire at various times through 2038. Furthermore, we had state net operating loss carryforwards of $537.91 million, which will expire at various times through 2045. Portions of these net operating loss carryforwards could expire unused and be unavailable to offset future income tax liabilities. While our U.S. federal net operating losses incurred in taxable years beginning after December 31, 2017, may be carried forward indefinitely, the utilization of such losses is subject to limitations. In addition, for state income tax purposes, there may be periods during which the use of net operating loss carryforwards is suspended or otherwise limited, which could accelerate or permanently increase state taxes owed.

In addition, under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the "Code"), and corresponding provisions of state law, an ownership change, generally defined as a significant change in equity ownership, may limit our ability to utilize net operating loss carryforwards and other tax attributes generated prior to the change. We previously completed a Section 382 analysis and concluded that an ownership change occurred in 2010; however, all net operating losses subject to that limitation were fully utilized in prior periods. We subsequently updated its Section 382 analysis through November 2025 and further determined that an additional ownership change occurred on October 28, 2025. As a result, net operating losses arising prior to that date are subject to annual limitations on utilization under Section 382, which may limit the amount of such net operating losses available to offset future taxable income. These limitations were considered in assessing the realizability of our deferred tax assets, and we have recorded a full valuation allowance against our U.S. deferred tax assets.

There is a risk that additional ownership changes may occur as a result of our capital raising efforts, acquisitions of our stock by 5% shareholders or both such events. Further limitations imposed on our ability to use NOLs and other tax attributes to offset future taxable income may cause U.S. federal income taxes to be paid earlier than otherwise would be paid if such limitations were not in effect. While our NOLs and interest expense carryforwards may be carried forward indefinitely, an ownership change could cause certain other tax attributes, including our tax credits, to expire unused. Similar rules and limitations may apply for state and foreign income tax purposes. If we experience any additional ownership changes, it is possible that the use of a significant portion of our tax attributes could therefore be further limited for future use.

**We do not intend to pay dividends in the foreseeable future.**

We currently intend to retain our future earnings, if any, to finance the operation and growth of our business and currently do not plan to pay any cash dividends in the foreseeable future. As a result, only appreciation of the price of our Class A common stock will provide a return to stockholders for the foreseeable future.

**Sales of a significant number of shares of our Class A common stock in the public markets, or the perception that such sales could occur, could depress the market price of our Class A common stock.**

Sales of a substantial number of shares of our Class A common stock in the public markets, or the perception that such sales could occur, could depress the market price of our Class A common stock and impair our ability to raise capital through the sale of additional equity securities. It is possible that we could issue and sell additional shares of our Class A common stock in the public markets. We cannot predict the effect that future sales of our Class A common stock would have on the market price of our Class A common stock.

**We have broad discretion in the use of the net proceeds from this offering, and we may not use them effectively.**

We currently intend to use the net proceeds from this offering as described in "Use of Proceeds." However, our Board and our management retains broad discretion in the application of the net proceeds from this offering and could spend the proceeds in ways that do not improve our results of operations or enhance the value of our common stock. Our failure to apply these funds effectively could result in financial losses, which could have a material adverse effect on our business, results of operations, financial condition and prospects.

**<u>[**TABLE OF CONTENTS**](#a_001)</u>**

***A "short squeeze" due to a sudden increase in demand for shares of our Class A common stock may lead to extreme price volatility in shares of our Class A common stock.***

Speculation regarding the price of our Class A common stock may involve long and short exposures. To the extent aggregate short exposure exceeds the number of shares of our Class A common stock available for purchase on the open market, investors with short exposure may have to pay a premium to repurchase shares of our Class A common stock for delivery to lenders of our Class A common stock. Those repurchases may in turn, dramatically increase the price of shares of our Class A common stock until additional shares of our Class A common stock are available for trading or borrowing. This is often referred to as a "short squeeze." A short squeeze could lead to volatile price movements in shares of our Class A common stock that are unrelated or disproportionate to our operating performance or prospects and, once investors purchase the shares of our Class A common stock necessary to cover their short positions, the price of our Class A common stock may rapidly decline. Investors that purchase shares of our Class A common stock during a short squeeze may lose a significant portion of their investment.

***If equity research analysts do not publish research or reports about our business or if they issue unfavorable commentary or downgrade our Class A common stock, the market price of our Class A common stock could decline.***

The trading market for our Class A common stock likely will be influenced by the research and reports that equity research analysts publish about the industry, us and our business. The market price of our Class A common stock could decline if one or more securities analysts downgrade our shares or if those analysts issue a sell recommendation or other unfavorable commentary or cease publishing reports about us or our business. If one or more of any analysts who elect to cover us downgrade our shares, the market price of our Class A common stock would likely decline.

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**Use of Proceeds**

Sales of our Class A common stock, if any, under this prospectus supplement and the accompanying prospectus may be made in negotiated transactions or transactions that are deemed to be an "at the market offering" as defined in Rule 415(a)(4) under the Securities Act, including sales made directly on the Nasdaq or similar securities exchange or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices. There is no guarantee that there will be any sales of our Class A common stock pursuant to this prospectus supplement and the accompanying prospectus. Actual sales, if any, of our Class A common stock under this prospectus supplement and the accompanying prospectus may be less than the amount set forth in this paragraph depending on, among other things, the market price of our Class A common stock at the time of any such sale. As a result, the actual net proceeds we receive may be more or less than the amount of net proceeds estimated in this prospectus supplement. Assuming the sale of Class A common shares having an aggregate offering price of $40.0 million pursuant to this prospectus supplement and the accompanying prospectus, we estimate that the net proceeds would be approximately $38.2 million after deducting the Agent's estimated commissions of approximately $1.2 million payable by us and estimated offering expenses of approximately $0.6 million payable by us. We currently intend to use the net proceeds from this offering payable to us for general corporate purposes.

Our expected use of the net proceeds from this offering represents our current intentions based on our present plans and business condition, which could change as our plans and business conditions evolve. The amounts and timing of our actual use of the net proceeds from this offering will vary depending on numerous factors. As a result, we cannot predict with certainty all of the particular uses for any net proceeds to be received or the amounts that we will actually spend on the uses set forth above. We will have broad discretion in the way that we use the net proceeds of this offering.

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**Material U.S. Federal Income Tax Consequences to Non-U.S. Holders of our Class A Common Stock**

The following discussion is a summary of the material U.S. federal income tax consequences to Non-U.S. Holders (as defined below) of the ownership and disposition of our Class A common stock acquired pursuant to this offering, but does not purport to be a complete analysis of all potential tax effects. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local, or non-U.S. tax laws are not discussed. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended, (the "Code"), Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the U.S. Internal Revenue Service (the "IRS"), in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a Non-U.S. Holder. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position to that discussed below regarding the tax consequences of the ownership and disposition of our Class A common stock.

This discussion is limited to Non-U.S. Holders that hold our Class A common stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a Non-U.S. Holder's particular circumstances, including the impact of the Medicare contribution tax on net investment income and any alternative minimum tax. In addition, it does not address consequences relevant to Non-U.S. Holders subject to special rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;· U.S. expatriates and former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;· persons holding our Class A common stock as part of a hedge, straddle, or other risk reduction strategy or as part of a conversion
transaction or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;· banks, insurance companies, and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;· brokers, dealers, or traders in securities;

&nbsp;&nbsp;&nbsp;&nbsp;· "controlled foreign corporations," "passive foreign investment companies," and corporations that accumulate
earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;· partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes (and investors therein);

&nbsp;&nbsp;&nbsp;&nbsp;· tax-exempt organizations or governmental organizations;

&nbsp;&nbsp;&nbsp;&nbsp;· persons deemed to sell our Class A common stock under the constructive sale provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· persons who hold or receive our Class A common stock pursuant to the exercise of any employee stock option or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;· tax-qualified retirement plans; and

&nbsp;&nbsp;&nbsp;&nbsp;· "qualified foreign pension funds" as defined in Section 897(l)(2) of the Code and entities all of the interests of which
are held by qualified foreign pension funds.

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds our Class A common stock, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership, and certain determinations made at the partner level. Accordingly, partnerships holding our Class A common stock and the partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them.

U.S. federal income tax treatment of your partners will generally depend on the status of the partners and your activities. If you are a partnership holding our Class A common stock or a partner in such a partnership, you should consult your tax adviser as to the particular U.S. federal income tax consequences to you of owning and disposing of our Class A common stock.

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This summary is based on the Code, administrative pronouncements, judicial decisions and final, temporary, and proposed Treasury Regulations as of the date hereof, changes to any of which subsequent to the date hereof may affect the tax consequences described herein, possibly with retroactive effect. This summary does not address any aspect of state, local or non-U.S. taxation, any minimum tax consequences, any Medicare contribution tax consequences, the application of Section 451 of the Code with respect to conforming the timing of income accruals to financial statements or any taxes other than U.S. federal income and estate taxes. You should consult your tax adviser with regard to the application of the U.S. federal tax laws to your particular situation, as well as any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

**THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE OWNERSHIP AND DISPOSITION OF OUR CLASS A COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL, OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.**

**Definitions of a Non-U.S. Holder**

For purposes of this discussion, a "Non-U.S. Holder" is any beneficial owner of our Class A common stock that is neither a "U.S. person" nor an entity or arrangement treated as a partnership for U.S. federal income tax purposes. A U.S. person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a corporation created or organized under the laws of the United States, any state thereof, or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a trust that (1) is subject to the primary supervision of a U.S. court and one or more "United States persons" (within
the meaning of Section 7701(a)(30) of the Code) have the authority to control all substantial decisions of the trust, or (2) has a valid
election in effect to be treated as a United States person for U.S. federal income tax purposes.

**Distributions**

As described in the section entitled "Dividend Policy," we have paid no dividends and have no current intention of doing so to holders of our Class A common stock in the foreseeable future. However, if we do pay dividends in cash or property on our Class A common stock, such dividends will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts not treated as dividends for U.S. federal income tax purposes will constitute a return of capital and first be applied against and reduce a Non-U.S. Holder's adjusted tax basis in its Class A common stock, but not below zero. Any excess will be treated as capital gain and will be treated as described below under "—Sale or Other Taxable Disposition."

Subject to the discussion below on effectively connected income, dividends paid to a Non-U.S. Holder will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by an applicable income tax treaty, provided the Non-U.S. Holder furnishes a valid IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) certifying qualification for the lower treaty rate). A Non-U.S. Holder that does not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty.

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If dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment or fixed base in the United States to which such dividends are attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above. To claim the exemption, the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI, certifying that the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States.

Any such effectively connected dividends will be subject to U.S. federal income tax on a net income basis at the regular rates. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected dividends, as adjusted for certain items. Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different rules.

**Sales or Other Taxable Disposition**

Subject to the discussion below regarding backup withholding and FATCA, a Non-U.S. Holder generally will not be subject to U.S. federal income tax or withholding on any gain realized upon the sale or other taxable disposition of our Class A common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;· the gain is effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if
required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment or fixed base in the United States
to which such gain is attributable);

&nbsp;&nbsp;&nbsp;&nbsp;· the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of
the disposition and certain other requirements are met; or

&nbsp;&nbsp;&nbsp;&nbsp;· our Class A common stock constitutes a U.S. real property interest, or USRPI, by reason of our status as a U.S. real property holding
corporation, or USRPHC, for U.S. federal income tax purposes at any time within the shorter of the five-year period preceding such disposition
or such Non-U.S. Holder's holding period.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular rates. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain items.

A Non-U.S. Holder described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on gain realized upon the sale or other taxable disposition of our Class A common stock, which may be offset by U.S. source capital losses of the Non-U.S. Holder (even though the individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

With respect to the third bullet point above, we believe we currently are not, and do not anticipate becoming, a USRPHC. Because the determination of whether we are a USRPHC depends, however, on the fair market value of our USRPIs relative to the fair market value of our non-U.S. real property interests and our assets used or held for use in a trade or business, there can be no assurance we currently are not a USRPHC or will not become one in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition of our Class A common stock by a Non-U.S. Holder will not be subject to U.S. federal income tax if our Class A common stock is "regularly traded," as defined by applicable Treasury Regulations, on an established securities market and such Non-U.S. Holder owned, actually and constructively, 5% or less of our Class A common stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or the Non-U.S. Holder's holding period.If you recognize gain on a sale or other disposition of our Class A common stock that is effectively connected with your conduct of a trade or business in the United States (and if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base maintained by you in the United States), you will generally be taxed on the gain in the same manner as a U.S. person. You should consult your tax adviser with respect to other U.S. tax consequences of the ownership and disposition of our Class A common stock, including the possible imposition of a branch profits tax at a rate of 30% (or a lower treaty rate) if you are a corporation.

