The documents filed by CFVI with the SEC also may be obtained free of charge upon written request to CF Acquisition Corp. VI, 110 East 59th Street, New York, NY or via email at [email protected]. Market data provided is at least 10-minutes delayed https://www.day-trading.info/what-is-yield-and-how-to-calculate/ and hosted by Barchart Solutions. To see all exchange delays and terms of use, please see disclaimer. You will have no right to complain to the Financial Ombudsman Services or to seek compensation from the Financial Services Compensation Scheme.
That goes really well with what you see on Locals, where creators are driving subscriptions for their loyal fans. We see that actually being the second largest pile of revenue in the future for Rumble. So, at the very top, in terms of revenue generating, we really believe that sponsorships are going to be the biggest, followed by subscriptions and tipping, and then followed by programmatic.
The Motley Fool has positions in and recommends Alphabet (A shares) and Alphabet (C shares). But the struggles of the Donald Trump-backed social media Truth Social platform, which still aims to eventually merge with SPAC Digital World Acquisition, indicate the user appetite for such a theoretically open platform might be limited. Truth Social is also positioned as a full free expression site, but among other headwinds it has been plagued by execution problems and weak user metrics. If Judge Gilliam eventually compels Google to give certain very sensitive internal data/algorithms to Rumble, I would expect some negotiated settlement that gives a much more favorable search engine results for Rumble’s internet platform.
- Truth Social is also positioned as a full free expression site, but among other headwinds it has been plagued by execution problems and weak user metrics.
- To be prudent, I am going to use the maximum total number RUM shares of 377,220,1668 (less any CFVI shares deemed) when calculating equity capitalization and various per share calculations.
- Hughes Hubbard & Reed LLP and Bennett Jones LLP are acting as legal advisors to CFVI.
- In connection with the transaction described herein, CFVI intends to file relevant materials with the SEC, including a registration statement on Form S-4, which will include a document that serves as a joint prospectus and proxy statement, referred to as a proxy statement/prospectus.
- Another key date is the deadline to complete expert discovery by May 17, 2024.
Get stock recommendations, portfolio guidance, and more from The Motley Fool’s premium services. VI CFVI is a blank check company led by Chairman and Chief Executive Officer Howard W. Lutnick front end developer what is front end development explained in plain english and sponsored by Cantor Fitzgerald. CFVI has earned a 2024 Gold Seal of Transparency from Candid, a nonprofit that provides the most comprehensive data and insights about the social sector.
Rumble’s recent figures reported around 10.8 billion minutes watched, around 4,383 hours of uploaded video per day, and 39 million MAU in January, up 19% on its December numbers. The U.S. govt just unlocked an $8 trillion market to move in a new direction. CFVI is a blank check company led by Chairman and Chief Executive Officer Howard W. Lutnick and sponsored by Cantor Fitzgerald.
The Motley Fool reaches millions of people every month through our premium investing solutions, free guidance and market analysis on Fool.com, top-rated podcasts, and non-profit The Motley Fool Foundation. It is interesting to see that this SPAC merger deal is finally completed and CFVI shareholders have made money from the original IPO price. Many other SPAC deals have fallen apart or are trading far below their IPO price, such as BuzzFeed (BZFD). Most readers who are familiar with this type of litigation understand that there invariably is a very lengthy period of time before an actual trial starts.
The transaction will require the approval of the stockholders of each of CFVI and Rumble. The transaction is subject to other customary closing conditions and is expected to close in the second quarter of 2022. Cantor Fitzgerald acted as financial and capital markets advisor to CFVI.
CF Acquisition Corp. VI
Assuming no redemptions by CFVI stockholders and prior to giving effect to transaction expenses, 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 proposed transactions will be submitted to CFVI’s stockholders for their consideration and approval at a special meeting of stockholders. After the Registration Statement has been declared effective, CFVI will mail a definitive proxy statement / prospectus and other relevant documents to its stockholders as of the record date established for voting on the proposed transactions. Additional InformationThis press release relates to a proposed transaction between Rumble and CFVI.
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Rumble’s mission is to restore the internet to its roots based on freedom of expression and creativity. Investors need to understand that Rumble’s income statements going forward for the immediate future will look terrible. It takes a lot of time and expenses to monetize their business model. They are getting $383 million net cash via the merger ($100 million from new PIPE financing and $300 million from the CFVI trust account) to help pay these expected high expenses needed to grow. Investors may also expect to see very negative media comments about these financial results by those who do not want Rumble to be successful. They do not have the competition, especially from a neutral/conservative leaning platform.
How does Rumble make money?
“This transaction allows Rumble to fund a wide range of business initiatives, including the development of our independent infrastructure while we continue to add top creators to our platforms. I am extremely excited to report that despite current market conditions, https://www.topforexnews.org/investing/9-best-investments-in-2021/ we have retained nearly all the cash in trust, with nearly zero redemptions from CFVI shareholders. This is truly a vote of confidence in our mission and platform, and I look forward to further delivering for all our constituents going forward.
2 Assumes no redemptions by CFVI’s public stockholders and prior to payment of transaction expenses and stock repurchase. This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. After market hours on Tuesday, Rumble, the company that plans to go public by merging with CF Acquisition, pushed out a reminder to its current shareholders. In the run-up to a crucial shareholder vote, special purpose acquisition company (SPAC) CF Acquisition Corp.
I think that RUM may trade above “fair value” partially because there are so many people hoping for the success of a free speech platform. Because it is almost impossible at this point to estimate revenue and earnings going forward, I am unable to assign a fair enterprise value for Rumble. Based on positive operations expectations and potential for a positive settlement with Google regarding the lawsuit, I rate Rumble (RUM) a buy. 3 With potential to increase up to an enterprise value of $3.15 billion if stock price targets of the combined company are satisfied following closing. Rumble’s mission is “to restore the internet to its roots by making it free and open once again.” On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article.
In direct competition with YouTube, Rumble shares up to 60% of its ad revenue with its artists. What else should investors know about this new company that is seeking to cash in on the current SPAC boom and send CFVI stock soaring? Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors.
