BUZZ-Rumble soars on $775 mln investment from Tether

Reuters12-21 06:21
BUZZ-Rumble soars on $775 mln investment from Tether

** Video sharing platform and cloud services provider Rumble RUM.O shares rise 29.3% at $9.40 after the bell

** Co says it has entered into an agreement with Tether to receive a strategic investment of $775 million

** Tether, a blockchain-enabled platform, has agreed to purchase 103,333,333 shares of Rumble Class A Common Stock at a price per share of $7.50

** RUM to use $250 million of the proceeds to support growth initiatives and the remaining proceeds to fund a self-tender offer for up to 70 million of its Class A Common Stock, at the same price ($7.50 per share)

** Rumble's CEO Chris Pavlovski to retain his controlling stake

** The investment and the tender offer are expected to close in the first quarter of 2025

** RUM up 60.1% YTD

(Reporting by Abhinav Parmar in Bengaluru)

((Abhinav.Parmar@thomsonreuters.com;))

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