Non-U.S. Holders should consult their tax advisors regarding potentially applicable income tax treaties that may provide for different rules.

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 **Information Reporting and Backup Withholding**

Payments of dividends on our Class A common stock will not be subject to backup withholding, provided the applicable withholding agent does not have actual knowledge or reason to know the holder is a United States person and the holder either certifies its non-U.S. status, such as by furnishing a valid IRS Form W-8BEN, W-8BEN-E, or W-8ECI, or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection with any distributions on our Class A common stock paid to the Non-U.S. Holder, regardless of whether such distributions constitute dividends or whether any tax was actually withheld. In addition, proceeds of the sale or other taxable disposition of our Class A common stock within the United States or conducted through certain U.S.-related brokers generally will not be subject to backup withholding or information reporting if the applicable withholding agent receives the certification described above and does not have actual knowledge or reason to know that such holder is a United States person or the holder otherwise establishes an exemption. Proceeds of a disposition of our Class A common stock conducted through a non-U.S. office of a non-U.S. broker that does not have certain enumerated relationships with the United States generally will not be subject to backup withholding or information reporting.

Copies of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the Non-U.S. Holder resides or is established.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a Non-U.S. Holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

**FATCA**

Withholding taxes may be imposed under Sections 1471 to 1474 of the Code (such Sections commonly referred to as "FATCA") on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on, or (subject to the proposed Treasury Regulations discussed below) gross proceeds from the sale or other disposition of, our Class A common stock paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code), unless (1) the foreign financial institution undertakes certain diligence and reporting obligations, (2) the non-financial foreign entity either certifies it does not have any "substantial United States owners" (as defined in the Code) or furnishes identifying information regarding each substantial United States owner, or (3) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in (1) above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain "specified United States persons" or "United States owned foreign entities" (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain payments to non-compliant foreign financial institutions and certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules.

Under the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally applies to payments of dividends on our Class A common stock. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of stock on or after January 1, 2019, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued.

Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our Class A common stock.

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**Dividend Policy**

We have paid no cash dividends on our Class A common stock and we have no current intention of doing so. Any future determination to pay cash dividends will be at the discretion of our board of directors, subject to applicable limitations under Delaware law, and will be dependent upon our results of operations, financial condition, contractual restrictions and other factors deemed relevant by our board of directors.

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**Plan of Distribution**

In accordance with the terms of the Sales Agreement, under this prospectus supplement, we may offer and sell shares of our Class A common stock having an aggregate offering price of up to $40,000,000 from time to time through the Agent, acting as our sales agent. Sales of our Class A common stock, if any, under this prospectus supplement will be made by any method permitted that is deemed an "at the market offering" as defined in Rule 415(a)(4) under the Securities Act, including sales made directly on or through Nasdaq, or any other existing trading market for our Class A common stock, in block transactions, or as otherwise agreed upon by us and the Agent or any other method permitted by applicable law.

Each time we wish to issue and sell Class A common stock under the Sales Agreement, we will notify the Agent of the number of shares requested to be sold or the gross proceeds to be raised in a given time period, the time period during which sales are requested to be made, any limitation on the amount of shares that may be sold in any single day, any minimum price below which sales may not be made or any minimum price requested for sales in a given time period and any other instructions relevant to such requested sales. Once we have so instructed the Agent, unless the Agent declines to accept the terms of the notice, the Agent has agreed to use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such shares of our Class A common stock up to the amount specified on such terms. The obligations of the Agent under the Sales Agreement to sell our Class A common stock are subject to a number of conditions that we must meet.

The Agent will provide written confirmation to us following the close of trading on Nasdaq each day in which Class A common stock is sold under the Sales Agreement. Each confirmation will include the number of shares of our Class A common stock sold on such day, the compensation payable by us to the Agent in connection with the sales and the net proceeds to us with an itemization of the deductions made by the Agent in accordance with the Sales Agreement from the gross proceeds for the shares that it receives from such sales. We will report in our filings under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), at least quarterly the number of shares sold through the Agent under the Sales Agreement, the net proceeds to us from the sales of the shares and the aggregate compensation of the Agent in connection with such sales.

We will pay the Agent commissions for its services in acting as agent in the sale of our shares. The Agent will be entitled to compensation at a commission rate of 3.0% of the gross sales price per share sold under the Sales Agreement. Because there is no minimum offering amount required as a condition to closing this offering, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable at this time. The remaining sales proceeds, after deducting any transaction fees, transfer taxes or similar taxes or fees imposed by any governmental or self-regulatory organization in respect of such sales of shares Class A common stock, will be our net proceeds (before the expenses referred to in the next paragraph) from the sale of shares of our Class A common stock in the offering.

We estimate that the total expenses for the offering, excluding compensation and reimbursements payable to the Agent under the terms of the Sale Agreement, will be approximately $0.5 million. We have agreed to reimburse the Agent for certain specified expenses, including for the reasonable and documented fees and disbursements to their legal counsel incurred in connection with the execution of the Sales Agreement, in addition to certain ongoing fees and disbursements of their legal counsel, which together with commissions paid to the Agent will not exceed 3.0% of the total public offering amount.

Under the terms of the Sales Agreement, we may, if agreed to by the Agent, also sell shares of Class A common stock to the Agent, as principal for its own account, at a price per share and such other terms to be agreed upon at the time of sale. However, the Agent has no obligation to agree to purchase shares of Class A common stock as principal.

Settlement for sales of our Class A common stock will occur on the first trading day following the date on which any sales are made, or on some other date that is agreed upon by us and the Agent, in return for payment of the net proceeds to us. Sales of our shares of our Class A common stock as contemplated in this prospectus supplement will be settled through the facilities of The Depository Trust Company or by such other means as we and the Agent agree upon. There is no arrangement for funds to be received in an escrow, trust or similar arrangement.

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To the extent required by Regulation M, the Agent will not engage in any stabilization activity in connection with our Class A common stock while the offering is ongoing under this prospectus supplement.

In connection with the sale of shares of our Class A common stock on our behalf, the Agent may be deemed to be an "underwriter" within the meaning of the Securities Act and the compensation of the Agent may be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and contribution to the Agent with respect to certain liabilities, including liabilities under the Securities Act.

The offering pursuant to the Sales Agreement will terminate upon the earlier of the issuance and sale of all the Class A common stock subject to the Sales Agreement or termination of the Sales Agreement. The Sales Agreement may be terminated by the Agent or us at any time upon specified prior written notice.

This summary of the material provisions of the Sales Agreement does not purport to be a complete statement of their terms and conditions. We are filing a copy of the Sales Agreement as an exhibit to a Current Report on Form 8-K filed on the date of this prospectus supplement.

Other than in the United States, no action has been taken by us or the Agent that would permit a public offering of the securities offered by this prospectus supplement in any jurisdiction where action for that purpose is required. The securities offered by this prospectus supplement may not be offered or sold, directly or indirectly, nor may this prospectus supplement or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus supplement comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus supplement. This prospectus supplement does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus supplement in any jurisdiction where any such offer or solicitation is unlawful.

**Other Relationships**

The Agent and its affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial and non-financial activities and services. The Agent and its affiliates have, from time to time, provided, and may in the future provide various investment banking and other financial services for us and our affiliates, for which services they have received, and may in the future receive, customary fees and expenses.

In the ordinary course of its various business activities, the Agent and its affiliates, officers, directors and employees may purchase, sell or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to assets, securities and/or instruments of ours (directly, as collateral securing other obligations or otherwise) and/or persons and entities with relationships with us. The Agent and its affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities and instruments.

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**Legal Matters**

The validity of the Class A common stock being offered by this prospectus supplement will be passed upon for us by Davis Polk & Wardwell LLP, New York, New York. The Agent is being represented in connection with this offering by Cozen O'Connor, Minneapolis, Minnesota.

**Experts**

The financial statements incorporated in this Prospectus Supplement by reference to the Annual Report on Form 10-K for the year ended January 31, 2026 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

**Where You Can Find More Information**

We have filed with the U.S. Securities and Exchange Commission a registration statement (including amendments and exhibits to the registration statement) on Form S-3 under the Securities Act. Our SEC filings are available to the public over the Internet at the SEC's website at http://www.sec.gov. Copies of certain information filed by us with the SEC are also available on our website at http://www.renttherunway.com. Our website is not a part of this prospectus supplement and is not incorporated by reference in this prospectus supplement.

This prospectus supplement is part of a registration statement on Form S-3 we filed with the SEC under the Securities Act and does not contain all of the information in the registration statement. The full registration statement may be obtained from the SEC or us, as provided below. You should review the information and exhibits in the registration statement for further information on us and our consolidated subsidiaries and the securities we are offering. Statements in this prospectus supplement concerning any document we filed as an exhibit to the registration statement or that we otherwise filed with the SEC are not intended to be comprehensive and are qualified by reference to these filings. You should review the complete document to evaluate these statements.

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**Incorporation of Certain Documents by Reference**

We file annual, quarterly and current reports, proxy statements and other information with the SEC under the Exchange Act. Our SEC filings are available from the SEC's Internet site at http://www.sec.gov, which contains reports, proxy and information statements, and other information regarding issuers, like us, who file reports electronically with the SEC.

The SEC allows us to "incorporate by reference" into this prospectus supplement the information we file with them, which means that we can disclose important information to you by referring you to those documents. Any statement contained or incorporated by reference in this prospectus supplement shall be deemed to be modified or superseded for purposes of this prospectus supplement to the extent that a statement contained herein, or in any subsequently filed document which also is incorporated by reference herein, modifies or supersedes such earlier statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus supplement. We incorporate by reference the documents listed below (excluding any portions of such documents that have been "furnished" but not "filed" for purposes of the Exchange Act):

&nbsp;&nbsp;&nbsp;&nbsp;· our Annual Report on Form 10-K for the fiscal year ended January 31, 2026 (the "2025 Annual Report"), filed with the SEC
on [April 14, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/1468327/000146832726000020/wdq-20260131.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;· our Current Report on Form 8-K filed with the SEC on [February 3, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/1468327/000095010326001566/dp240987_8k.htm) and [April 6, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/1468327/000146832726000014/wdq-20260401.htm) ; and

&nbsp;&nbsp;&nbsp;&nbsp;· The description of our Class A common stock set forth in the registration statement on Form S-3 filed on May 28, 2024, as updated
by [Exhibit 4.3](https://www.sec.gov/Archives/edgar/data/1468327/000146832722000047/exhibit43descriptionofcapi.htm) to Rent the Runway's Annual Report on Form 10-K for the year ended January 31, 2026, and all amendments and reports
filed for the purpose of updating that description.

All documents we file pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act on or after the date of this prospectus supplement and before all of the securities offered by this prospectus supplement are sold are incorporated by reference in this prospectus supplement from the date of filing of the documents, except for information furnished under Item 2.02 and Item 7.01 of Form 8-K, which is not deemed filed and not incorporated by reference herein. Information that we file with the SEC will automatically update and may replace information in this prospectus supplement and information previously filed with the SEC.

You may obtain any of these incorporated documents from us without charge, excluding any exhibits to these documents unless the exhibit is specifically incorporated by reference in such document, by requesting them from us in writing or by telephone at the following address and telephone number:

Rent the Runway, Inc.

Attention: Corporate Secretary

10 Jay Street

Brooklyn, New York 11201

(212) 524-6860

Documents may also be available on our website at http://www.renttherunway.com. Information contained on our website does not constitute part of this prospectus supplement.

**The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.** 

**Subject to Completion, dated May 28, 2024.**

**PROSPECTUS**![](image_003.jpg)

**RENT THE RUNWAY, INC.** 

**$40,000,000** 

**Class A Common Stock** 

**Preferred Stock** 

**Debt Securities** 

**Warrants** 

**Purchase Contracts** 

**Units** 

We may offer and sell up to $40,000,000 in the aggregate of the securities identified above from time to time in one or more offerings. This prospectus provides you with a general description of the securities.

Each time we offer and sell securities, we will provide a supplement to this prospectus that contains specific information about the offering and the amounts, prices and terms of the securities. The supplement may also add, update or change information contained in this prospectus with respect to that offering. You should carefully read this prospectus and the applicable prospectus supplement before you invest in any of our securities.

We may offer and sell the securities described in this prospectus and any prospectus supplement to or through one or more underwriters, dealers and agents, or directly to purchasers, or through a combination of these methods. If any underwriters, dealers or agents are involved in the sale of any of the securities, their names and any applicable purchase price, fee, commission or discount arrangement between or among them will be set forth, or will be calculable from the information set forth, in the applicable prospectus supplement. See the sections of this prospectus entitled "About this Prospectus" and "Plan of Distribution" for more information. No securities may be sold without delivery of this prospectus and the applicable prospectus supplement describing the method and terms of the offering of such securities.

