Rumble Secures 81.3% of Northern Data Shares with 2.0281 Exchange Ratio
RUM•Rumble secured 5,708,665 Northern Data shares, representing approximately 81.3% of the outstanding stock during the initial acceptance period ending May 9, 2026. An additional exchange offer window opens May 15–June 1 with an unchanged ratio of 2.0281 Rumble Class A shares per Northern Data share, and closing is expected mid-June.
1. Initial Tender Results
By May 9, 2026, Rumble received 5,708,665 Northern Data shares, representing roughly 81.3% of the target’s outstanding stock. This majority stake exceeds the threshold required for closing and positions Rumble to proceed toward full ownership pending remaining offer conditions.
2. Exchange Offer Terms
The final exchange ratio remains 2.0281 Rumble Class A shares for each Northern Data share, unchanged from the initial proposal. All regulatory approvals are in place, and there is no minimum tender condition, ensuring the offer will close once the late-stage acceptance period concludes.
3. Board Recommendations and Timeline
Northern Data’s management and supervisory boards unanimously endorse the exchange offer and recommend all shareholders participate. The offer’s additional acceptance window runs from May 15 to June 1, 2026, with closing expected in mid-June and delisting of Northern Data shares to follow promptly.
4. Shareholder Implications
Northern Data shareholders who do not tender shares will face reduced liquidity and limited price transparency post-delisting. Rumble has committed to forgoing a domination and profit transfer agreement for at least three years after closing, preserving Northern Data’s operational autonomy during that period.
