CFVI merger with RUM Group Inc.
RUM Group Inc. — Group Inc.
Structure & dilution
SEC-primary termsThe headline number ignores the shares that did not pay $10 — the founder promote, PIPE stock and warrants. This is the same deal with all equity claims counted.
- PIPE
- ≈ $1M · unsourced
- Min-cash condition
- $125M
PIPE terms — instrument, coupon, conversion price and any reset floor — are not sourced for this deal. The size above is itself unsourced — a stored figure no filing we hold states — so neither the size nor the terms should be read as cited.
An effective (post-dilution) figure needs either a stated pro-forma share count or the headline value plus the promote terms; the filings we hold do not yet state enough, and we will not print an estimate built on inventions.
Why headline and effective values differ is covered in headline vs effective deal value, in plain English.
The target: RUM Group Inc.
from S-4The business actually being bought — described from SEC primary filings, with projections labelled as projections.
Group Inc. As separately announced today, Rumble introduced a new business unit and legal name for the company following the closing of its acquisition of Northern Data AG, effective June 18, 2026. RUM Group Inc. (NASDAQ: RUM) is the holding company for Rumble and Quake AI. RUM Group Inc.’s mission is to maximize the power of human imagination through an independent technology ecosystem built on privacy, resilience, and an open alternative to Big Tech. Rumble is the leading independent video platform. Quake AI combines the assets of Northern Data and Rumble Cloud into a full-stack GPU and cloud computing platform, delivering the infrastructure for the next generation of Agentic AI enterprises. Cautionary Statements Regarding
RUM Group Inc. — every SPAC that has bid for it, and its listed peers
In plain English
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.