**INVESTING IN OUR SECURITIES INVOLVES RISKS. SEE THE "<u>RISK FACTORS</u>" ON PAGE** **[6](#a_019)** **OF THIS PROSPECTUS AND ANY SIMILAR SECTION CONTAINED IN THE APPLICABLE PROSPECTUS SUPPLEMENT CONCERNING FACTORS YOU SHOULD CONSIDER BEFORE INVESTING IN OUR SECURITIES.**

Our Class A common stock is listed on The Nasdaq Global Market under the symbol "RENT." On May 24, 2024, the last reported sale price of our Class A common stock on The Nasdaq Global Market was $29.19 per share.

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

**The date of this prospectus is , 2024.**

**<u>[**TABLE OF CONTENTS**](#a_001)</u>**

**TABLE OF CONTENTS** 

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| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS](#a_016) | [1](#a_016) |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_017) | [2](#a_017) |
| [WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE](#a_018) | [3](#a_018) |
| [THE COMPANY](#a_019) | [4](#a_019) |
| [RISK FACTORS](#a_020) | [6](#a_020) |
| [USE OF PROCEEDS](#a_021) | [7](#a_021) |
| [DESCRIPTION OF CAPITAL STOCK](#a_022) | [8](#a_022) |
| [DESCRIPTION OF DEBT SECURITIES](#a_023) | [14](#a_023) |
| [DESCRIPTION OF WARRANTS](#a_024) | [21](#a_024) |
| [DESCRIPTION OF PURCHASE CONTRACTS](#a_025) | [22](#a_025) |
| [GLOBAL SECURITIES](#a_026) | [24](#a_026) |
| [PLAN OF DISTRIBUTION](#a_027) | [27](#a_027) |
| [LEGAL MATTERS](#a_028) | [29](#a_028) |
| [EXPERTS](#a_029) | [29](#a_029) |

---

**<u>[**TABLE OF CONTENTS**](#a_001)</u>**

**ABOUT THIS PROSPECTUS** 

This prospectus is part of a registration statement that we filed with the U.S. Securities and Exchange Commission, or the SEC, using a "shelf" registration process. By using a shelf registration statement, we may sell securities from time to time and in one or more offerings up to a total dollar amount of $40,000,000 as described in this prospectus. Each time that we offer and sell securities, we will provide a prospectus supplement to this prospectus that contains specific information about the securities being offered and sold and the specific terms of that offering. We may also authorize one or more free writing prospectuses to be provided to you that may contain material information relating to these offerings. The prospectus supplement or free writing prospectus may also add, update or change information contained in this prospectus with respect to that offering. If there is any inconsistency between the information in this prospectus and the applicable prospectus supplement or free writing prospectus, you should rely on the prospectus supplement or free writing prospectus, as applicable. Before purchasing any securities, you should carefully read both this prospectus and the applicable prospectus supplement (and any applicable free writing prospectuses), together with the additional information described under the heading "Where You Can Find More Information; Incorporation by Reference."

We have not authorized anyone to provide you with any information or to make any representations other than those contained in this prospectus, any applicable prospectus supplement or any free writing prospectuses prepared by or on behalf of us or to which we have referred you. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We will not make an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus and the applicable prospectus supplement to this prospectus is accurate only as of the date on its respective cover, that the information appearing in any applicable free writing prospectus is accurate only as of the date of that free writing prospectus, and that any information incorporated by reference is accurate only as of the date of the document incorporated by reference, unless we indicate otherwise. Our business, financial condition, results of operations and prospects may have changed since those dates. This prospectus incorporates by reference, and any prospectus supplement or free writing prospectus may contain and incorporate by reference, market data and industry statistics and forecasts that are based on independent industry publications and other publicly available information. Although we believe these sources are reliable, we do not guarantee the accuracy or completeness of this information and we have not independently verified this information. In addition, the market and industry data and forecasts that may be included or incorporated by reference in this prospectus, any prospectus supplement or any applicable free writing prospectus may involve estimates, assumptions and other risks and uncertainties and are subject to change based on various factors, including those discussed under the heading "Risk Factors" contained in this prospectus, the applicable prospectus supplement and any applicable free writing prospectus, and under similar headings in other documents that are incorporated by reference into this prospectus. Accordingly, investors should not place undue reliance on this information.

*THIS PROSPECTUS MAY NOT BE USED TO OFFER AND SELL SECURITIES UNLESS IT IS ACCOMPANIED BY A PROSPECTUS SUPPLEMENT.*

When we refer to "Rent the Runway," "RTR," "we," "our," "us" and the "Company" in this prospectus, we mean Rent the Runway, Inc. and its consolidated subsidiaries, unless otherwise specified. When we refer to "you," we mean the potential holders of the applicable series of securities.

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**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

This prospectus contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical fact contained in this prospectus may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "aims," "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements contained in this prospectus include, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, share-based compensation, business strategy and initiatives, including rental product depth strategy, promotional and marketing strategy and onboarding initiatives, sustainability initiatives, business plans, impacts from our September 2022 and January 2024 restructuring plans and other cost savings initiatives, anticipated cost savings from our 2023 transportation deal with a major national carrier, anticipated future expenditures, product acquisition expectations, compliance with Nasdaq continued listing requirements, impacts from our five-item base subscription offering, anticipated expenditures and compliance with our debt covenants, market growth and our objectives for future operations.

The forward-looking statements in this prospectus are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the important factors discussed in Part I, Item 1A, "Risk Factors" in our most recent Annual Report on Form 10-K for the fiscal year ended January 31, 2024, which are incorporated herein by reference. The forward-looking statements in this prospectus are based upon information available to us as of the date of this prospectus, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to this prospectus with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this prospectus. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this prospectus, whether as a result of any new information, future events or otherwise.

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**WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE** 

**Available Information** 

We file reports, proxy statements and other information with the SEC. The SEC maintains a web site that contains reports, proxy and information statements and other information about issuers, such as us, who file electronically with the SEC. The address of that website is *http://www.sec.gov*.

Our web site address is www.renttherunway.com. The information on our web site, however, is not, and should not be deemed to be, a part of this prospectus.

This prospectus and any prospectus supplement are part of a registration statement that we filed with the SEC and do not contain all of the information in the registration statement. The full registration statement may be obtained from the SEC or us, as provided below. Forms of the indenture and other documents establishing the terms of the offered securities are or may be filed as exhibits to the registration statement or documents incorporated by reference in the registration statement. Statements in this prospectus or any prospectus supplement about these documents are summaries and each statement is qualified in all respects by reference to the document to which it refers. You should refer to the actual documents for a more complete description of the relevant matters. You may inspect a copy of the registration statement through the SEC's website, as provided above.

**Incorporation by Reference** 

The SEC's rules allow us to "incorporate by reference" information into this prospectus, which means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is deemed to be part of this prospectus, and subsequent information that we file with the SEC will automatically update and supersede that information. Any statement contained in this prospectus or a previously filed document incorporated by reference will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or a subsequently filed document incorporated by reference modifies or replaces that statement.

This prospectus and any accompanying prospectus supplement incorporate by reference the documents set forth below that have previously been filed with the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;• Our Annual Report on Form 10-K
for the year ended January 31, 2024, filed with the SEC on [April 11, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1468327/000146832724000114/wdq-20240131.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;• The information specifically
incorporated by reference into our Annual Report on Form 10-K from our Definitive Proxy Statement on Schedule 14A, filed with the SEC
on [May 23, 2024](https://www.sec.gov/Archives/edgar/data/1468327/000114036124027298/ny20027500x1_def14a.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;• Our Current Report on Form
8-K filed with the SEC on [March 26, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1468327/000146832724000094/wdq-20240321.htm) , [April 2, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1468327/000146832724000100/wdq-20240327.htm) and [May 21, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1468327/000146832724000160/wdq-20240515.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;• The description of our Class
A common stock contained in the registration statement on Form 8-A12B, filed with the SEC on October 22, 2021, as updated in [Exhibit 4.3](https://www.sec.gov/Archives/edgar/data/1468327/000146832724000114/rent-fy202310xkxdescript.htm) to our Annual Report on Form 10-K filed with the SEC on April 11, 2024 and any amendment
or report filed with the SEC for the purpose of updating the description.

All reports and other documents we subsequently file pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, which we refer to as the "Exchange Act" in this prospectus, prior to the termination of this offering, including all such documents we may file with the SEC after the date of the initial registration statement and prior to the effectiveness of the registration statement, but excluding any information furnished to, rather than filed with, the SEC, will also be incorporated by reference into this prospectus and deemed to be part of this prospectus from the date of the filing of such reports and documents.

You may request a free copy of any of the documents incorporated by reference in this prospectus by writing or telephoning us at the following address:

RENT THE RUNWAY, INC.

10 JAY STREET

BROOKLYN, NEW YORK 11201

(212) 524-6860

Exhibits to the filings will not be sent, however, unless those exhibits have specifically been incorporated by reference in this prospectus or any accompanying prospectus supplement.

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**THE COMPANY** 

Since our founding in November 2009, we have built the world's first and largest shared designer closet with thousands of styles by hundreds of brand partners. We give customers access to our "unlimited closet" through our subscription offering ("Subscription") or the ability to rent a-la-carte through our reserve offering ("Reserve"). We also give our subscribers and customers the ability to buy our products through our Resale offering. Our Closet in the Cloud offers a wide assortment of items for every occasion, from evening wear and accessories to ready-to-wear, workwear, denim, casual, maternity, outerwear, blouses, knitwear, loungewear, jewelry, handbags, activewear and ski wear.

We were incorporated as Rent the Runway, Inc. in Delaware on March 3, 2009. Our principal executive offices are located at 10 Jay Street, Brooklyn, New York 11201, and our telephone number is (212) 524-6860.

**Risk Factor Summary** 

Investing in our securities involves a high degree of risk. Below is a summary of certain factors that make an investment in our securities speculative or risky. Importantly, this summary does not address all of the risks that we face. Additional discussion of the risks summarized below, as well as other risks that we face, can be found under the heading "Risk Factors" contained in the applicable prospectus supplement and in any free writing prospectuses we have authorized for use in connection with a specific offering, and under similar headings in the documents that are incorporated by reference into this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• We have grown rapidly in recent
years and have limited experience at our current scale of operations. If we are unable to manage our growth effectively, our brand, company
culture, and financial performance may suffer.

&nbsp;&nbsp;&nbsp;&nbsp;• The global fashion industry
is highly competitive and rapidly changing, and we may not be able to compete effectively.

&nbsp;&nbsp;&nbsp;&nbsp;• We rely on consumer discretionary
spending and have been, and may in the future be, adversely affected by economic downturns and other macroeconomic conditions or trends.

&nbsp;&nbsp;&nbsp;&nbsp;• Our continued growth depends
on our ability to attract new, and retain existing, customers, which may require significant investment in paid marketing channels. If
we are unable to cost-effectively grow our customer base, our business, financial condition and results of operations would be harmed.

&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to retain customers,
our business, financial condition, and results of operations would be harmed.

&nbsp;&nbsp;&nbsp;&nbsp;• If we are unable to accurately
forecast customer demand or trends, manage our products effectively and plan for future expenses, our operating results could be adversely
affected.

&nbsp;&nbsp;&nbsp;&nbsp;• We face risks arising from
the restructuring of our operations, which could adversely affect our financial condition, results of operations, cash flows, or business
reputation.

&nbsp;&nbsp;&nbsp;&nbsp;• We rely heavily on the effective
operation of our proprietary technology systems and software, as well as those of our third-party vendors and service providers, for
our business to effectively operate and to safeguard confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;• Shipping and logistics are
a critical part of our business and our supply chain and any changes or interruptions in shipping or logistics operations could adversely
affect our operating results.

&nbsp;&nbsp;&nbsp;&nbsp;• We have identified material
weaknesses in our internal control over financial reporting. If we are unable to remediate the material weaknesses in a timely manner,
identify additional material weaknesses in the future or otherwise fail to maintain effective internal control over financial reporting,
which may result in material misstatements of our consolidated financial statements or cause us to fail to meet our periodic reporting
obligations, our ability to comply with applicable laws and regulations and our access to the capital markets to be impaired.

&nbsp;&nbsp;&nbsp;&nbsp;• Our business is subject to
a large number of U.S. and non-U.S. laws and regulations, many of which are evolving.

&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to U.S. and
certain foreign export and import controls, sanctions, embargoes, anti-corruption laws, and anti-money laundering laws and regulations.
Compliance with these legal standards could impair our ability to compete in domestic and international markets, and we could face criminal
liability and other serious consequences for violations, which could harm our business.

