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Tag: CF Acquisition

  • CF Acquisition Corp. VI (CFVI) stock Soars Aftermarket on News from Rumble

    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.

  • CF Acquisition Corp. VI (CFVI) Stock Rocketing Higher in Aftermarket, Here’s Why

    CF Acquisition Corp. VI (CFVI) Stock Rocketing Higher in Aftermarket, Here’s Why

     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.