YouTube competitor Rumble going public via SPAC CF Acquisition VI

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• SPAC CF Acquisition Corp. VI (NASDAQ:CFVI) jumped almost 25% in premarket trading on an agreement to take video platform Rumble public in a deal that values the company at $2.1B.
• The transaction is expected to provide about $400M in proceeds to Rumble, including a fully committed PIPE of $100M million at $10.00 per share and $300 million of cash held in the trust account of CFVI, according to a statement.
• Rumble, which some describe as a conservative alternative to Google's (GOOG, GOOGL) YouTube, said it has 36M average monthly active users in Q3 2021, including 44 million monthly active users in August 2021.
• Rumble's premarket gain comes after a report from Reuters yesterday that Trump-related SPAC Digital World Acquisition Corp. (NASDAQ:DWAC) is working to raise up a $1B in a private investment in public equity or PIPE deal. Trump Media & Technology Group is trying to raise as much as $1B in a PIPE transaction. The additional funding would value the new entity at close to $3B. DWAC advanced 24% in premarket trading.
• The Rumble deal is expected to close in the second quarter of 2022. Upon the closing of the transaction, Chris Pavlovski, the founder and CEO of Rumble, will retain voting control.

• Cantor Fitzgerald is acting as financial and capital markets advisor to CFVI. Hughes Hubbard & Reed LLP and Bennett Jones LLP are acting as legal advisors to CFVI. Guggenheim is acting as the exclusive financial advisor to Rumble. Willkie Farr & Gallagher LLP and DLA Piper Canada LLP are acting as legal advisors to Rumble.

• Recall in May, Rumble CEO discusses round of investment in conservative alternative to social-media "preferencing."