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Rumble Inc. ("Rumble"), the video-sharing platform, and CF Acquisition Corp. VI (NASDAQ:CFVI) today announced the completion of their previously announced business combination. The merger, which closed today, was approved at a special meeting of stockholders of CFVI on September 15, 2022. The combined company will operate as Rumble Inc. going forward and its common shares and warrants are expected to begin trading on the NASDAQ Stock Exchange under the ticker symbols "RUM" and "RUMBW" respectively, beginning on Monday, September 19, 2022.
The transaction provides Rumble with approximately $400 million in gross proceeds, including approximately $85 million of proceeds from a PIPE financing, $15 million from a Forward Purchase Investment, and approximately $300 million of cash held in a trust account. After payment of transaction expenses, the net proceeds will be used to attract new content creators to the Rumble and Locals platforms, continue to build out Rumble's independent infrastructure, expand Rumble's teams, begin robust marketing of the platform and services, finance future acquisitions, and for other general corporate purposes.
"Today marks an amazing milestone for our company, and one that I have been looking forward to for a long time," said Chris Pavlovski, Founder and Chief Executive Officer of Rumble. "This transaction allows Rumble to fund a wide range of business initiatives, including the development of our independent infrastructure while we continue to add top creators to our platforms. I am extremely excited to report that despite current market conditions, we have retained nearly all the cash in trust, with nearly zero redemptions from CFVI shareholders. This is truly a vote of confidence in our mission and platform, and I look forward to further delivering for all our constituents going forward.
Lastly, I would like to thank Rumble's employees who have worked tirelessly to get us where we are today. Congratulations to the entire Rumble team on this incredible achievement," concluded Chris Pavlovski.
Howard Lutnick, Chairman and CEO of Cantor Fitzgerald and CFVI, stated, "With its massive growth in users and engagement, this is an exciting time for Rumble to become public. I am excited to see 'RUM' shares trading in the marketplace."
Posted In: CFVI
