Rumble Inc. (NASDAQ:RUM), a company specializing in computer programming and data processing services with a market capitalization of $2.31 billion, reported on Friday the immediate resignation of David Sacks from its Board of Directors. The departure, effective as of today, is due to Mr. Sacks's decision to pursue a government position and is not due to any disagreements with the company's operations, policies, or practices.
Following the resignation, the board now comprises seven directors. Rumble Inc. has not indicated any immediate plans for a replacement or changes to its governance structure. According to InvestingPro data, the company maintains strong financial flexibility with a current ratio of 3.94, indicating robust short-term liquidity. The information is based on a recent SEC filing by the company.
In other recent news, Rumble Inc. has reported a significant increase in its Q3 2024 earnings, with a revenue surge to $25.1 million, up $7.1 million from the same period last year. Despite a slight decrease in average revenue per user, the company saw a rise in monthly active users to 67 million.
Rumble Inc.'s adjusted EBITDA loss improved to $23.5 million, with a decrease in cash commitments for programming and content agreements. The company ended the quarter with $132 million in cash and marketable securities.
In addition to its financial performance, Rumble Inc. has appointed Jerry Naumoff as an independent director to its Board. Naumoff's appointment was recognized as independent according to Nasdaq's listing rules and the regulations of the U.S. Securities Exchange Act.
He will serve on the Audit Committee and will be compensated in line with the company's standard program for non-employee directors.
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