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&nbsp;&nbsp;&nbsp;&nbsp;• We rely on the experience and
expertise of our Co-Founder and Chief Executive Officer, senior management team, key technical and strategic employees and hourly personnel.

&nbsp;&nbsp;&nbsp;&nbsp;• Failure to adequately maintain
and protect our intellectual property and proprietary rights could harm our brand, devalue our proprietary content, and adversely affect
our ability to compete effectively.

&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to rapidly changing
and increasingly stringent laws and industry standards relating to data privacy, data security, data protection, and consumer protection.
The restrictions, obligations, and costs imposed by these laws, or our actual or perceived failure to comply with them, could materially
impair our ability to grow our business, negative impact the results of our operations and subject us to liabilities that adversely affect
our business, operations, and financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;• We face risks associated with
brand partners from whom our products are sourced or co-manufactured.

&nbsp;&nbsp;&nbsp;&nbsp;• We rely on third parties for
elements of the payment processing infrastructure underlying our business. If these third-party elements become unavailable or unavailable
on favorable terms, our business could be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;• We depend on search engines,
social media platforms, mobile application stores, content-based online advertising and other online sources to attract consumers to
and promote our website and our mobile application, which may be affected by third-party interference beyond our control and, as we grow,
our customer acquisition costs will continue to rise.

&nbsp;&nbsp;&nbsp;&nbsp;• Any failure by us, our brand
partners, or our third-party manufacturers to comply with our vendor code of conduct, product safety, labor, or other laws, or to provide
safe factory conditions for their workers, may damage our reputation and brand, and harm our business.

&nbsp;&nbsp;&nbsp;&nbsp;• We face risks associated with
our indebtedness and potential need for additional capital, including that new financing or restructuring or refinancing may not be available
on acceptable terms or at all and that our operations may be adversely impacted by the covenants in our current debt agreement or future
financing agreements.

&nbsp;&nbsp;&nbsp;&nbsp;• Failure to meet the Nasdaq
Global Market's continued listing requirements and other Nasdaq rules could adversely affect the price of our Class A common stock
and make it more difficult for us to sell securities in a future financing or for you to sell our Class A common stock.

&nbsp;&nbsp;&nbsp;&nbsp;• The dual class structure of
our common stock has the effect of concentrating voting control with those stockholders who held our capital stock prior to the listing
of our Class A common stock on Nasdaq, including our Co-Founders, and their affiliates, which will limit the ability to influence the
outcome of important transactions, including a change of control.

&nbsp;&nbsp;&nbsp;&nbsp;• Our share price may be volatile,
and investors may be unable to sell their shares at or above the price they purchased them.

&nbsp;&nbsp;&nbsp;&nbsp;• COVID-19 had, and future COVID-19
outbreaks may in the future have, a material adverse impact on our business. Other future pandemics or public health crises may have
a similar adverse impact on our business.

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**RISK FACTORS** 

Investment in any securities offered pursuant to this prospectus and the applicable prospectus supplement involves risks. Before deciding whether to invest in our securities, you should carefully consider the risk factors incorporated by reference to our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, and all other information contained or incorporated by reference into this prospectus, as updated by our subsequent filings under the Exchange Act, and the risk factors and other information contained in the applicable prospectus supplement and any applicable free writing prospectus. The occurrence of any of these risks might cause you to lose all or part of your investment in the offered securities. There may be other unknown or unpredictable economic, business, competitive, regulatory or other factors that could have material adverse effects on our future results. Past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods. If any of these risks actually occurs, our business, financial condition, results of operations or cash flow could be seriously harmed. This could cause the trading price of our securities to decline, resulting in a loss of all or part of your investment. Please also carefully read the section entitled "Forward-Looking Statements" included in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

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**USE OF PROCEEDS** 

We intend to use the net proceeds from the sale of the securities as set forth in the applicable prospectus supplement.

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**DESCRIPTION OF CAPITAL STOCK** 

The following description of our capital stock is not complete and may not contain all the information you should consider before investing in our capital stock. This description is summarized from, and qualified in its entirety by reference to, our Twelfth Amended and Restated Certificate of Incorporation (as further amended by the Certificate of Amendment which is incorporated by reference as Exhibit 3.2 to our Current Report on Form 10-K filed with the SEC on April 11, 2024, our "Amended Charter") and our Amended and Restated Bylaws ("Amended Bylaws"), which has been publicly filed with the SEC. See "Where You Can Find More Information; Incorporation by Reference."

Our authorized capital stock consists of:

&nbsp;&nbsp;&nbsp;&nbsp;• 300,000,000 shares of Class
A common stock, par value $0.001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;• 50,000,000 shares of Class
B common stock, par value $0.001 per share; and

&nbsp;&nbsp;&nbsp;&nbsp;• 10,000,000 shares of preferred
stock, par value $0.001 per share.

We have two classes of authorized common stock, Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion.

**Class A Common Stock.** 

Holders of shares of our Class A common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. The holders of our Class A common stock do not have cumulative voting rights in the election of directors.

Holders of shares of our Class A common stock vote together with holders of our Class B common stock as a single class on all matters (including the election of directors) submitted to a vote of our stockholders, except as otherwise required by applicable law or our Amended Charter.

Holders of shares of our Class A common stock do not have preemptive, subscription, redemption or conversion rights. There are no redemption or sinking fund provisions applicable to our Class A common stock.

**Class B Common Stock.** 

Each share of our Class B common stock entitles its holders to 20 votes per share on all matters submitted to a vote of stockholders. The holders of shares of our Class B common stock do not have cumulative voting rights in the election of directors.

Each share of Class B common stock is convertible at any time at the option of the holder into one fully paid and nonassessable share of Class A common stock. Except as otherwise provided in our Amended Charter, each share of Class B common stock automatically converts into one fully paid and nonassessable share of Class A common stock upon certain sales or transfers as described in our Amended Charter. In addition, each share of Class B common stock converts automatically into one share of Class A common stock upon the date that is earlier of (i) the transfer of such share to a person that is not in the same Permitted Ownership Group (as defined in our Amended Charter) as such Permitted Class B Holder (as defined in our Amended Charter), (ii) November 1, 2028 or (iii) with respect to any shares held by any person in Jennifer Y. Hyman and Jennifer Fleiss (each, a "Co-Founder" and together, the "Co-Founders")'s Permitted Ownership Group, (A) such time as a Co-Founder is removed or resigns from the board of directors, or otherwise ceases to serve as a director on our board of directors, (B) such time as a Co-Founder ceases to be either an employee, officer or consultant, or (C) the date that is 12 months after the death or disability of a Co-Founder. Holders of shares of our Class B common stock vote together with holders of our Class A common stock as a single class on all matters (including the election of directors) submitted to a vote of our stockholders, except as otherwise required by applicable law or our Amended Charter.

Holders of our Class B common stock do not have preemptive, subscription or redemption rights. There are no redemption or sinking fund provisions applicable to our Class B common stock.

***Dividend Rights.*** The holders of our Class A and Class B common stock are entitled to receive dividends out of funds legally available if our board of directors, in its discretion, determines to issue dividends and then only at the times and in the amounts that our board of directors may determine. The time and amount of dividends are

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dependent upon, among other things, our business prospects, results of operations, financial condition, cash requirements and availability, debt repayment obligations, capital expenditure needs, contractual restrictions, covenants in the agreements governing our current and future indebtedness, industry trends, the provisions of Delaware law affecting the payment of dividends to stockholders and any other factors or considerations our board of directors may determine is relevant.

Shares of Class A and Class B common stock shall be treated equally, identically and ratably, on a per share basis, with respect to any dividends as may be declared and paid from time to time by our board of directors out of any legally available assets. However, in the event that a dividend is paid in the form of shares of Class A common stock or Class B common stock (or rights to acquire, or securities convertible into or exchangeable for, such shares), then Class A common stockholders shall be entitled to receive shares of Class A common stock (or rights to acquire, or securities convertible into or exchangeable for, such shares, as the case may be), and Class B common stockholders shall be entitled to receive shares of Class B common stock (or rights to acquire, or securities convertible into or exchangeable for, such shares, as the case may be), with Class A common stockholders and Class B common stockholders receiving, on a per share basis, an identical number of shares of Class A common stock or Class B common stock (or rights to acquire, or securities convertible into or exchangeable for, such shares, as the case may be), as applicable. Notwithstanding the foregoing, our board of directors may pay dividends per share of Class A common stock or Class B common stock that are disparate from each other in terms of the amount of such dividend payable per share, the form in which such dividend is payable, the timing of the payment, or otherwise as approved by the affirmative vote of the holders of Class A common stock representing a majority of the voting power of the outstanding shares of Class A common stock, voting separately as a single class, and the affirmative vote of the holders of Class B common stock representing a majority of the voting power of the outstanding shares of Class B common stock, voting separately as a single class.

***Right to Receive Liquidation Distributions.*** If we become subject to a liquidation, dissolution, or winding-up, the assets legally available for distribution to our stockholders would be distributable ratably among the holders of our Class A and Class B common stock and any participating preferred stock outstanding at that time, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of and the payment of liquidation preferences, if any, on any outstanding shares of preferred stock.

***Treatment of Common Stock in Reclassifications and Mergers.*** The affirmative vote of the holders of Class A common stock representing a majority of the voting power of the outstanding shares of Class A common stock, voting separately as a single class, and the affirmative vote of the holders of Class B common stock representing a majority of the voting power of the outstanding shares of Class B common stock, voting separately as a single class, shall be required to subdivide, combine, reclassify or otherwise change the shares of Class A common stock or Class B common stock unless the shares of the other class of common stock are concurrently subdivided, combined, reclassified or otherwise changed in the same proportion and in the same manner.

The affirmative vote of the holders of Class A common stock representing a majority of the voting power of the outstanding shares of Class A common stock, voting separately as a single class, and the affirmative vote of the holders of Class B common stock representing a majority of the voting power of the outstanding shares of Class B common stock, voting separately as a single class, shall be required to approve any merger or consolidation requiring a vote of our stockholders under applicable law unless the shares of Class A common stock and Class B common stock remain outstanding and no other consideration is received in respect thereof or such shares are converted on a pro rata basis into shares of the surviving or parent entity in such transaction having identical rights to the shares of Class A common stock and Class B common stock, respectively.

**Preferred Stock** 

Under the terms of our Amended Charter, our board of directors is authorized to direct us to issue shares of preferred stock in one or more series without stockholder approval. Our board of directors has the discretion to determine the rights, powers, preferences, privileges, qualifications, limitations and restrictions, including without limitation voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock.

The purpose of authorizing our board of directors to issue preferred stock and determine its rights and preferences is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred

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stock, while providing flexibility in connection with possible acquisitions, future financings and other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or could discourage a third party from seeking to acquire, a majority of our outstanding voting stock. We have no present plans to issue any shares of preferred stock.

**Registration Rights** 

The eighth amended and restated investors' rights agreement, as amended (the "Investors' Rights Agreement") to which we are a party provides certain holders of our capital stock registration rights as set forth below. The registration of shares of our capital stock by the exercise of these registration rights described below enables the holders to sell these shares without restriction under the Securities Act.

The demand, piggyback and Form S-3 registration rights described below expires, with respect to any particular stockholder, upon the earliest of (i) such time that such stockholder (a) owns less than 1% of the common stock on an as-converted basis and (b) can sell all of its shares entitled to registration rights under Rule 144 of the Securities Act and (ii) a liquidation event.

***Demand Registration Rights.*** Upon election by one or more holders holding at least 20% of the registrable securities held by such holders, certain holders are entitled to certain demand registration rights. Holders of these shares may request by written notice that we register all or a portion of the registrable shares. We are obligated to effect only three such registrations. Each request for registration must cover at least the number of securities as would have a reasonably anticipated aggregate value, based on market price of fair market value on the date of such request, of $15 million.

***Piggyback Registration Rights.*** In the event that we propose to register any of our securities under the Securities Act, either for our own account or for the account of other security holders, in connection with such offering certain holders are entitled to certain piggyback registration rights allowing the holder to include their shares in such registration, subject to certain marketing and other limitations. As a result, whenever we propose to file a registration statement under the Securities Act, other than with respect to a registration relating to (i) any mergers, acquisitions or exchange offers or (ii) any dividend reinvestment plans or stock option or other employee benefit plans, the holders of these shares are entitled to notice of the registration and have the right to include their shares in the registration, subject to limitations that the underwriters may impose on the number of shares included in the offering.

***Form S-3 Registration Rights.*** Subject to certain exceptions, holders of at least 10% of the registrable securities held by certain holders are entitled to certain Form S-3 registration rights. At any time after we become eligible to file a registration statement on Form S-3, the holders of these shares can make a request that we register their shares on Form S-3 if their aggregate value, based on the market price of fair market value on the date of such request, would be at least $5 million. We are not required to effect more than two registrations on Form S-3 within any 12-month period.

