Rubicon Technologies Inc., a Lexington, Kentucky-based company providing software for the waste and recycling industry, has announced it has completed its merger with Founder SPAC.
The combined company will operate under the name Rubicon Technologies Inc. and will be led by Nate Morris, chairperson and CEO of Rubicon. Effective Aug. 16, Rubicon's Class A common stock and warrants are expected to trade on the New York Stock Exchange under the symbols "RBT" and "RBT WS," respectively.
The transaction was approved by Founder's shareholders at a general meeting held Aug. 2. More than 97 percent of the votes on the business combination proposal at the meeting favored approving the business combination. Founder's shareholders also approved all other proposals presented at the meeting.
"Becoming a public company is a tremendous step forward for Rubicon and will elevate our platform and products while further accelerating our mission to end waste through the reimagining of the waste and recycling category," Morris says. "I started Rubicon with a $10,000 line of credit and maxed out credit cards, and since that time our products have empowered our customers and hauler partners to make data-driven decisions that can lead to more efficient and effective operations and more sustainable waste outcomes. This value proposition has allowed Rubicon to scale our platform considerably and as a well-capitalized public company, we are positioned to further scale our technology to transform the $2.1 trillion global waste and recycling market."
As a result of the transaction, Rubicon raised $196.8 million in gross proceeds, consisting of funds from Founder's trust account and PIPE investments. This is after redemptions and before the payment of transaction fees and expenses and amounts payable under Founder's previously disclosed forward purchase agreement. Rubicon says it intends to use the proceeds to capitalize on significant future growth from organic and inorganic opportunities and continued investment in new software development.
Moelis & Co. LLC acted as exclusive financial adviser to Founder. Cohen & Co. Capital Markets Financial Group LLC. acted as financial adviser to Rubicon. Cohen & Co. Capital Markets and Moelis & Co. LLC. served as placement agents to Founder. Jefferies LLC served as capital markets adviser to Founder. Canaccord Genuity and MKM Partners served as capital markets advisers to Rubicon. Winston & Strawn, LLP served as legal adviser to Founder. Gibson, Dunn & Crutcher LLP was legal adviser to Rubicon.
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