Rumble Announces $775M Strategic Investment From Tether; Rumble CEO Retains Controlling Stake; Will Use $250M Of The Proceeds To Support Growth Initiatives And The Remaining Proceeds To Fund A Self Tender Offer For Up To 70M Of Its Class A Common Stock, Or $7.50 Per Share As Tether's Investment

Strategic Investment Results in Mission-Aligned Investor and Supporter

Rumble Will Use $250 Million of Proceeds to Further Solidify Balance Sheet and Accelerate Growth Initiatives

Remaining Proceeds Will Be Used to Fund Self Tender Offer for up to 70 Million of Rumble's Class A Common Stock to Provide Liquidity to Stockholders at Same Price as Tether Investment

LONGBOAT KEY, Fla., Dec. 20, 2024 (GLOBE NEWSWIRE) -- Rumble (NASDAQ:RUM) ("Rumble" or the "Company"), the video-sharing platform and cloud services provider, announced today that it has entered into a definitive agreement for a strategic investment of $775 million from Tether ($USDT) ("Tether"), the largest company in the digital assets industry and the most widely used dollar stablecoin across the world with more than 350 million users. Over the last few years, Tether has become one of the most recognized symbols for financial inclusion.

The Company will 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) as Tether's investment. Following the completion of the transaction, Chris Pavlovski, Rumble's Chairman and CEO, will retain his controlling stake in the Company.