~ Alerts CEO of Errors by Staff in the Determination for Company Additions ~

~ Despite Repeated Requests by Rumble, LSEG Failed to Address Obvious Errors in Calculations ~

~ Refusal to Correct Obvious Errors Does a Disservice to all Investors in the Russell 3000 ~

LONGBOAT KEY, Fla., June 13, 2024 (GLOBE NEWSWIRE) -- Rumble Inc. (Nasdaq: RUM) ("Rumble"), the video sharing platform and cloud services provider, has sent a letter to the CEO of the London Stock Exchange Group (“LSEG”) regarding the potential exclusion of Rumble from the Russell 3000 Index. The letter in its entirety is included below.

Letter Sent by Rumble to London Stock Exchange Group

Mr. David Schwimmer
Chief Executive Officer
London Stock Exchange Group
10 Paternoster Square
London, EC4M 7LS
United Kingdom

Dear Mr. Schwimmer:

I would like to alert you to errors by the staff of the London Stock Exchange Group (LSEG) in connection with the determination of the Russell 3000 Index. Despite our repeated requests, LSEG staff have failed to address obvious errors in their calculations of the voting rights of Rumble Inc. (NASDAQ: RUM), leading to the potential exclusion of Rumble from the Russell 3000 Index. I urge you to correct this error immediately, before the LSEG finalizes the Russell 3000 Index and publishes misleading information to investors and the public.

When LSEG published the preliminary Russell 3000 Index in late May 2024, we noticed the omission of Rumble. We inquired with LSEG staff, who informed us that Rumble was not included on the list because Rumble did not meet the Index’s minimum voting rights requirement. Upon investigation, we discovered that the LSEG staff’s calculations were incorrect. Using the LSEG’s formula and methodology, publicly held shares of Rumble make up at least 5.5 percent of the total voting rights of the company—placing Rumble above the Russell 3000’s minimum threshold of 5.0 percent.

The error in LSEG’s math should have been obvious to the LSEG staff. Under their calculation, only 13 million shares of Rumble class A common stock are in public hands. However, a quick glance at Rumble’s publicly filed proxy statement, the source that LSEG ostensibly relied upon, discloses that approximately 16 million class A shares are controlled by Dan Bongino. Mr. Bongino is an unaffiliated third-party shareholder who reported his holdings on Schedule 13G. Furthermore, shareholders of the special purpose acquisition company (SPAC) that Rumble combined with when it went public in September 2022 hold approximately 30 million class A shares, none of which are held by company insiders. These two easily discernable facts alone show that LSEG’s claim of 13 million shares of Rumble class A stock in public hands is wrong on its face.