Remaining self-liquidating note has been purchased by entities affiliated with the Company’s largest investors
Rubicon Technologies, Inc. (“Rubicon” or the “Company”) (NYSE:RBT), a leading provider of software-based waste, recycling, and fleet operations products for businesses and governments worldwide, today announced the filing of a Schedule 13D with the U.S. Securities and Exchange Commission (“SEC”).
Following on from the announcement of the completion of two additional strategic financing objectives last week, a Schedule 13D was filed with the SEC confirming that the remaining self-liquidating note from YA II PN, LTD. (“Yorkville”) has been purchased by entities affiliated with the Company’s largest investors – Rodina Capital, and their partners, and fully converted into shares. More information can be found in the SEC filing linked here.
Rubicon’s focus since the fourth quarter of 2022 has been to improve its liquidity position and accelerate its progress to profitability through a number of key initiatives designed to improve margins, reduce operating costs, and increase the Company’s financial strength and flexibility. The Company has successfully completed all the highest priority tasks within its strategic plan and remains confident in its ability to achieve its goals of generating positive Adjusted EBITDA for the fourth quarter of 2023, as well as for the full year 2024. Having recently announced a second consecutive quarter of record Adjusted Gross Profit at approximately $18 million, the Company is confident in its runway to achieve these targets and beyond.
