Founder SPAC shareholders today voted in favor of acquiring Rubicon Technologies, a digital marketplace for waste and recycling and provider of software-based solutions for businesses and governments. Although the SPAC had not issued a press release or 8-K detailing the vote by late this afternoon, an audio recording of the meeting on the SPAC’s website included an announcement that the deal was approved.
As announced last December, the deal has an implied pro forma enterprise value of approximately $1.7 billion and pro forma equity value of approximately $2 billion. The transaction would deliver to Rubicon approximately $432 million (assuming no redemptions and prior to expenses), including a $111 million PIPE anchored by Palantir Technologies, the New Zealand Super Fund, and Rodina Capital.
Rubicon Technologies is expected to trade on the New York Stock Exchange under new ticker symbol RBT. Audio of shareholder meeting.
