Rubicon Technologies announces 1-for-8 reverse stock split

Rubicon Technologies announced that the company’s board of directors approved a reverse stock split of Rubicon’s Class A common stock, par value $0.0001 per share, at a ratio of 1-for-8. The Reverse Stock Split is expected to become effective immediately after the close of trading on the New York Stock Exchange on September 26, 2023, and Rubicon’s Common Stock is expected to begin trading on the NYSE on a split-adjusted basis at the opening of trading on September 27, 2023, under the existing ticker symbol “RBT“, new CUSIP number 78112J208, and new ISIN number US78112J2087. Rubicon’s publicly traded warrants will continue to be traded on the NYSE under the existing ticker symbol “RBT.WS” and existing CUSIP and ISIN numbers. The Reverse Stock Split was approved by Rubicon’s stockholders at the company’s 2023 Annual Meeting of Stockholders, held on June 8, 2023, with the final ratio to be determined by the Board. The company will file an amendment to its Certificate of Incorporation to implement the Reverse Stock Split as of the Effective Time. The primary goal of the Reverse Stock Split is to increase the per share market price of the Common Stock to regain compliance with the minimum $1.00 average closing price requirement for continued listing on the NYSE.