$13.7 Billion Commercial Agreement Signed by RUM Group for GPU Services in Georgia
RUM Group Inc., formerly known as Rumble, has signed a binding warrant term sheet with an unaffiliated U.S.-based cloud customer under a six-year contract valued at $13.7 billion. The agreement involves the purchase of access to graphics processing units (GPUs) and GPU services from RUM's facility in Maysville, Georgia, which is currently being developed. The total order value will be split into three tranches, with binding obligations for the third tranche contingent on customer approval of delivery dates. The contract also includes a warrant granting the customer the right to acquire up to 50.81 million Class A shares at $0.01 per share, vesting in stages as purchase requirements are met. RUM Group's stock rose by 5.30% on Monday following news of the deal.
Tickers: $RUM
Topics: cloud computing GPU services infrastructure term sheet