**Choice of Forum** 

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Amended Charter provides that, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States of America, to the fullest extent permitted by law, are the sole and exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act. While the Delaware courts have determined that such choice of forum provisions are facially valid, a stockholder may nevertheless seek to bring a claim in a venue other than those designated in the exclusive forum provisions. In such instance, we would expect to vigorously assert the validity and enforceability of the exclusive forum provisions of our Amended Charter, but there can be no assurance that the provisions would be enforced by a court in those other jurisdictions.

Additionally, our Amended Charter provides that any person or entity holding, owning, or otherwise acquiring any interest in any of our securities shall be deemed to have notice of and consented to these provisions.

**Anti-Takeover Provisions** 

Our Amended Charter and Amended Bylaws contain provisions that may delay, defer or discourage another party from acquiring control of us. We believe that these provisions, which are summarized below, could discourage coercive takeover practices or inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors, which we believe may result in an improvement of the terms of any such acquisition in favor of our stockholders. However, they also give our board of directors the power to discourage acquisitions that some stockholders may favor.

***Authorized but Unissued Shares.*** The authorized but unissued shares of our common stock and our preferred stock are available for future issuance without stockholder approval, subject to any limitations imposed by the listing standards of The Nasdaq Global Market. These additional shares may be used for a variety of corporate finance transactions, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved common stock and preferred stock could discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise or make such an attempt more difficult.

***Dual Class Stock.*** As described above, our Amended Charter provides for a dual class structure, which provides the holders of our Class B common stock with the ability to control the outcome of matters requiring stockholder approval, even if they own significantly less than a majority of the shares of our outstanding Class A common stock and Class B common stock. These matters include the election of directors and significant corporate transactions, such as a merger or other sale of our company or its assets.

***Classified Board of Directors.*** Our Amended Charter provides that our board of directors is divided into three classes, with the number of directors in each class being as nearly equal in number as possible. The directors in each class serve for a three-year term, one class being elected each year by our stockholders, with staggered three-year terms. These provisions may have the effect of deferring, delaying or discouraging hostile takeovers, or changes in control of us or our management.

***Removal of Directors.*** Our Amended Charter provides that members of our board of directors may be removed from office only for cause by an affirmative vote of the holders of at least two-thirds of the voting power of all of our outstanding stock entitled to vote generally in the election of directors.

***Board Vacancies and Board Size.*** Our Amended Charter and Amended Bylaws provide that any vacant directorships, including newly created directorships, may only be filled by a majority of the directors then in office, though less than a quorum, or by the sole remaining director and the number of directors constituting the full board of directors is permitted to be set only by a resolution of the board of directors.

***Stockholder Action; Special Meetings of Stockholders.*** Our Amended Charter provides that our stockholders may not take action by consent, but may only take action at annual or special meetings of our stockholders. As a result, a holder controlling a majority of our capital stock would not be able to amend our Amended Bylaws or remove directors without holding a meeting of our stockholders called in accordance with our Amended Bylaws. Further, our Amended Bylaws provide that only the chairperson of our board of directors or a majority of our board of directors may call special meetings of our stockholders, thus prohibiting a stockholder from calling a special

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meeting. These provisions could delay the ability of our stockholders to force consideration of a proposal or for stockholders controlling a majority of our capital stock to take any action, including the removal of directors.

***Advance Notice Requirements for Stockholder Proposals and Director Nominations.*** In addition, our Amended Bylaws provide an advance notice procedure for stockholder proposals or nominations to be brought before a meeting of stockholders. In order for any matter to be "properly brought" before a meeting, a stockholder must comply with advance notice and provide us with certain information and otherwise comply with the requirements set forth in our Amended Bylaws. Stockholders at an annual meeting may only consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of our board of directors or by a qualified stockholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has delivered timely written notice in proper form to our secretary of the stockholder's intention to bring such business or nomination before the meeting. These provisions could have the effect of delaying stockholder actions that are favored by the holders of a majority of our outstanding voting securities until the next stockholder meeting.

***Amendment of Certificate of Incorporation or Bylaws.*** Our Amended Bylaws may be amended or repealed by our board of directors or by the affirmative vote of two-thirds voting power of all of the then-outstanding shares of our voting stock entitled to vote thereon. Generally, the approval by our board of directors and the affirmative vote of the holders of two-thirds in voting power of the outstanding shares entitled to vote thereon would be required to amend our Amended Charter.

***Stockholders Not Entitled to Cumulative Voting.*** The DGCL provides that stockholders are not entitled to cumulate votes in the election of directors unless a corporation's certificate of incorporation provides otherwise. Our Amended Charter does not provide for cumulative voting.

***Section 203 of the DGCL.*** We have opted out of Section 203 of the DGCL. However, our Amended Charter contains provisions that are similar to Section 203. Specifically, our Amended Charter provides that, subject to certain exceptions, we are not able to engage in a "business combination" with any "interested stockholder" for three years following the date that the person became an interested stockholder, unless certain requirements are met. A "business combination" includes, among other things, a merger or consolidation involving us and the "interested stockholder" or the sale of more than 10% of our assets to an "interested stockholder." In general, an "interested stockholder" is any entity or person beneficially owning 15% or more of our outstanding voting stock and any affiliates or associates of such entity or person.

However, under our Amended Charter, Jennifer Y. Hyman, Bain Capital Venture Investors, LLC and Highland Management Partners VIII Ltd, and any of their respective affiliates are deemed to not be interested stockholders regardless of the percentage of our outstanding voting stock owned by them, and accordingly are not subject to such restrictions.

**Corporate Opportunity Doctrine** 

Our Amended Charter provides that, to the fullest extent permitted by Delaware law, we have renounced any interest or expectancy in, or in being offered an opportunity to participate in, an Excluded Opportunity. An "Excluded Opportunity" is any matter, transaction or interest that is presented to, or acquired, created or developed by, or which otherwise comes into the possession of, any director who is not an employee of Rent the Runway or any of its subsidiaries (each, a "Covered Person"), unless such matter, transaction or interest is presented to, or acquired, created or developed by, or otherwise comes into the possession of, a Covered Person expressly and solely in such Covered Person's capacity as a director.

**Dissenters' Rights of Appraisal and Payment** 

Under the DGCL, with certain exceptions, our stockholders have appraisal rights in connection with a merger or consolidation of Rent the Runway. Pursuant to Section 262 of the DGCL, stockholders who properly request and perfect appraisal rights in connection with such merger or consolidation would have the right to receive payment of the fair value of their shares as determined by the Delaware Court of Chancery.

**Stockholders' Derivative Actions** 

Under the DGCL, any of our stockholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the stockholder bringing the action is a holder of our shares at the time of the transaction to which the action relates.

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**Transfer Agent and Registrar** 

The transfer agent and registrar for our Class A common stock is Equiniti Trust Company, LLC.

**Trading Symbol and Market** 

Our Class A common stock is traded on The Nasdaq Global Market under the symbol "RENT."

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**DESCRIPTION OF DEBT SECURITIES** 

The following description, together with the additional information we include in any applicable prospectus supplement or free writing prospectus, summarizes certain general terms and provisions of the debt securities that we may offer under this prospectus. When we offer to sell a particular series of debt securities, we will describe the specific terms of the series in a supplement to this prospectus. We will also indicate in the supplement to what extent the general terms and provisions described in this prospectus apply to a particular series of debt securities.

We may issue debt securities either separately, or together with, or upon the conversion or exercise of or in exchange for, other securities described in this prospectus. Debt securities may be our senior, senior subordinated or subordinated obligations and, unless otherwise specified in a supplement to this prospectus, the debt securities will be our direct, unsecured obligations and may be issued in one or more series.

The debt securities will be issued under an indenture between us and a trustee named in a prospectus supplement. We have summarized select portions of the indenture below. The summary is not complete. The form of the indenture has been filed as an exhibit to the registration statement and you should read the indenture for provisions that may be important to you. In the summary below, we have included references to the section numbers of the indenture so that you can easily locate these provisions. Capitalized terms used in the summary and not defined herein have the meanings specified in the indenture.

As used in this section only, "Rent the Runway," "RTR," "we," "our" or "us" refer to Rent the Runway, Inc. excluding our subsidiaries, unless expressly stated or the context otherwise requires.

**General** 

The terms of each series of debt securities will be established by or pursuant to a resolution of our board of directors and set forth or determined in the manner provided in a resolution of our board of directors, in an officer's certificate or by a supplemental indenture. (Section 2.2) The particular terms of each series of debt securities will be described in a prospectus supplement relating to such series (including any pricing supplement or term sheet).

We can issue an unlimited amount of debt securities under the indenture that may be in one or more series with the same or various maturities, at par, at a premium, or at a discount. (Section 2.1) We will set forth in a prospectus supplement (including any pricing supplement or term sheet) relating to any series of debt securities being offered, the aggregate principal amount and the following terms of the debt securities, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;• the title and ranking of the
debt securities (including the terms of any subordination provisions);

&nbsp;&nbsp;&nbsp;&nbsp;• the price or prices (expressed
as a percentage of the principal amount) at which we will sell the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;• any limit on the aggregate
principal amount of the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;• the date or dates on which
the principal of the securities of the series is payable;

&nbsp;&nbsp;&nbsp;&nbsp;• the rate or rates (which may
be fixed or variable) per annum or the method used to determine the rate or rates (including any commodity, commodity index, stock exchange
index or financial index) at which the debt securities will bear interest, the date or dates from which interest will accrue, the date
or dates on which interest will commence and be payable and any regular record date for the interest payable on any interest payment
date;

&nbsp;&nbsp;&nbsp;&nbsp;• the place or places where principal
of, and interest, if any, on the debt securities will be payable (and the method of such payment), where the securities of such series
may be surrendered for registration of transfer or exchange, and where notices and demands to us in respect of the debt securities may
be delivered;

&nbsp;&nbsp;&nbsp;&nbsp;• the period or periods within
which, the price or prices at which and the terms and conditions upon which we may redeem the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;• any obligation we have to redeem
or purchase the debt securities pursuant to any sinking fund or analogous provisions or at the option of a holder of debt securities
and the period or periods within which, the price or prices at which and in the terms and conditions upon which securities of the series
shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

&nbsp;&nbsp;&nbsp;&nbsp;• the dates on which and the
price or prices at which we will repurchase debt securities at the option of the holders of debt securities and other detailed terms
and provisions of these repurchase obligations;

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&nbsp;&nbsp;&nbsp;&nbsp;• the denominations in which
the debt securities will be issued, if other than denominations of $1,000 and any integral multiple thereof;

&nbsp;&nbsp;&nbsp;&nbsp;• whether the debt securities
will be issued in the form of certificated debt securities or global debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;• the portion of principal amount
of the debt securities payable upon declaration of acceleration of the maturity date, if other than the principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;• the currency of denomination
of the debt securities, which may be United States Dollars or any foreign currency, and if such currency of denomination is a composite
currency, the agency or organization, if any, responsible for overseeing such composite currency;

&nbsp;&nbsp;&nbsp;&nbsp;• the designation of the currency,
currencies or currency units in which payment of principal of, premium and interest on the debt securities will be made;

&nbsp;&nbsp;&nbsp;&nbsp;• if payments of principal of,
premium or interest on the debt securities will be made in one or more currencies or currency units other than that or those in which
the debt securities are denominated, the manner in which the exchange rate with respect to these payments will be determined;

&nbsp;&nbsp;&nbsp;&nbsp;• the manner in which the amounts
of payment of principal of, premium, if any, or interest on the debt securities will be determined, if these amounts may be determined
by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial
index;

&nbsp;&nbsp;&nbsp;&nbsp;• any provisions relating to
any security provided for the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;• any addition to, deletion of
or change in the Events of Default described in this prospectus or in the indenture with respect to the debt securities and any change
in the acceleration provisions described in this prospectus or in the indenture with respect to the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;• any addition to, deletion of
or change in the covenants described in this prospectus or in the indenture with respect to the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;• any depositaries, interest
rate calculation agents, exchange rate calculation agents or other agents with respect to the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;• the provisions, if any, relating
to conversion or exchange of any debt securities of such series, including if applicable, the conversion or exchange price and period,
provisions as to whether conversion or exchange will be mandatory, the events requiring an adjustment of the conversion or exchange price
and provisions affecting conversion or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;• any other terms of the debt
securities, which may supplement, modify or delete any provision of the indenture as it applies to that series, including any terms that
may be required under applicable law or regulations or advisable in connection with the marketing of the securities; and

&nbsp;&nbsp;&nbsp;&nbsp;• whether any of our direct or
indirect subsidiaries will guarantee the debt securities of that series, including the terms of subordination, if any, of such guarantees.
(Section 2.2)

We may issue debt securities that provide for an amount less than their stated principal amount to be due and payable upon declaration of acceleration of their maturity pursuant to the terms of the indenture. We will provide you with information on the federal income tax considerations and other special considerations applicable to any of these debt securities in the applicable prospectus supplement.

