Rubicon Technologies Receives Delisting Notice from the New York Stock Exchange

June 10, 2024

2 Min Read

NEW YORK- --Rubicon Technologies, Inc. (“Rubicon” or the “Company”) (NYSE: RBT), a leading provider of technology-based waste and recycling solutions, today announced that it has received a delisting notification from the New York Stock Exchange (“NYSE”) indicating that the common stock of the Company will be delisted and trading of its Class A common stock on the NYSE was suspended after market close on June 7, 2024.

The Company does not believe the current market cap is reflective of the true value of the business and intends to appeal this determination by the NYSE. If the Company is successful in its appeal, NYSE will resume trading the Company’s Class A common stock.

The Company’s Class A common stock will begin trading publicly on the OTC markets on June 10, 2024. This transition to the over-the-counter market will not affect the Company’s business operations or its U.S. Securities and Exchange Commission reporting obligations, and it does not conflict with or cause an event of default under any of the Company’s material debt or other agreements.

The NYSE reached its decision to issue a delisting notice pursuant to Rule 802.01B of the NYSE Listed Company Manual.

Last month, Rubicon announced the sale of its fleet technology business unit in a deal that includes up-front cash of $61.7 million and an earnout consideration of $12.5 million that could become payable in 2024. This strategic move underscores Rubicon’s dedication to the RUBICONConnect™ product, which serves commercial waste generators from small to medium-sized businesses to Fortune 500 companies. Many of the Company’s commercial customers are looking to Rubicon to help them achieve sustainability goals with tailored zero waste and circular economy solutions, including through the Company’s recently launched Technical Advisory Services (TAS) and the onboarding of a premier, 500+ location national grocer with complex material streams at the beginning of the second quarter. This is a valuable contract for Rubicon, with strong potential for incremental growth opportunities along the way.

“Rubicon’s strategic vision to lead our industry by innovating and investing in sustainable practices that meet the evolving needs of both our hauler network and customer base is as strong as ever,” said Phil Rodoni, CEO of Rubicon. “While it is clear that we never experienced the full benefit of the public market, we are confident in the fundamentals of the business and are excited to drive future growth, enhance our competitive edge, and deliver exceptional value to our shareholders and customers alike.”

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