CF Acquisition Corp. VI (CFVI), a company that focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combinations, has surged 12.10% in aftermarket trading session. As a result, CFVI stock is trading at $13.34 at the time of the writing. On Friday, CFVI closed the day at $11.90 after soaring 12.48% during the regular trading session. The stock is on a consistent rise due to the company’s deal to take YouTube competitor public.
Why CFVI Surging?
On Thursday, the news came out that CFVI would take the video platform Rumble public in a deal that would value the company to about $2.1 billion. It was expected that the deal would contribute about $400 million in net proceeds to the Rumble. That would include a fully committed PIPE of $100 million at $10 per share and $300 million of cash which was held in the trust account of CFVI. Rumble is a neutral video platform and sometimes termed as a competitor to YouTube. It had 44 million active users in August 2021.
Q3 2021 Operational Results
On 15th November, CFVI released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The company suffered a loss of $674,013 from operations during the quarter against $938 for the same period of 2020. The net income generated by the company during the three months was $862,906 against the net loss of $938 for the same period of 2020. The class A public shares had a worth of $0.02, while the class B common stock was also worth $0.02.
Executive Commentary
Howard W. Lutnick, Chief Executive Officer of CFVI, while commenting on the performance said that during the last three months, the company had a tremendous time, as depicted from the results. He hoped that upcoming quarters would see the company rise further based on the excellent business strategies being adopted.
Future Outlook for CFVI
During the last three months, CFVI stock has surged more than 26%. That’s an outstanding figure, given the fact that there were no major positive developments related to the company during the period. Analysts believe that the company is well on track to leave a strong imprint on the stock market in the coming months.
