Shares rise as Founder Chris Pavlovski vows not to sell during lock-up period
Shares of Rumble Inc. (RUM, -5.85%) experienced a slight increase of 0.9% during premarket trading on Tuesday. This comes after the Founder and Chief Executive, Chris Pavlovski, announced his decision not to sell any of the company’s shares once the lock-up period concludes. Pavlovski’s unwavering commitment to free speech and a truly open internet remain at the core of Rumble’s mission.
“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 declared. His statement underscores his determination to uphold the values that prompted him to take Rumble public.
Rumble made its initial public offering in September 2022 after being acquired by the special purpose acquisition company (SPAC) CF Acquisition Corp. VI, with the closing date on September 16. According to the lock-up agreement, once the one-year anniversary of the closing date is reached, Pavlovski, who currently holds a 44.6% stake in Rumble, will have the option to sell his shares.
Share Selling Conditions
Under the terms of the agreement, Pavlovski is permitted to sell shares if the stock has closed above $15 for at least 20 trading days within a 30 trading-day period commencing at least 150 days after the closing. However, since the closing, the stock has only closed above $15 once, specifically on September 19, 2022.
Over the past three months leading up to Friday, Rumble’s stock has experienced a 20.7% decline. In contrast, the S&P 500 (SPX, +0.18%) has enjoyed a gain of 5.7% during the same period.
Rumble Inc. continues to prioritize and champion free speech, even as it navigates the complexities of its lock-up period. With Chris Pavlovski’s resolute commitment to its mission, Rumble sets the stage for a future defined by an open and unrestricted online environment.