Current Report Filing (8-k)
November 18 2022 - 6:46AM
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UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): November 15, 2022
RUBICON
TECHNOLOGIES, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-40910 |
|
88-3703651 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
100
West Main Street, Suite #610
Lexington,
Kentucky 40507
(Address
of principal executive offices, including zip code)
Registrant’s
telephone number, including area code: (844) 479-1507
Not
Applicable
(Former name or former address, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Class A common stock, par
value $0.0001 per share |
|
RBT |
|
The New York Stock Exchange |
Warrants, each exercisable
for one share of Class A common stock at an exercise price of $11.50 per share |
|
RBT WS |
|
The New York Stock Exchange |
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
2.05. Costs Associated with Exit or Disposal Activities.
On
November 15, 2022, the Board of Directors of Rubicon Technologies, Inc. (the “Company”) committed to a reduction in force
plan (the “Plan”) as part of the Company’s measures to reduce spending and preserve cash available for the Company’s
operations. The Plan involves a reduction in the Company’s current workforce by approximately 11%. The Company currently estimates
that it will incur one-time cash charges of approximately $600,000, primarily consisting of an estimated $500,000 in severance payments,
and $100,000 in related costs. The Company expects that most of these charges will be incurred in the fourth quarter of 2022, and that
the reduction in force will be substantially complete by the end of 2022.
In
aggregate, over the next twelve months, the reduction in force is expected to result in approximately $5,500,000 in annual cash savings
for the Company.
The
Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur as a result
of or in connection with the implementation of the Plan.
Cautionary
Note Regarding Forward-Looking Statements
This
Current Report on Form 8-K includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), regarding, among other things, the
number of positions affected by the Plan, and the estimated charges associated with, and the time frame for completion of, the Plan,
as well as assumptions relating to the foregoing. These statements are based on the beliefs and assumptions of the Company’s management.
Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements
are reasonable, the Company can make no assurance that it will achieve or realize these plans, intentions or expectations. Generally,
statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events
or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,”
“estimates,” “expects,” “projects,” “forecasts,” “may,” “will,”
“could,” “would,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,”
“intends” or similar expressions. Forward-looking statements are inherently subject to risks, uncertainties and assumptions.
More information regarding the risks and uncertainties and other important factors that could cause actual results to differ materially
from those in the forward-looking statements in Founder SPAC’s Registration Statement on Form S-4, as amended, and other documents
the Company has filed with the SEC. Forward-looking statements are not guarantees of future performance and speak only as of the date
hereof. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information,
future events, or otherwise, except as required by law.
Item
9.01 Financial Statements and Exhibits.
Exhibit
No. |
|
Description |
104 |
|
Cover Page Interactive Data File (embedded within the
Inline XBRL document) |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
RUBICON TECHNOLOGIES, INC. |
|
|
|
|
By: |
/s/ Phil Rodoni |
|
Name: |
Phil
Rodoni |
|
Title: |
Chief
Executive Officer |
Date: November 18, 2022 |
|
|
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