Rubicon Technologies, a digital marketplace for waste and recycling and provider of software-based products for businesses and governments, completed its business combination with Founder SPAC.
Rubicon Technologies will continue to be led by Chairman and CEO Nate Morris. Rubicon’s stock and warrants began trading today on the New York Stock Exchange under the symbols RBT and RBT WS.
The transaction was approved by Founder’s shareholders Aug. 2 with 97% of the votes cast in favor of approving the deal.
Rubicon raised $196.8 million in gross proceeds, consisting of funds from Founder’s trust account and PIPE investments, after redemptions and prior to the payment of transaction fees and expenses and amounts payable under Founder’s $150 million forward purchase agreement.
As announced last December, the deal had an implied pro forma enterprise value of approximately $1.7 billion and pro forma equity value of approximately $2 billion. Read more.
