Foresight News reported that video sharing platform and cloud service provider Rumble (NASDAQ: RUM) announced that the company has completed a strategic investment of $775 million from Tether. As part of the transaction, Tether purchased 103,333,333 shares of Rumble's Class A common stock at a price of $7.50 per share, for a total of $775 million. The company will use $250 million of the proceeds, after deducting transaction expenses, to support its growth plans. As part of the completion of the transaction, the company has successfully completed the previously announced tender offer to purchase up to 70 million shares of its Class A common stock.
As of the expiration date, a total of 70,061,168 shares were validly and successfully tendered and not withdrawn. Rumble subsequently accepted for purchase 70 million shares on a pro rata basis, with fractional share tenders being accepted in full, for an aggregate amount of $525 million (excluding fees and expenses related to the tender offer). The depositary will promptly pay for the accepted shares and return all other shares that were tendered but not purchased.
