Video sharing platform Rumble announced it has completed a US$775 million strategic investment from Tether

PANews reported on February 8 that according to official news, video sharing platform and cloud service provider Rumble (NASDAQ: RUM), announced that the company has completed a US$775 million strategic investment from Tether.

Regarding transaction details, as part of the transaction, Tether purchased 103,333,333 Rumble Class A common stock for a total of $775 million. The company will use $250 million of the growth plans after deducting transaction fees. As part of the transaction completion, the company has successfully completed the previously announced offer to purchase up to 70 million Class A common shares. As of the due date, a total of 70,061,168 shares were bid effectively and successfully and not withdrawn. Rumble then accepted a 70 million share purchase proportionally, while the zero share bid was fully accepted, with a total amount of $525 million (excluding fees and expenses related to the acquisition offer). The depositary institution will immediately pay the accepted purchase of shares and return all other shares that have been bid but not purchased.