What happened
In the run-up to a crucial shareholder vote, special purpose acquisition company (SPAC) CF Acquisition Corp. VI (CFVI 7.26%) traded up sharply on Wednesday. The stock rose by more than 7% on the day, bolstered by the news that it's getting its organizational ducks in order.
So what
After market hours on Tuesday, Rumble, the company that plans to go public by merging with CF Acquisition, pushed out a reminder to its current shareholders.
That reminder was essentially a list of Rumble's preferred candidates for its post-merger board of directors; not surprisingly, the video posting site's operator is nominating founder and CEO Chris Pavlovski as chairman. Of the five other nominees, three are currently directors at pre-merger Rumble.
Although the company's latest communication was a reminder and not a revelation, it's reinforcing the impression that Rumble is determined to push through that merger in order to become a proper publicly traded company.
Now what
Whether or not it'll be a success is a big question, though. The company styles itself as a fully open video sharing platform that does not restrict content in any way. That's in contrast to similar sites like Alphabet's YouTube, which has been accused by some of curtailing content.
But the struggles of the Donald Trump-backed social media Truth Social platform, which still aims to eventually merge with SPAC Digital World Acquisition, indicate the user appetite for such a theoretically open platform might be limited. Truth Social is also positioned as a full free expression site, but among other headwinds it has been plagued by execution problems and weak user metrics.
CF Acquisition is slated to convene a special meeting of shareholders to approve the "business combination" of itself with Rumble tomorrow, Sept. 15, at 10 a.m. ET.
Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet (A shares) and Alphabet (C shares). The Motley Fool has a disclosure policy.
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September 15, 2022 at 03:47AM
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Why CF Acquisition Corp. VI Triumphed Today - The Motley Fool
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