Rumble Inc., The Neutral Video Platform, to go Public Through Combination With Cantor Fitzgerald’s CF Acquisition Corp. VI
Tremendous growth from 1.6 million average monthly active users in Q3 2020 to a record 36 million average monthly active users in Q3 2021
Rumble Inc., the neutral video platform, and CF Acquisition Corp. VI , a special purpose acquisition company sponsored by Cantor Fitzgerald, today announced that they have entered into a definitive business combination agreement. After closing, which is expected in the second quarter of 2022, the combined company will be called Rumble Inc. and expects to be publicly listed on Nasdaq. Shares will trade on Nasdaq under the symbol CFVI until the closing of the transaction.
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Rumble was built on the belief that all creators should have the opportunity to freely express themselves and reach their followers without censorship or restrictions.
Chris Pavlovski, the Founder and Chief Executive Officer of Rumble, said, “It is designed to be the rails and independent infrastructure that is immune to cancel culture. We are a movement that does not stifle, censor, or punish creativity and believe everyone benefits from access to a neutral network with diverse ideas and opinions. We are on a mission to restore the internet to its roots by making it free and open once again. The transaction we announced today will provide Rumble with the additional capital necessary to continue to scale our business and carry out our mission.”
Howard Lutnick, Chairman and CEO of Cantor Fitzgerald and CFVI, stated, “Rumble is the most exciting social media and video distribution platform in the market today. With 36 million average monthly active users in Q3 2021, including 44 million monthly active users in August 2021, it is clear Rumble is the new market for innovators, creators, and consumers. I’m excited to support Rumble and its ability to operate the neutral video platform.”
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The Board of Directors of each of Rumble and CFVI have unanimously approved the transaction. The transaction will require the approval of the stockholders of each of CFVI and Rumble. The Rumble stockholders have agreed to support the transaction. The transaction is subject to other customary closing conditions and is expected to close in the second quarter of 2022.
The transaction values Rumble at an initial enterprise value of $2.1 billion, with current Rumble shareholders having the ability to earn additional shares of the combined company if the stock reaches price hurdles of $15.00 and $17.50 per share.4 The transaction is expected to provide approximately $400 million in proceeds5 to Rumble, including a fully committed PIPE of $100 million at $10.00 per share and $300 million of cash held in the trust account of CFVI.
Upon the closing of the transaction, Chris Pavlovski, the Founder and Chief Executive Officer of Rumble, will retain voting control to facilitate execution of Rumble’s neutral mission on behalf of all stakeholders.
Additional information about the proposed transaction, including a copy of the business combination agreement and investor presentation, will be available in a Current Report on Form 8-K to be filed by CFVI with the U.S. Securities and Exchange Commission (the “SEC”) and at www.sec.gov.
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