A major Rubicon Technologies shareholder has proposed buying up the company’s outstanding shares and taking it private. The proposal came as the stock was trading at 67 cents at market close; Rubicon’s share price has slid for most of the year, dipping below $1 in February.
Jose Miguel Enrich, the investor proposing the deal, currently owns 42.3% of shares in Rubicon, about half of which are under his own name and the rest are in various investment entities.
Rubicon has not officially responded to the offer, reports Waste Dive. Any agreement would need to be approved by the board of directors and outside shareholders.
Rubicon, a digital marketplace for waste and recycling and provider of software-based products for businesses and governments, went public in August 2022 via a business combination with Founder SPAC. 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.
The company trades on the NYSE. In its debut on the exchange, Rubicon initially traded at around $76. Read more.
