Rubicon Technologies today said it entered into a sale agreement with Wastech, an affiliate of Rodina Capital, which is a major shareholder in Rodina.
Rubicron will sell its software-as-a-service business for $68million. The deal also provides a potential earn-out payment of $12.5 million from Wastech to the company if certain revenue targets are met by Dec. 31.
Rubicon also completed a Securities Purchase Agreement with MBI Holdings, a Rodina affiliate. Rubicon sold 20,000 shares Series A Convertible Perpetual Preferred Stock for $20 million.
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.
The stock has fallen 92% in the past year, last trading today at 32 cents. Read more.
