CF Acquisition Corp. VI (CFVI) which is in an ongoing business combination with Rumble, surged by 16.16% in the aftermarket. CFVI became bullish after Rumble ended ties with Unruly Group and Tremor International on Tuesday.
During regular trading, the stock was down by 3.76%, closing the session at $11.26 with a volume of 7.42 million. Following the announcement, CFVI reached $13.05 at an after-hours’ volume of 3.43 million.
More about CFVI
The special acquisition company by Cantor Fitzgerald, CF Acquisition Corp. VI has a market capitalization of $446.94 million. Currently, the company has 30.7 million shares outstanding in the market.
In the past five days, CFVI stock has lost 14.18%, while it has gained 15.13% in the past month. Moreover, the stock has subtracted over 15.7% in the last three months.
Business Combination with Rumble
On December 02, CFVI and Rumble announced entering a definitive agreement for their business combination. Moreover, after the completion of the business combination, the combined company will be called Rumble Inc. Until then, it will trade under the CFVI ticker symbol on Nasdaq. Further, the combination is expected to close in the second quarter of 2022.
According to the terms of the agreement, Rumble will receive proceeds of $400 million approx. This includes $300 million cash (CFVI’s trust account) and a fully committed PIPE of $100 million at $10.00 per share.
About Rumble
The Canadian video platform, Rumble operates on freedom of expression, without any censorship and restrictions. Rumble believes in free expression for all creators to reach their followers uncensored. The company has an initial enterprise value of $2.1 billion, with 36 million average monthly users in just Q3 2021.
Latest News from Rumble
On December 14, the company announced the ending of its ties with the Unruly Group and Tremor International. The reason for this termination was their attempt to censor Dan Bongino. Dan Bongino is the host of a nationally syndicated radio show and a Fox News TV program as well.
As Rumble operates on the core principle of no censorship on free expression, Tremor’s attempt to censor the host was against it. As per the company, while some activists disapprove of Bongino’s views, Rumble still supports open debate. Hence, the company terminated its relationship with those who took a step against its core values.
Conclusion
The news of Rumble standing firm on its core beliefs and principles caused CFVI stock to soar in the after hours.
