Rumble stock rises after CEO Chris Pavlovski says he won't sell any shares when the lock-up period ends

Shares of Rumble Inc. (RUM) rose 0.9% in premarket trading Tuesday, after the video-sharing and social-media site's Founder and Chief Executive Chris Pavlovski said he will "not sell" any of its shares with the lock-up period ends. "When the lock-up is lifted, it will become evident who truly stands for free speech and who has other motivations. I, for one, remain deeply and passionately committed to our mission to protect a free and open internet," Pavlovski said. "I did not take Rumble public just to sell my shares as soon as I can, and therefore have no plans to sell." The company went public in September 2022 after the acquisition by special purpose acquisition company (SPAC) CF Acquisition Corp. VI closed on Sept. 16. The lock-up agreement stipulates that Pavlovski, who owns a 44.6% stake in Rumble, would be able to start selling his shares on the one-year anniversary of the closing date. The agreement also allowed Pavlovski to sell shares of the stock closed above $15 for any 20 trading days within any 30 trading-day period starting at least 150 days after the closing, but the stock only closed above $15 once since the closing, on Sept. 19, 2022. The stock has tumbled 20.7% over the past three months through Friday, while the S&P 500 has gained 5.7%.

-Tomi Kilgore

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09-05-23 0832ET

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