CFVI stock soars 18%: Is Rumble going public causing this SPAC to rise?

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 CFVI stock soars 18%: Is Rumble going public causing this SPAC to rise?
Image source: © Demidovichphotostock | Megapixl.com
Highlights:
  • Last December, it was announced that Rumble would merge with a blank-check company and not take the traditional initial public offering (IPO) route.
  • Rumble is expected to merge with a special purpose acquisition company called CF Acquisition Corp. VI.
  • On February 3, Rumble announced it achieved new records in January with around 10.8 billion minutes watched on its platform.

The Toronto-based online video platform, Rumble Inc., is set to go public this year, and it often attracts the attention of stock market enthusiasts.

Last December, it was announced that Rumble would merge with a blank-check company and not take the traditional initial public offering (IPO) route.

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Rumble is expected to merge with a special purpose acquisition company called CF Acquisition Corp. VI (NASDAQ:CFVI), and it is backed by Cantor Fitzgerald, an American financial services company.

When is Rumble going public?

The merger between Rumble and CF Acquisition is expected to close in the second quarter of this year, and the combined entity is expected to trade on Nasdaq as Rumble Inc publicly.

According to the official statement from the SPAC, until the transaction closes, shares will continue to trade under the stock symbol CFVI.

Rumble often attracts investors' attention as it made headlines when it was launched as a platform for all creators with an equal opportunity to express themselves freely without censorship or restrictions.

Rumble CFVI stock                                                                                     ©2022 Kalkine Media® 

Notably, the merger deal valued Rumble at an initial enterprise value of US$ 2.1 billion, and it is expected to get US$ 400 million in proceeds.

On February 3, Rumble announced it achieved new records in January with around 10.8 billion minutes watched on its platform. In addition, the platform recorded 4,834 hours of uploaded video per day on average.

In January, Rumble's monthly active users (MAU) increased 19 per cent month-over-month and reached 39 million MAUs.

Bottom line

The CFVI stock grabbed eyeballs on February 7 and soared 18.2 per cent to close at US$ 15.09 per share. The surge came after Rumble tried to lure famous podcast host Joe Rogan.

In a tweet, Rumble posted a screenshot of a message from its chief executive officer Chris Pavlovski, which said that the company stands with Mr Rogan.

Rumble offer him US$ 100 million over four years if he brings all his shows to the company without any censorship.

Notably, Rogan and Spotify's relationship is reportedly rocky for the past few weeks and Rumble could be looking to benefit from that.

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