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SPAC CF Acquisition VI (NASDAQ:CFVI), which agreed in December to take YouTube competitor Rumble public, rose 1.9% as the company moved closer to its public debut in September.
CFVI announced on Thursday that announced that its S-4 registration statement had been declared effective by the SEC. CFVI will hold a special meeting of its holders on Sept. 15 to vote on its combination with Rumble. The business combination is expected to close shortly after the special meetings of the stockholders of CFVI and Rumble.
Rumble and SPAC CFVI (CFVI) have gained attention this year after the alternative YouTube platform announced a deal with former President Donald Trump's social media company and his platform Truth Social. Trump's media company is also going public through a deal with SPAC Digital World Acquisition (DWAC). DWAC shares fell 0.7%.
The deal to take Rumble public was valued at about $2.1 billion when it was announced in early December. In a recent S-4 filing, Rumble and CFVI said that Rumble’s U.S. advertising business is now valued at between $7.6 billion – $9.7 billion. Rumble’s video platform has become increasingly popular with conservative content makers.
Rumble received a lot of attention earlier this year when CEO Chris Pavlovski offered the controversial podcast host Joe Rogan a $100M contract to join the platform and leave Spotify (SPOT).