If we denominate the purchase price of any of the debt securities in a foreign currency or currencies or a foreign currency unit or units, or if the principal of and any premium and interest on any series of debt securities is payable in a foreign currency or currencies or a foreign currency unit or units, we will provide you with information on the restrictions, elections, general tax considerations, specific terms and other information with respect to that issue of debt securities and such foreign currency or currencies or foreign currency unit or units in the applicable prospectus supplement.

**Transfer and Exchange** 

Each debt security will be represented by either one or more global securities registered in the name of The Depository Trust Company, or the Depositary, or a nominee of the Depositary (we will refer to any debt security

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represented by a global debt security as a "book-entry debt security"), or a certificate issued in definitive registered form (we will refer to any debt security represented by a certificated security as a "certificated debt security") as set forth in the applicable prospectus supplement. Except as set forth under the heading "Global Debt Securities and Book-Entry System" below, book-entry debt securities will not be issuable in certificated form.

Certificated Debt Securities. You may transfer or exchange certificated debt securities at any office we maintain for this purpose in accordance with the terms of the indenture. (Section 2.4) No service charge will be made for any transfer or exchange of certificated debt securities, but we may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with a transfer or exchange. (Section 2.7)

You may effect the transfer of certificated debt securities and the right to receive the principal of, premium and interest on certificated debt securities only by surrendering the certificate representing those certificated debt securities and either reissuance by us or the trustee of the certificate to the new holder or the issuance by us or the trustee of a new certificate to the new holder.

Global Debt Securities and Book-Entry System. Each global debt security representing book-entry debt securities will be deposited with, or on behalf of, the Depositary, and registered in the name of the Depositary or a nominee of the Depositary. Please see "Global Securities."

**Covenants** 

We will set forth in the applicable prospectus supplement any restrictive covenants applicable to any issue of debt securities. (Article IV)

**No Protection in the Event of a Change of Control** 

Unless we state otherwise in the applicable prospectus supplement, the debt securities will not contain any provisions which may afford holders of the debt securities protection in the event we have a change in control or in the event of a highly leveraged transaction (whether or not such transaction results in a change in control) which could adversely affect holders of debt securities.

**Consolidation, Merger and Sale of Assets** 

We may not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of our properties and assets to any person (a "successor person") unless:

&nbsp;&nbsp;&nbsp;&nbsp;• we are the surviving entity
or the successor person (if other than Rent the Runway) is a corporation, partnership, trust or other entity organized and validly existing
under the laws of any U.S. domestic jurisdiction and expressly assumes our obligations on the debt securities and under the indenture;
and

&nbsp;&nbsp;&nbsp;&nbsp;• immediately after giving effect
to the transaction, no Default or Event of Default, shall have occurred and be continuing.

Notwithstanding the above, any of our subsidiaries may consolidate with, merge into or transfer all or part of its properties to us. (Section 5.1)

**Events of Default** 

"Event of Default" means with respect to any series of debt securities, any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;• default in the payment of any
interest upon any debt security of that series when it becomes due and payable, and continuance of such default for a period of 30 days
(unless the entire amount of the payment is deposited by us with the trustee or with a paying agent prior to the expiration of the 30-day
period);

&nbsp;&nbsp;&nbsp;&nbsp;• default in the payment of principal
of any security of that series at its maturity;

&nbsp;&nbsp;&nbsp;&nbsp;• default in the performance
or breach of any other covenant or warranty by us in the indenture (other than a covenant or warranty that has been included in the indenture
solely for the benefit of a series of debt securities other than that series), which default continues uncured for a period of 60 days
after we receive written notice from the trustee or Rent the Runway and the trustee receive written notice from the holders of not less
than 25% in principal amount of the outstanding debt securities of that series as provided in the indenture;

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&nbsp;&nbsp;&nbsp;&nbsp;• certain voluntary or involuntary
events of bankruptcy, insolvency or reorganization of Rent the Runway;

&nbsp;&nbsp;&nbsp;&nbsp;• any other Event of Default
provided with respect to debt securities of that series that is described in the applicable prospectus supplement. (Section 6.1)

No Event of Default with respect to a particular series of debt securities (except as to certain events of bankruptcy, insolvency or reorganization) necessarily constitutes an Event of Default with respect to any other series of debt securities. (Section 6.1) The occurrence of certain Events of Default or an acceleration under the indenture may constitute an event of default under certain indebtedness of ours or our subsidiaries outstanding from time to time.

We will provide the trustee written notice of any Default or Event of Default within 30 days of becoming aware of the occurrence of such Default or Event of Default, which notice will describe in reasonable detail the status of such Default or Event of Default and what action we are taking or propose to take in respect thereof. (Section 6.1)

If an Event of Default with respect to debt securities of any series at the time outstanding occurs and is continuing, then the trustee or the holders of not less than 25% in principal amount of the outstanding debt securities of that series may, by a notice in writing to us (and to the trustee if given by the holders), declare to be due and payable immediately the principal of (or, if the debt securities of that series are discount securities, that portion of the principal amount as may be specified in the terms of that series) and accrued and unpaid interest, if any, on all debt securities of that series. In the case of an Event of Default resulting from certain events of bankruptcy, insolvency or reorganization, the principal (or such specified amount) of and accrued and unpaid interest, if any, on all outstanding debt securities will become and be immediately due and payable without any declaration or other act on the part of the trustee or any holder of outstanding debt securities. At any time after a declaration of acceleration with respect to debt securities of any series has been made, but before a judgment or decree for payment of the money due has been obtained by the trustee, the holders of a majority in principal amount of the outstanding debt securities of that series may rescind and annul the acceleration if all Events of Default, other than the non-payment of accelerated principal and interest, if any, with respect to debt securities of that series, have been cured or waived as provided in the indenture. (Section 6.2) We refer you to the prospectus supplement relating to any series of debt securities that are discount securities for the particular provisions relating to acceleration of a portion of the principal amount of such discount securities upon the occurrence of an Event of Default.

The indenture provides that the trustee may refuse to perform any duty or exercise any of its rights or powers under the indenture unless the trustee receives indemnity satisfactory to it against any cost, liability or expense which might be incurred by it in performing such duty or exercising such right or power. (Section 7.1(e)) Subject to certain rights of the trustee, the holders of a majority in principal amount of the outstanding debt securities of any series will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee with respect to the debt securities of that series. (Section 6.12)

No holder of any debt security of any series will have any right to institute any proceeding, judicial or otherwise, with respect to the indenture or for the appointment of a receiver or trustee, or for any remedy under the indenture, unless:

&nbsp;&nbsp;&nbsp;&nbsp;• that holder has previously
given to the trustee written notice of a continuing Event of Default with respect to debt securities of that series; and

&nbsp;&nbsp;&nbsp;&nbsp;• the holders of not less than
25% in principal amount of the outstanding debt securities of that series have made written request, and offered indemnity or security
satisfactory to the trustee, to the trustee to institute the proceeding as trustee, and the trustee has not received from the holders
of not less than a majority in principal amount of the outstanding debt securities of that series a direction inconsistent with that
request and has failed to institute the proceeding within 60 days. (Section 6.7)

Notwithstanding any other provision in the indenture, the holder of any debt security will have an absolute and unconditional right to receive payment of the principal of, premium and any interest on that debt security on or after the due dates expressed in that debt security and to institute suit for the enforcement of payment. (Section 6.8)

The indenture requires us, within 120 days after the end of our fiscal year, to furnish to the trustee a statement as to compliance with the indenture. (Section 4.3) If a Default or Event of Default occurs and is continuing with respect to the securities of any series and if it is known to a responsible officer of the trustee, the trustee shall mail to each Securityholder of the securities of that series notice of a Default or Event of Default within 90 days after it

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occurs or, if later, after a responsible officer of the trustee has knowledge of such Default or Event of Default. The indenture provides that the trustee may withhold notice to the holders of debt securities of any series of any Default or Event of Default (except in payment on any debt securities of that series) with respect to debt securities of that series if the trustee determines in good faith that withholding notice is in the interest of the holders of those debt securities. (Section 7.5)

**Modification and Waiver** 

We and the trustee may modify, amend or supplement the indenture or the debt securities of any series without the consent of any holder of any debt security:

&nbsp;&nbsp;&nbsp;&nbsp;• to cure any ambiguity, defect
or inconsistency;

&nbsp;&nbsp;&nbsp;&nbsp;• to comply with covenants in
the indenture described above under the heading "Consolidation, Merger and Sale of Assets";

&nbsp;&nbsp;&nbsp;&nbsp;• to provide for uncertificated
securities in addition to or in place of certificated securities;

&nbsp;&nbsp;&nbsp;&nbsp;• to add guarantees with respect
to debt securities of any series or secure debt securities of any series;

&nbsp;&nbsp;&nbsp;&nbsp;• to surrender any of our rights
or powers under the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;• to add covenants or events
of default for the benefit of the holders of debt securities of any series;

&nbsp;&nbsp;&nbsp;&nbsp;• to comply with the applicable
procedures of the applicable depositary;

&nbsp;&nbsp;&nbsp;&nbsp;• to make any change that does
not adversely affect the rights of any holder of debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;• to provide for the issuance
of and establish the form and terms and conditions of debt securities of any series as permitted by the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;• to effect the appointment of
a successor trustee with respect to the debt securities of any series and to add to or change any of the provisions of the indenture
to provide for or facilitate administration by more than one trustee; or

&nbsp;&nbsp;&nbsp;&nbsp;• to comply with requirements
of the SEC in order to effect or maintain the qualification of the indenture under the Trust Indenture Act. (Section 9.1)

We may also modify and amend the indenture with the consent of the holders of at least a majority in principal amount of the outstanding debt securities of each series affected by the modifications or amendments. We may not make any modification or amendment without the consent of the holders of each affected debt security then outstanding if that amendment will:

&nbsp;&nbsp;&nbsp;&nbsp;• reduce the amount of debt securities
whose holders must consent to an amendment, supplement or waiver;

&nbsp;&nbsp;&nbsp;&nbsp;• reduce the rate of or extend
the time for payment of interest (including default interest) on any debt security;

&nbsp;&nbsp;&nbsp;&nbsp;• reduce the principal of or
premium on or change the fixed maturity of any debt security or reduce the amount of, or postpone the date fixed for, the payment of
any sinking fund or analogous obligation with respect to any series of debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;• reduce the principal amount
of discount securities payable upon acceleration of maturity;

&nbsp;&nbsp;&nbsp;&nbsp;• waive a default in the payment
of the principal of, premium or interest on any debt security (except a rescission of acceleration of the debt securities of any series
by the holders of at least a majority in aggregate principal amount of the then outstanding debt securities of that series and a waiver
of the payment default that resulted from such acceleration);

&nbsp;&nbsp;&nbsp;&nbsp;• make the principal of or premium
or interest on any debt security payable in currency other than that stated in the debt security;

&nbsp;&nbsp;&nbsp;&nbsp;• make any change to certain
provisions of the indenture relating to, among other things, the right of holders of debt securities to receive payment of the principal
of, premium and interest on those debt securities and to institute suit for the enforcement of any such payment and to waivers or amendments;
or

&nbsp;&nbsp;&nbsp;&nbsp;• waive a redemption payment
with respect to any debt security. (Section 9.3)

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Except for certain specified provisions, the holders of at least a majority in principal amount of the outstanding debt securities of any series may on behalf of the holders of all debt securities of that series waive our compliance with provisions of the indenture. (Section 9.2) The holders of a majority in principal amount of the outstanding debt securities of any series may on behalf of the holders of all the debt securities of such series waive any past default under the indenture with respect to that series and its consequences, except a default in the payment of the principal of, premium or any interest on any debt security of that series; provided, however, that the holders of a majority in principal amount of the outstanding debt securities of any series may rescind an acceleration and its consequences, including any related payment default that resulted from the acceleration. (Section 6.13)

**Defeasance of Debt Securities and Certain Covenants in Certain Circumstances** 

*Legal Defeasance*. The indenture provides that, unless otherwise provided by the terms of the applicable series of debt securities, we may be discharged from any and all obligations in respect of the debt securities of any series (subject to certain exceptions). We will be so discharged upon the irrevocable deposit with the trustee, in trust, of money and/or U.S. government obligations or, in the case of debt securities denominated in a single currency other than U.S. Dollars, government obligations of the government that issued or caused to be issued such currency, that, through the payment of interest and principal in accordance with their terms, will provide money or U.S. government obligations in an amount sufficient in the opinion of a nationally recognized firm of independent public accountants or investment bank to pay and discharge each installment of principal, premium and interest on and any mandatory sinking fund payments in respect of the debt securities of that series on the stated maturity of those payments in accordance with the terms of the indenture and those debt securities.

