CF Acquisition Corp. VI and Rumble Announce Filing of Amended Registration Statement in Connection with their Proposed Business Combination
- Reports Rumble's results for the full year 2021 -
- 1Q22 reflects new all-time records for Rumble across all key performance measures -
- Updates timing of proposed merger business combination completion -
NEW YORK and TORONTO, May 13, 2022 /PRNewswire/ -- CF Acquisition Corp. VI (Nasdaq: CFVI), a special purpose acquisition company sponsored by Cantor Fitzgerald, and Rumble Inc. ("Rumble"), the neutral video platform, announced today that CFVI has filed with the U.S. Securities and Exchange Commission ("SEC") an amended registration statement on Form S-4 (the "Registration Statement") in connection with the proposed business combination with Rumble. The Registration Statement, filed with the SEC today, includes Rumble's 2021 full year financial performance.
Rumble's strategy is currently focused on continuing its significant growth in users and user engagement, as well as building the tools that will enable future monetization of this consumption. As previously reported, Rumble's user base hit a new record in the first quarter of 2022, rising to an average of 41 million monthly active users ("MAUs") in the quarter, representing a 22% increase in MAUs relative to the fourth quarter of 2021.
The first quarter of 2022 included a record 10.5 billion minutes watched per month, and the platform received an average of 6,158 hours of uploaded video per day, representing increases of 23% and 88% respectively, over the fourth quarter of 2021. Rumble's significant growth in these metrics is a reflection of the platform's deep and growing pool of content creators, Rumble's continued value proposition as competing platforms continue to censor and cancel the voices of creators, increased uploads from a cloud services customer, and a number of new platform features.
CFVI and Rumble announced on December 1, 2021 that they entered into a definitive business combination agreement. The transaction will provide approximately $400 million of proceeds at close, including $100 million of proceeds from a PIPE financing and $300 million of cash held in the trust account of CFVI. The 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, make future acquisitions, and for other general corporate purposes.
The transaction has been unanimously approved by the board of directors of each of CFVI and Rumble and is expected to close early in the third quarter of 2022 subject to the Registration Statement being declared effective by the SEC, approval by CFVI and Rumble stockholders, Ontario court approval, and other customary closing conditions. The Rumble stockholders have agreed to support the transaction.
About CF Acquisition Corp. VI
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NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE TRANSACTIONS DESCRIBED IN THIS PRESS RELEASE, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION OR RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS PRESS RELEASE. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.
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SOURCE Rumble and CFVI
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