Form 4: Rumble Inc. Director Ryan Milnes Executes Share Exchange and Sale in Self-Tender Offer

Director Ryan Milnes exchanged Exchangeable Shares for Class A Common Stock, cancelled Class C Common Stock, and sold Class A Common Stock to Rumble Inc. in a self-tender offer.

Summary

• On February 7, 2025, Ryan Milnes, a director of Rumble Inc., engaged in several transactions involving the company's stock.
• Milnes exchanged 24,978,210 Exchangeable Shares for an equivalent number of Class A Common Stock shares.
• In connection with the exchange, 24,978,210 shares of Class C Common Stock held by Milnes were cancelled by Rumble Inc.
• Milnes also sold 24,978,210 shares of Class A Common Stock to Rumble Inc. at a price of $7.50 per share as part of the company's self-tender offer.
• Following these transactions, Milnes directly owns 57,290 shares of Class A Common Stock and indirectly owns 23,076,191 shares of Class C Common Stock.
• The transactions were approved by Rumble's Board of Directors for exemption under Rule 16b-3 of the Securities Exchange Act of 1934.

Sentiment

Score: 5

Explanation: The document describes routine transactions by a company director. It doesn't contain information that would significantly sway investor sentiment positively or negatively.

Positives

• The transactions were approved by Rumble's Board of Directors, suggesting proper governance and oversight.

Industry Context

Share sales and exchanges are common activities for company directors, especially following corporate actions like business combinations or tender offers. This filing reflects Ryan Milnes' adjustments to his holdings in Rumble Inc.

Comparison to Industry Standards

• Director share transactions are a normal part of corporate governance.
• Self-tender offers are a mechanism companies use to return capital to shareholders or consolidate ownership.
• The details of the transactions are in line with standard SEC reporting requirements for insider trading.

Stakeholder Impact

• The self-tender offer impacts shareholders who chose to participate by providing them with liquidity.
• The transactions may have a minor impact on the overall shareholder structure of Rumble Inc.

Key Dates

Keywords

Rumble Inc., Ryan Milnes, Class A Common Stock, Class C Common Stock, Exchangeable Shares, Self-Tender Offer, Director, Share Exchange, SEC Form 4