Rumble announces intent to acquire Northern Data

Rumble (RUM) has informed Northern Data (NDTAF) of its interest in pursuing a potential exchange offer. The shareholders of Northern Data would receive newly issued Class A shares of Rumble common stock in exchange for their Northern Data shares tendered in the Potential Offer. Northern Data is willing to entertain further discussions with Rumble relating to the Potential Offer. The key terms of the Potential Offer are expected to include or result in the following: Each Northern Data shareholder that tenders its shares is expected to receive 2.319 newly issued Class A Rumble shares in exchange for each Northern Data share; The Potential Offer would result in approximately 33.3% total pro forma ownership in Rumble for Northern Data shareholders; The final exchange ratio would be determined following completion of confirmatory due diligence and negotiation with Northern Data, and is subject to adjustment for the potential sale of Northern Data’s Peak Mining unit; and Following completion of the Potential Offer, Tether is expected to become the single largest holder of Rumble’s Class A common stock, with Chris Pavlovski, Rumble’s Chairman and CEO, continuing to own Rumble shares representing a majority of the voting power of Rumble; Chris Pavlovski has indicated his support for the Potential Offer and would agree to vote all of his Rumble shares in favor of the transaction.