Rumble SPAC CFVI jumping on talk of distribution deal with Trump (update)

Dec. 03, 2021 2:12 PM ETCF Acquisition Corp. VI (CFVI)DWACBy: Joshua Fineman, SA News Editor43 Comments

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  • Update 4:17: Updates shares, adds comment from Cantor CEO from TV interview.
  • SPAC CF Acquisition (NASDAQ:CFVI), which agreed earlier this week to take YouTube's competitor Rumble public, rose 13% on a report that the former president Trump's Truth Social will pay Rumble for distribution and other services.
  • Cantor CEO Howard Lutnick was talking about the relationship between Trump and Rumble on Bloomberg TV, according to a tweet. The tweet also said that user growth at Rumble is "unreal," 18x in a year.
  • "I can confirm that they have an arrangement together where Truth Social is going to be paying Rumble to do distribution," Cantor Fitzgerald CEO Lutnick said on Bloomberg earlier.
  • The Rumble news comes after a report from Reuters earlier this week 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. The additional funding would value the new entity at close to $3B.
  • DWAC fell 9% today after gaining 14% the previous two days on the PIPE funding report.
  • 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.
  • Recall in May, Rumble CEO discusses round of investment in conservative alternative to social-media "preferencing."
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