CF Acquisition Corp. $CFVI Stock Up On Dan Bongino Drama

  • Post category:Technology
  • Reading time:8 mins read
Get Email Alerts and Follow Us:
SOCIALICON

CFVI stock rose on December 14, 2021, after the SPAC Rumble merger news broke that Rumble severed ties with Democrat-leaning groups that censored Dan Bongino. Investors seemed to like Rumble’s action because it meant that Rumble wasn’t changing its core niche because of going public via a SPAC.

Rumble Severs Business Ties with Unruly Group and Tremor International (TRMR)

On December 14, 2021, Rumble announced the termination of its relationship with the Unruly Group and Tremor International after they attempted to censor Dan Bongino, the host of a nationally syndicated radio show and a Fox News television program. This decision reaffirms Rumble’s commitment to a free and open internet by hosting a variety of viewpoints on topics of public interest.

“Tremor’s attempt to censor Dan Bongino violated Rumble’s core principles,” said Rumble CEO Chris Pavlovski. “Shadowy activists may not like what Dan Bongino has to say, but Rumble will always encourage open debate without taking sides. That is why Rumble decided to terminate its contract with Tremor. We won’t tolerate politicized attempts to cancel creators.”

Citing vague complaints from unnamed “partners,” Tremor attempted to censor Bongino by removing advertisements from his websites and Rumble’s hosted video player. The company provided no proof or examples of the allegedly “fake covid information” that was the source of the complaints, instead expecting Rumble to bow to the demands of a few anonymous censors. Tremor wanted ads removed from Bongino’s pages even though YouTube and many other sites monetize Bongino’s content.

Rumble gave Tremor the opportunity to provide examples of violations of Rumble’s content policies, but the group failed to do so. Accordingly, Rumble terminated its relationship with the company.

Rumble is a high-growth neutral video distribution platform that is creating the rails and independent infrastructure designed to be immune to cancel culture. Rumble’s mission is to restore the internet to its roots by making it free and open once again. The company recently announced the execution of a definitive business combination agreement with CF Acquisition Corp. VI (NASDAQ: CFVI).

Rumble announces Michael Ellis as General Counsel

On December 8, 2021, Rumble announced that it has hired Michael Ellis as General Counsel and Corporate Secretary. Ellis formerly served in senior legal and policy roles in the Intelligence Community, White House, and Congress. Rumble is already one of the most respected independent and privately-owned companies in the online video-sharing platform industry, and Ellis will provide top-notch counsel as the company continues to expand.

“Michael is a battle-tested lawyer who understands the inner workings of government at the highest levels,” said Rumble CEO Chris Pavlovski. “His experience at the intersection of technology and law, combined with his maturity of judgment, will serve Rumble well on a wide variety of legal, compliance, and government affairs matters.”

During the Trump Administration, Ellis served as Senior Director for Intelligence Programs at the National Security Council and as Senior Associate Counsel to the President and Deputy NSC Legal Advisor in the Office of the White House Counsel. Prior to his service in the Executive Branch, Ellis was General Counsel of the House Permanent Select Committee on Intelligence under the leadership of Chairman Devin Nunes.

Rumble Inc., The Neutral Video Platform, to go Public Through Combination With Cantor Fitzgerald’s CF Acquisition Corp. VI (Nasdaq: CFVI)

On December 1, 2021, Rumble Inc., the neutral video platform, and CF Acquisition Corp. VI (Nasdaq: CFVI) (“CFVI”), a special purpose acquisition company sponsored by Cantor Fitzgerald, announced that they have entered into a definitive business combination agreement. After closing, which is expected in the second quarter of 2022, the combined company will be called Rumble Inc. and expects to be publicly listed on Nasdaq. Shares will trade on Nasdaq under the symbol CFVI until the closing of the transaction.

Rumble was built on the belief that all creators should have the opportunity to freely express themselves and reach their followers without censorship or restrictions.

Chris Pavlovski, the Founder and Chief Executive Officer of Rumble, said, “Rumble is designed to be the rails and independent infrastructure that is immune to cancel culture. We are a movement that does not stifle, censor, or punish creativity and believe everyone benefits from access to a neutral network with diverse ideas and opinions. We are on a mission to restore the internet to its roots by making it free and open once again. The transaction we announced today will provide Rumble with the additional capital necessary to continue to scale our business and carry out our mission.”

Howard Lutnick, Chairman and CEO of Cantor Fitzgerald and CFVI, stated, “Rumble is the most exciting social media and video distribution platform in the market today. With 36 million average monthly active users in Q3 2021, including 44 million monthly active users in August 2021, it is clear Rumble is the new market for innovators, creators, and consumers. I’m excited to support Rumble and its ability to operate the neutral video platform.”

The Board of Directors of each of Rumble and CFVI have unanimously approved the transaction. The transaction will require the approval of the stockholders of each of CFVI and Rumble. The Rumble stockholders have agreed to support the transaction. The transaction is subject to other customary closing conditions and is expected to close in the second quarter of 2022.

The transaction values Rumble at an initial enterprise value of $2.1 billion, with current Rumble shareholders having the ability to earn additional shares of the combined company if the stock reaches price hurdles of $15.00 and $17.50 per share.4 The transaction is expected to provide approximately $400 million in proceeds5 to Rumble, including a fully committed PIPE of $100 million at $10.00 per share and $300 million of cash held in the trust account of CFVI.

📺 VIDEO CFVI Stock INSTITUTIONS LOVE RUMBLE | NEW COUNCIL MEMBER JOINS

Rob Almasi gave his opinion on CFVI stock on December 9, 2021.

CFVI Stock INSTITUTIONS LOVE RUMBLE | NEW COUNCIL MEMBER JOINS

📺 VIDEO Chairman & CEO Howard W. Lutnick Discusses CFVI’s Merger with Rumble on ‘The Claman Countdown’

Chairman & CEO Howard W. Lutnick joined Liz Claman on Fox Business Network to continue the conversation about Cantor Fitzgerald’s CFVI taking Rumble public.

Chairman & CEO Howard W. Lutnick Discusses CFVI's Merger with Rumble on ‘The Claman Countdown’

📈 CFVI Stock Technical Analysis

Cfvi Stock

The short term is neutral, but the long term trend is still positive. Not much to worry about for now. CFVI has an average volume of 6344980. This is a good sign as it is always nice to have a liquid stock. Volume is considerably higher in the last couple of days. There is a support zone ranging from 9.64 to 9.76. This zone is formed by a combination of multiple trend lines in multiple time frames. CFVI has an average technical rating and also the quality of the setup is only medium at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first. Click here to sign up for email alerts on when CFVI is a good long entry.

Get Email Alerts and Follow Us:
SOCIALICON