Last Call for Northern Data Holders as Rumble Exchange Deadline Looms

Shareholders face final deadline to swap Northern Data shares for Rumble stock before delisting; 77% already tendered, no cash alternative offered.

The window for Northern Data shareholders to swap their stakes for Rumble Inc. stock is closing fast. With the regular acceptance period ending on May 9, 2026, at 6:01 a.m., investors face a binary choice: tender their shares now or risk being left with illiquid holdings in a soon-to-be-delisted entity.

The Exchange Mechanics

For each Northern Data share tendered, investors will receive 2.0281 newly issued Rumble Class A common shares. Those who miss the initial cutoff get a second chance during a subsequent offering period expected to run from May 15 through June 1, 2026 — provided Rumble publishes the tender results as planned on May 13. The transaction itself is slated to close around mid-June.

Rumble has already locked up approximately 77 percent of Northern Data's outstanding shares through binding commitments from major holders and early retail tenders. No minimum acceptance threshold applies, meaning the deal will proceed regardless of how many additional shares come in.

What Happens to Holdouts

Shareholders who let both deadlines pass will find themselves owning equity in a company that no longer trades on any exchange. Northern Data's management has confirmed it will delist the stock from the over-the-counter market immediately after the merger closes. There is no separate cash offer for remaining minority investors, nor any plan for a mandatory buyout.

Rumble has committed to not entering into a domination or profit transfer agreement for at least three years post-closing. That means holdout shareholders have no near-term prospect of a compulsory cash settlement — just a position in an unlisted company with no transparent price discovery.

Regulatory Green Light

All governmental approvals are now in place. The Ministry of Economy of the United Arab Emirates granted its clearance on April 29, the final regulatory box to check. Both Northern Data's management board and supervisory board unanimously recommend the offer, having endorsed it on April 20.

A Business on Solid Footing

Northern Data is handing over an operation running at full tilt. GPU infrastructure utilization hit 85 percent in the first quarter of 2026, driving preliminary revenue between EUR 40 million and EUR 42 million. Adjusted EBITDA is expected to land between EUR 10 million and EUR 15 million, with the company reporting positive operating cash flow for the first time. For the full year 2026, management targets revenue of EUR 130 million to EUR 150 million.

The balance sheet carries roughly EUR 58 million in cash. Adding to the momentum, crypto giant Tether has signed a deal to lease computing power worth USD 150 million over two years following the merger, securing baseline demand for the combined entity.

Price Action Tracks Rumble

Northern Data shares recently traded at EUR 13.37, up about 61 percent over the past 30 days as the exchange offer drove demand. The stock has moved in lockstep with Rumble's valuation throughout the tender period. Still, the price remains roughly 44 percent below its level from twelve months ago — a reminder of the volatility that has marked this journey. For current holders, the exchange offer provides a direct path into the merged company's future, but only if they act before the window closes.