Rubicon Technologies is now a publicly traded business, following the completion of its merger with a special purpose acquisition company.
The Kentucky-based technology company, which provides waste and recycling services around the world via a network of independent haulers, began trading Tuesday on the New York Stock Exchange under the symbol RBT. Its share price at the opening of the market was $7.55.
According to the company, it raised $196.8 million in gross proceeds following a transaction that was approved by Founder SPAC shareholders earlier this month. That includes funds from Founder’s trust account and a $111 million private investment in public equity (PIPE). Proceeds were calculated after redemptions and prior to any fees or expenses related to a forward purchase agreement. In a release, the company said it “intends to use the proceeds to capitalize on significant future growth from organic and inorganic opportunities, as well as continued investment in new software development.”
The company previously projected $736 million in revenue for 2022, with a net loss of $66.4 million, and the potential for quick revenue growth in future years. For 2021, Rubicon reported revenue of $583 million with a net loss of $73.2 million.