This discharge may occur only if, among other things, we have delivered to the trustee an opinion of counsel stating that we have received from, or there has been published by, the United States Internal Revenue Service a ruling or, since the date of execution of the indenture, there has been a change in the applicable United States federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the holders of the debt securities of that series will not recognize income, gain or loss for United States federal income tax purposes as a result of the deposit, defeasance and discharge and will be subject to United States federal income tax on the same amounts and in the same manner and at the same times as would have been the case if the deposit, defeasance and discharge had not occurred. (Section 8.3)

*Defeasance of Certain Covenants*. The indenture provides that, unless otherwise provided by the terms of the applicable series of debt securities, upon compliance with certain conditions:

&nbsp;&nbsp;&nbsp;&nbsp;• we may omit to comply with
the covenant described under the heading "Consolidation, Merger and Sale of Assets" and certain other covenants set forth
in the indenture, as well as any additional covenants which may be set forth in the applicable prospectus supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;• any omission to comply with
those covenants will not constitute a Default or an Event of Default with respect to the debt securities of that series ("covenant
defeasance").

The conditions include:

&nbsp;&nbsp;&nbsp;&nbsp;• depositing with the trustee
money and/or U.S. government obligations or, in the case of debt securities denominated in a single currency other than U.S. Dollars,
government obligations of the government that issued or caused to be issued such currency, that, through the payment of interest and
principal in accordance with their terms, will provide money in an amount sufficient in the opinion of a nationally recognized firm of
independent public accountants or investment bank to pay and discharge each installment of principal of, premium and interest on and
any mandatory sinking fund payments in respect of the debt securities of that series on the stated maturity of those payments in accordance
with the terms of the indenture and those debt securities; and

&nbsp;&nbsp;&nbsp;&nbsp;• delivering to the trustee an
opinion of counsel to the effect that the holders of the debt securities of that series will not recognize income, gain or loss for United
States federal income tax purposes as a result of the deposit and related covenant defeasance and will be subject to United States federal
income tax on the same amounts and in the same manner and at the same times as would have been the case if the deposit and related covenant
defeasance had not occurred. (Section 8.4)

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**No Personal Liability of Directors, Officers, Employees or Securityholders** 

None of our past, present or future directors, officers, employees or securityholders, as such, will have any liability for any of our obligations under the debt securities or the indenture or for any claim based on, or in respect or by reason of, such obligations or their creation. By accepting a debt security, each holder waives and releases all such liability. This waiver and release is part of the consideration for the issue of the debt securities. However, this waiver and release may not be effective to waive liabilities under U.S. federal securities laws, and it is the view of the SEC that such a waiver is against public policy.

**Governing Law** 

The indenture and the debt securities, including any claim or controversy arising out of or relating to the indenture or the securities, will be governed by the laws of the State of New York.

The indenture will provide that we, the trustee and the holders of the debt securities (by their acceptance of the debt securities) irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to the indenture, the debt securities or the transactions contemplated thereby.

The indenture will provide that any legal suit, action or proceeding arising out of or based upon the indenture or the transactions contemplated thereby may be instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York in each case located in the City of New York, and we, the trustee and the holder of the debt securities (by their acceptance of the debt securities) irrevocably submit to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. The indenture will further provide that service of any process, summons, notice or document by mail (to the extent allowed under any applicable statute or rule of court) to such party's address set forth in the indenture will be effective service of process for any suit, action or other proceeding brought in any such court. The indenture will further provide that we, the trustee and the holders of the debt securities (by their acceptance of the debt securities) irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the courts specified above and irrevocably and unconditionally waive and agree not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum. (Section 10.10).

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**DESCRIPTION OF WARRANTS** 

We may issue warrants for the purchase of shares of our Class A common stock or preferred stock or of debt securities. We may issue warrants independently or together with other securities, and the warrants may be attached to or separate from any offered securities. Each series of warrants will be issued under a separate warrant agreement to be entered into between us and the investors or a warrant agent. The following summary of material provisions of the warrants and warrant agreements are subject to, and qualified in their entirety by reference to, all the provisions of the warrant agreement and warrant certificate applicable to a particular series of warrants. The terms of any warrants offered under a prospectus supplement may differ from the terms described below. We urge you to read the applicable prospectus supplement and any related free writing prospectus, as well as the complete warrant agreements and warrant certificates that contain the terms of the warrants.

The particular terms of any issue of warrants will be described in the prospectus supplement relating to the issue. Those terms may include:

&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares of Class
A common stock or preferred stock purchasable upon the exercise of warrants to purchase such shares and the price at which such number
of shares may be purchased upon such exercise;

&nbsp;&nbsp;&nbsp;&nbsp;• the designation, stated value
and terms (including, without limitation, liquidation, dividend, conversion and voting rights) of the series of preferred stock purchasable
upon exercise of warrants to purchase preferred stock;

&nbsp;&nbsp;&nbsp;&nbsp;• the principal amount of debt
securities that may be purchased upon exercise of a debt warrant and the exercise price for the warrants, which may be payable in cash,
securities or other property;

&nbsp;&nbsp;&nbsp;&nbsp;• the date, if any, on and after
which the warrants and the related debt securities, preferred stock or Class A common stock will be separately transferable;

&nbsp;&nbsp;&nbsp;&nbsp;• the terms of any rights to
redeem or call the warrants;

&nbsp;&nbsp;&nbsp;&nbsp;• the date on which the right
to exercise the warrants will commence and the date on which the right will expire;

&nbsp;&nbsp;&nbsp;&nbsp;• United States Federal income
tax consequences applicable to the warrants; and

&nbsp;&nbsp;&nbsp;&nbsp;• any additional terms of the
warrants, including terms, procedures, and limitations relating to the exchange, exercise and settlement of the warrants.

Holders of equity warrants will not be entitled:

&nbsp;&nbsp;&nbsp;&nbsp;• to vote, consent or receive
dividends;

&nbsp;&nbsp;&nbsp;&nbsp;• receive notice as shareholders
with respect to any meeting of shareholders for the election of our directors or any other matter; or

&nbsp;&nbsp;&nbsp;&nbsp;• exercise any rights as shareholders
of Rent the Runway.

Each warrant will entitle its holder to purchase the principal amount of debt securities or the number of shares of preferred stock or Class A common stock at the exercise price set forth in, or calculable as set forth in, the applicable prospectus supplement. Unless we otherwise specify in the applicable prospectus supplement, holders of the warrants may exercise the warrants at any time up to the specified time on the expiration date that we set forth in the applicable prospectus supplement. After the close of business on the expiration date, unexercised warrants will become void.

A holder of warrant certificates may exchange them for new warrant certificates of different denominations, present them for registration of transfer and exercise them at the corporate trust office of the warrant agent or any other office indicated in the applicable prospectus supplement. Until any warrants to purchase debt securities are exercised, the holder of the warrants will not have any rights of holders of the debt securities that can be purchased upon exercise, including any rights to receive payments of principal, premium or interest on the underlying debt securities or to enforce covenants in the applicable indenture. Until any warrants to purchase Class A common stock or preferred stock are exercised, the holders of the warrants will not have any rights of holders of the underlying Class A common stock or preferred stock, including any rights to receive dividends or payments upon any liquidation, dissolution or winding up on our Class A common stock or preferred stock, if any.

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**DESCRIPTION OF PURCHASE CONTRACTS** 

We may issue purchase contracts for the purchase or sale of debt or equity securities issued by us. Each purchase contract will entitle the holder thereof to purchase or sell, and obligate us to sell or purchase, on specified dates, such securities at a specified purchase price, which may be based on a formula, all as set forth in the applicable prospectus supplement. Any purchase contracts we issue will be physically settled by delivery of such securities. The applicable prospectus supplement will also specify the methods by which the holders may purchase or sell such securities and any acceleration, cancellation or termination provisions or other provisions relating to the settlement of a purchase contract.

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**DESCRIPTION OF UNITS** 

We may issue units consisting of any combination of the other types of securities offered under this prospectus in one or more series. We may evidence each series of units by unit certificates that we will issue under a separate agreement. We may enter into unit agreements with a unit agent. Each unit agent will be a bank or trust company that we select. We will indicate the name and address of the unit agent in the applicable prospectus supplement relating to a particular series of units.

The following description, together with the additional information included in any applicable prospectus supplement, summarizes the general features of the units that we may offer under this prospectus. You should read any prospectus supplement and any free writing prospectus that we may authorize to be provided to you related to the series of units being offered, as well as the complete unit agreements that contain the terms of the units. Specific unit agreements will contain additional important terms and provisions and we will file as an exhibit to the registration statement of which this prospectus is a part, or will incorporate by reference from another report that we file with the SEC, the form of each unit agreement relating to units offered under this prospectus.

If we offer any units, certain terms of that series of units will be described in the applicable prospectus supplement, including, without limitation, the following, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;• the title of the series of
units;

&nbsp;&nbsp;&nbsp;&nbsp;• identification and description
of the separate constituent securities comprising the units;

&nbsp;&nbsp;&nbsp;&nbsp;• the price or prices at which
the units will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;• the date, if any, on and after
which the constituent securities comprising the units will be separately transferable;

&nbsp;&nbsp;&nbsp;&nbsp;• a discussion of certain United
States federal income tax considerations applicable to the units; and

&nbsp;&nbsp;&nbsp;&nbsp;• any other terms of the units
and their constituent securities.

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**GLOBAL SECURITIES** 

**Book-Entry, Delivery and Form** 

Unless we indicate differently in any applicable prospectus supplement or free writing prospectus, the securities initially will be issued in book-entry form and represented by one or more global notes or global securities, or, collectively, global securities. The global securities will be deposited with, or on behalf of, The Depository Trust Company, New York, New York, as depositary, or DTC, and registered in the name of Cede & Co., the nominee of DTC. Unless and until it is exchanged for individual certificates evidencing securities under the limited circumstances described below, a global security may not be transferred except as a whole by the depositary to its nominee or by the nominee to the depositary, or by the depositary or its nominee to a successor depositary or to a nominee of the successor depositary.

DTC has advised us that it is:

&nbsp;&nbsp;&nbsp;&nbsp;• a limited-purpose trust company
organized under the New York Banking Law;

&nbsp;&nbsp;&nbsp;&nbsp;• a "banking organization"
within the meaning of the New York Banking Law;

&nbsp;&nbsp;&nbsp;&nbsp;• a member of the Federal Reserve
System;

&nbsp;&nbsp;&nbsp;&nbsp;• a "clearing corporation"
within the meaning of the New York Uniform Commercial Code; and

&nbsp;&nbsp;&nbsp;&nbsp;• a "clearing agency"
registered pursuant to the provisions of Section 17A of the Exchange Act.

DTC holds securities that its participants deposit with DTC. DTC also facilitates the settlement among its participants of securities transactions, such as transfers and pledges, in deposited securities through electronic computerized book-entry changes in participants' accounts, thereby eliminating the need for physical movement of securities certificates. "Direct participants" in DTC include securities brokers and dealers, including underwriters, banks, trust companies, clearing corporations and other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation, or DTCC. DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others, which we sometimes refer to as indirect participants, that clear through or maintain a custodial relationship with a direct participant, either directly or indirectly. The rules applicable to DTC and its participants are on file with the SEC.

Purchases of securities under the DTC system must be made by or through direct participants, which will receive a credit for the securities on DTC's records. The ownership interest of the actual purchaser of a security, which we sometimes refer to as a beneficial owner, is in turn recorded on the direct and indirect participants' records. Beneficial owners of securities will not receive written confirmation from DTC of their purchases. However, beneficial owners are expected to receive written confirmations providing details of their transactions, as well as periodic statements of their holdings, from the direct or indirect participants through which they purchased securities. Transfers of ownership interests in global securities are to be accomplished by entries made on the books of participants acting on behalf of beneficial owners. Beneficial owners will not receive certificates representing their ownership interests in the global securities, except under the limited circumstances described below.

To facilitate subsequent transfers, all global securities deposited by direct participants with DTC will be registered in the name of DTC's partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of securities with DTC and their registration in the name of Cede & Co. or such other nominee will not change the beneficial ownership of the securities. DTC has no knowledge of the actual beneficial owners of the securities. DTC's records reflect only the identity of the direct participants to whose accounts the securities are credited, which may or may not be the beneficial owners. The participants are responsible for keeping account of their holdings on behalf of their customers.

