Rubicon Technologies Announces 1-for-8 Reverse Stock Split
Retrieved on:
Friday, September 15, 2023
Rubicon Technologies, Inc. (NYSE: RBT) (“Rubicon” or the “Company”), a leading provider of software-based waste, recycling, and fleet operations products for businesses and governments worldwide, today announced that the Company's board of directors (the “Board”) approved a reverse stock split (the “Reverse Stock Split”) of Rubicon's Class A common stock, par value $0.0001 per share (the “Common Stock”), at a ratio of 1-for-8 (the “Reverse Stock Split Ratio”).
Key Points:
- Rubicon Technologies, Inc. (NYSE: RBT) (“Rubicon” or the “Company”), a leading provider of software-based waste, recycling, and fleet operations products for businesses and governments worldwide, today announced that the Company's board of directors (the “Board”) approved a reverse stock split (the “Reverse Stock Split”) of Rubicon's Class A common stock, par value $0.0001 per share (the “Common Stock”), at a ratio of 1-for-8 (the “Reverse Stock Split Ratio”).
- As a result of the Reverse Stock Split, equitable adjustments corresponding to the Reverse Stock Split Ratio will be made to Rubicon’s outstanding public warrants such that every eight shares of Common Stock that may be issued upon the exercise of warrants held immediately prior to the Reverse Stock Split will represent one share of Common Stock that may be issued upon exercise of such warrants immediately following the Reverse Stock Split.
- Correspondingly, the per share exercise price of public warrants held immediately prior to the Reverse Stock Split will be proportionately increased, such that the per share exercise price of such warrants immediately following the Reverse Stock Split will be $92.00, which equals the product of eight multiplied by $11.50, the exercise price per share immediately prior to the Reverse Stock Split.
- Continental Stock Transfer & Trust Company (“Continental”) is acting as transfer and exchange agent for the Reverse Stock Split.