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SPAC CF Acquisition VI (NASDAQ:CFVI) dropped 16% amid shareholders approval at a vote on Thursday for its combination with YouTube competitor Rumble. The share plunge erased this week's 16% gain for the stock.
Only 0.1% of the 30 million CFVI public shares are being redeemed in connection with the meeting, according to a statement. Assuming the transaction is completed on Friday, Rumble will start trading under the new ticker "RUM" on Nasdaq on Monday.
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).
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.
Also see SA contributor WYCO Researcher's piece from earlier Thursday entitled "CF Acquisition Shareholders Approve Rumble SPAC Merger After Shares Soared."