So long as the securities are in book-entry form, you will receive payments and may transfer securities only through the facilities of the depositary and its direct and indirect participants. We will maintain an office or agency in the location specified in the prospectus supplement for the applicable securities, where notices and demands in respect of the securities and the indenture may be delivered to us and where certificated securities may be surrendered for payment, registration of transfer or exchange.

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Conveyance of notices and other communications by DTC to direct participants, by direct participants to indirect participants and by direct participants and indirect participants to beneficial owners will be governed by arrangements among them, subject to any legal requirements in effect from time to time.

Redemption notices will be sent to DTC. If less than all of the securities of a particular series are being redeemed, DTC's practice is to determine by lot the amount of the interest of each direct participant in the securities of such series to be redeemed.

Neither DTC nor Cede & Co. (or such other DTC nominee) will consent or vote with respect to the securities. Under its usual procedures, DTC will mail an omnibus proxy to us as soon as possible after the record date. The omnibus proxy assigns the consenting or voting rights of Cede & Co. to those direct participants to whose accounts the securities of such series are credited on the record date, identified in a listing attached to the omnibus proxy.

So long as securities are in book-entry form, we will make payments on those securities to the depositary or its nominee, as the registered owner of such securities, by wire transfer of immediately available funds. If securities are issued in definitive certificated form under the limited circumstances described below and unless if otherwise provided in the description of the applicable securities herein or in the applicable prospectus supplement, we will have the option of making payments by check mailed to the addresses of the persons entitled to payment or by wire transfer to bank accounts in the United States designated in writing to the applicable trustee or other designated party at least 15 days before the applicable payment date by the persons entitled to payment, unless a shorter period is satisfactory to the applicable trustee or other designated party.

Redemption proceeds, distributions and dividend payments on the securities will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit direct participants' accounts upon DTC's receipt of funds and corresponding detail information from us on the payment date in accordance with their respective holdings shown on DTC records. Payments by participants to beneficial owners will be governed by standing instructions and customary practices, as is the case with securities held for the account of customers in bearer form or registered in "street name." Those payments will be the responsibility of participants and not of DTC or us, subject to any statutory or regulatory requirements in effect from time to time. Payment of redemption proceeds, distributions and dividend payments to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC, is our responsibility, disbursement of payments to direct participants is the responsibility of DTC, and disbursement of payments to the beneficial owners is the responsibility of direct and indirect participants.

Except under the limited circumstances described below, purchasers of securities will not be entitled to have securities registered in their names and will not receive physical delivery of securities. Accordingly, each beneficial owner must rely on the procedures of DTC and its participants to exercise any rights under the securities and the indenture.

The laws of some jurisdictions may require that some purchasers of securities take physical delivery of securities in definitive form. Those laws may impair the ability to transfer or pledge beneficial interests in securities.

DTC may discontinue providing its services as securities depositary with respect to the securities at any time by giving reasonable notice to us. Under such circumstances, in the event that a successor depositary is not obtained, securities certificates are required to be printed and delivered.

As noted above, beneficial owners of a particular series of securities generally will not receive certificates representing their ownership interests in those securities. However, if:

&nbsp;&nbsp;&nbsp;&nbsp;• DTC notifies us that it is
unwilling or unable to continue as a depositary for the global security or securities representing such series of securities or if DTC
ceases to be a clearing agency registered under the Exchange Act at a time when it is required to be registered and a successor depositary
is not appointed within 90 days of the notification to us or of our becoming aware of DTC's ceasing to be so registered, as the
case may be;

&nbsp;&nbsp;&nbsp;&nbsp;• we determine, in our sole discretion,
not to have such securities represented by one or more global securities; or

&nbsp;&nbsp;&nbsp;&nbsp;• an Event of Default has occurred
and is continuing with respect to such series of securities,

we will prepare and deliver certificates for such securities in exchange for beneficial interests in the global securities. Any beneficial interest in a global security that is exchangeable under the circumstances described in the preceding sentence will be exchangeable for securities in definitive certificated form registered in the names that the depositary directs. It is expected that these directions will be based upon directions received by the depositary from its participants with respect to ownership of beneficial interests in the global securities.

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***Euroclear and Clearstream***

If so provided in the applicable prospectus supplement, you may hold interests in a global security through Clearstream Banking S.A., which we refer to as "Clearstream," or Euroclear Bank S.A./N.V., as operator of the Euroclear System, which we refer to as "Euroclear," either directly if you are a participant in Clearstream or Euroclear or indirectly through organizations which are participants in Clearstream or Euroclear. Clearstream and Euroclear will hold interests on behalf of their respective participants through customers' securities accounts in the names of Clearstream and Euroclear, respectively, on the books of their respective U.S. depositaries, which in turn will hold such interests in customers' securities accounts in such depositaries' names on DTC's books.

Clearstream and Euroclear are securities clearance systems in Europe. Clearstream and Euroclear hold securities for their respective participating organizations and facilitate the clearance and settlement of securities transactions between those participants through electronic book-entry changes in their accounts, thereby eliminating the need for physical movement of certificates.

Payments, deliveries, transfers, exchanges, notices and other matters relating to beneficial interests in global securities owned through Euroclear or Clearstream must comply with the rules and procedures of those systems. Transactions between participants in Euroclear or Clearstream, on one hand, and other participants in DTC, on the other hand, are also subject to DTC's rules and procedures.

Investors will be able to make and receive through Euroclear and Clearstream payments, deliveries, transfers and other transactions involving any beneficial interests in global securities held through those systems only on days when those systems are open for business. Those systems may not be open for business on days when banks, brokers and other institutions are open for business in the United States.

Cross-market transfers between participants in DTC, on the one hand, and participants in Euroclear or Clearstream, on the other hand, will be effected through DTC in accordance with the DTC's rules on behalf of Euroclear or Clearstream, as the case may be, by their respective U.S. depositaries; however, such cross-market transactions will require delivery of instructions to Euroclear or Clearstream, as the case may be, by the counterparty in such system in accordance with the rules and procedures and within the established deadlines (European time) of such system. Euroclear or Clearstream, as the case may be, will, if the transaction meets its settlement requirements, deliver instructions to its U.S. depositary to take action to effect final settlement on its behalf by delivering or receiving interests in the global securities through DTC, and making or receiving payment in accordance with normal procedures for same-day fund settlement. Participants in Euroclear or Clearstream may not deliver instructions directly to their respective U.S. depositaries.

Due to time zone differences, the securities accounts of a participant in Euroclear or Clearstream purchasing an interest in a global security from a direct participant in DTC will be credited, and any such crediting will be reported to the relevant participant in Euroclear or Clearstream, during the securities settlement processing day (which must be a business day for Euroclear or Clearstream) immediately following the settlement date of DTC. Cash received in Euroclear or Clearstream as a result of sales of interests in a global security by or through a participant in Euroclear or Clearstream to a direct participant in DTC will be received with value on the settlement date of DTC but will be available in the relevant Euroclear or Clearstream cash account only as of the business day for Euroclear or Clearstream following DTC's settlement date.

***Other***

The information in this section of this prospectus concerning DTC, Clearstream, Euroclear and their respective book-entry systems has been obtained from sources that we believe to be reliable, but we do not take responsibility for this information. This information has been provided solely as a matter of convenience. The rules and procedures of DTC, Clearstream and Euroclear are solely within the control of those organizations and could change at any time. Neither we nor the trustee nor any agent of ours or of the trustee has any control over those entities and none of us takes any responsibility for their activities. You are urged to contact DTC, Clearstream and Euroclear or their respective participants directly to discuss those matters. In addition, although we expect that DTC, Clearstream and Euroclear will perform the foregoing procedures, none of them is under any obligation to perform or continue to perform such procedures and such procedures may be discontinued at any time. Neither we nor any agent of ours will have any responsibility for the performance or nonperformance by DTC, Clearstream and Euroclear or their respective participants of these or any other rules or procedures governing their respective operations.

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**PLAN OF DISTRIBUTION** 

We may sell the securities from time to time pursuant to underwritten public offerings, negotiated transactions, block trades or a combination of these methods or through underwriters or dealers, through agents and/or directly to one or more purchasers. The securities may be distributed from time to time in one or more transactions:

&nbsp;&nbsp;&nbsp;&nbsp;• at a fixed price or prices,
which may be changed;

&nbsp;&nbsp;&nbsp;&nbsp;• at market prices prevailing
at the time of sale;

&nbsp;&nbsp;&nbsp;&nbsp;• at prices related to such prevailing
market prices; or

&nbsp;&nbsp;&nbsp;&nbsp;• at negotiated prices.

Each time that we sell securities covered by this prospectus, we will provide a prospectus supplement or supplements that will describe the method of distribution and set forth the terms and conditions of the offering of such securities, including the offering price of the securities and the proceeds to us, if applicable.

Offers to purchase the securities being offered by this prospectus may be solicited directly. Agents may also be designated to solicit offers to purchase the securities from time to time. Any agent involved in the offer or sale of our securities will be identified in a prospectus supplement.

If a dealer is utilized in the sale of the securities being offered by this prospectus, the securities will be sold to the dealer, as principal. The dealer may then resell the securities to the public at varying prices to be determined by the dealer at the time of resale.

If an underwriter is utilized in the sale of the securities being offered by this prospectus, an underwriting agreement will be executed with the underwriter at the time of sale and the name of any underwriter will be provided in the prospectus supplement that the underwriter will use to make resales of the securities to the public. In connection with the sale of the securities, we or the purchasers of securities for whom the underwriter may act as agent, may compensate the underwriter in the form of underwriting discounts or commissions. The underwriter may sell the securities to or through dealers, and those dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the purchasers for which they may act as agent. Unless otherwise indicated in a prospectus supplement, an agent will be acting on a best efforts basis and a dealer will purchase securities as a principal, and may then resell the securities at varying prices to be determined by the dealer.

Any compensation paid to underwriters, dealers or agents in connection with the offering of the securities, and any discounts, concessions or commissions allowed by underwriters to participating dealers will be provided in the applicable prospectus supplement. Underwriters, dealers and agents participating in the distribution of the securities may be deemed to be underwriters within the meaning of the Securities Act, and any discounts and commissions received by them and any profit realized by them on resale of the securities may be deemed to be underwriting discounts and commissions. We may enter into agreements to indemnify underwriters, dealers and agents against civil liabilities, including liabilities under the Securities Act, or to contribute to payments they may be required to make in respect thereof and to reimburse those persons for certain expenses.

Our Class A common stock will be listed on The Nasdaq Global Market, but any other securities may or may not be listed on a national securities exchange. To facilitate the offering of securities, certain persons participating in the offering may engage in transactions that stabilize, maintain or otherwise affect the price of the securities. This may include over-allotments or short sales of the securities, which involve the sale by persons participating in the offering of more securities than were sold to them. In these circumstances, these persons would cover such over-allotments or short positions by making purchases in the open market or by exercising their over-allotment option, if any. In addition, these persons may stabilize or maintain the price of the securities by bidding for or purchasing securities in the open market or by imposing penalty bids, whereby selling concessions allowed to dealers participating in the offering may be reclaimed if securities sold by them are repurchased in connection with stabilization transactions. The effect of these transactions may be to stabilize or maintain the market price of the securities at a level above that which might otherwise prevail in the open market. These transactions may be discontinued at any time.

We may engage in at the market offerings into an existing trading market in accordance with Rule 415(a)(4) under the Securities Act. In addition, we may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus

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supplement so indicates, in connection with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities pledged by us or borrowed from us or others to settle those sales or to close out any related open borrowings of stock, and may use securities received from us in settlement of those derivatives to close out any related open borrowings of stock. The third party in such sale transactions will be an underwriter and, if not identified in this prospectus, will be named in the applicable prospectus supplement (or a post-effective amendment). In addition, we may otherwise loan or pledge securities to a financial institution or other third party that in turn may sell the securities short using this prospectus and an applicable prospectus supplement. Such financial institution or other third party may transfer its economic short position to investors in our securities or in connection with a concurrent offering of other securities.

The specific terms of any lock-up provisions in respect of any given offering will be described in the applicable prospectus supplement.

The underwriters, dealers and agents may engage in transactions with us, or perform services for us, in the ordinary course of business for which they receive compensation.

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**LEGAL MATTERS** 

Latham & Watkins LLP will pass upon certain legal matters relating to the issuance and sale of the securities offered hereby on behalf of Rent the Runway, Inc. Additional legal matters may be passed upon for us or any underwriters, dealers or agents, by counsel that we will name in the applicable prospectus supplement.

**EXPERTS** 

The financial statements incorporated in this prospectus by reference to the Annual Report on Form 10-K for the year ended January 31, 2024 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

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**Rent the Runway, Inc.**

**Up to $40,000,000<br> Class A common stock**

**PROSPECTUS SUPPLEMENT**

**BTIG**

April 15, 2026