CF Acquisition Corp. VI (CFVI) Shareholders Approve Rumble Deal
CF Acquisition Corp. VI (NASDAQ:CFVI) announced in a press release this afternoon that its shareholders approved its combination with social video platform Rumble at a special meeting held earlier today.
The SPAC disclosed that only 0.1% of the 30 million CFVI public shares were redeemed in connection with the meeting, marking the best redemption result of the year to-date.
CF VI originally funded the deal with $300 million from its trust and supplemented this with a $100 million PIPE. The deal also featured a $15 million FPA from CFVI’s sponsor of 1,500,000 units.
The parties did not give an exact timeline for the closing of the deal, but expect it to occur as soon as practicable. Following the completion of the business combination, the newly combined company will operate as Rumble Inc. and trade on the NASDAQ under the symbol “RUM”. Assuming that the closing is completed on Friday, September 16, trading will continue on NASDAQ, switching from the symbol “CFVI” to the new symbol, “RUM”, at the open of trading on Monday, September 19.
CF VI announced its $2.1 billion combination with Rumble on December 2, 2021. Toronto-based Rumble provides a video content platform with about 36 million monthly active users popular among conservative commentators and viewers.
The video platform recently announced plans to launch ‘Rumble Exclusives,’ an innovative livestreaming lineup featuring independent creators and a two-way dialogue with their audiences. Rumble set a new monthly active user record in August with an increase in global users to 78 million, representing 77% year over year growth.
ADVISORS
- Cantor Fitzgerald & Co. is acting as financial and capital markets advisor to CFVI.
- Hughes Hubbard & Reed LLP and Bennett Jones LLP are acting as legal advisors to CFVI.
- Guggenheim Securities, LLC is acting as the exclusive financial advisor to Rumble.
- Willkie Farr & Gallagher LLP and DLA Piper Canada LLP are acting as legal advisors to Rumble.
- Cantor Fitzgerald & Co. and Guggenheim Securities, LLC served as placement agents for the PIPE financing.