Rubicon Receives Notice of Non-Compliance with NYSE Trading Share Price Listing Rule
March 31 2023 - 5:00PM
Business Wire
Rubicon Technologies, Inc. (“Rubicon” or the “Company”) (NYSE:
RBT), a leading digital marketplace for waste and recycling and
provider of innovative software-based products for businesses and
governments worldwide, today announced that it received notice from
the New York Stock Exchange (the “NYSE”) that it is not in
compliance with Section 802.01C of the NYSE Listed Company Manual
because the average closing price of the Company’s Class A common
stock was less than $1.00 over a consecutive 30 trading-day period.
The notice does not result in the immediate delisting of the
Company’s Class A common stock from the NYSE.
The Company plans to notify the NYSE by April 11th that it
intends to cure the stock price deficiency and to return to
compliance with the NYSE continued listing standard. The Company
can regain compliance at any time within the six-month period
following receipt of the NYSE notice if on the last trading day of
any calendar month during the cure period the Company has a closing
share price of at least $1.00 and an average closing share price of
at least $1.00 over the 30 trading-day period ending on the last
trading day of that month. The Company intends to consider
available alternatives, including, but not limited to, a reverse
stock split, subject to stockholder approval no later than at the
Company's annual meeting of stockholders, if necessary to cure the
stock price non-compliance. Under the NYSE’s rules, if the Company
determines that it will cure the stock price deficiency by taking
an action that will require stockholder approval at its next annual
meeting of stockholders, the price condition will be deemed cured
if the price promptly exceeds $1.00 per share, and the price
remains above that level for at least the following 30 trading
days.
The Company’s Class A common stock will continue to be listed
and trade on the NYSE during this period, subject to the Company’s
compliance with other NYSE continued listing standards.
About Rubicon Rubicon Technologies, Inc. (NYSE: RBT) is a
digital marketplace for waste and recycling, and provider of
innovative software-based products for businesses and governments
worldwide. Striving to create a new industry standard by using
technology to drive environmental innovation, the Company helps
turn businesses into more sustainable enterprises, and
neighborhoods into greener and smarter places to live and work.
Rubicon’s mission is to end waste. It helps its partners find
economic value in their waste streams and confidently execute on
their sustainability goals. To learn more, visit
www.Rubicon.com.
Forward-Looking Statements This press release includes
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995 and 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. All statements, other
than statements of present or historical fact included in this
press release, are forward-looking statements. When used in this
press release, the words “could,” “should,” “will,” “may,”
“believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,”
the negative of such terms and other similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. Such
forward-looking statements are subject to risks, uncertainties, and
other factors which could cause actual results to differ materially
from those expressed or implied by such forward-looking statements.
These forward-looking statements are based upon current
expectations, estimates, projections, and assumptions that, while
considered reasonable by Rubicon and its management, are inherently
uncertain; factors that may cause actual results to differ
materially from current expectations include, but are not limited
to: 1) the outcome of any legal proceedings that may be instituted
against Rubicon or others following the closing of the Mergers; 2)
Rubicon’s ability to meet the NYSE’s listing standards following
the consummation of the Mergers; 3) the risk that the Mergers
disrupt current plans and operations of Rubicon as a result of
consummation of the Mergers; 4) the ability to recognize the
anticipated benefits of the Mergers, which may be affected by,
among other things, the ability of the combined company to grow and
manage growth profitably, maintain relationships with customers and
suppliers and retain its management and key employees; 5) costs
related to the Mergers; 6) changes in applicable laws or
regulations; 7) the possibility that Rubicon may be adversely
affected by other economic, business and/or competitive factors,
including the impacts of the COVID-19 pandemic, geopolitical
conflicts, such as the conflict between Russia and Ukraine, the
effects of inflation and potential recessionary conditions; 8)
Rubicon’s execution of anticipated operational efficiency
initiatives and cost reduction measures; and 9) other risks and
uncertainties set forth in the sections entitled “Risk Factors” and
“Cautionary Note Regarding Forward-Looking Statements” in the
Company’s Registration Statement on Form S-1, as amended, filed
with the SEC, and other documents Rubicon has filed, with the SEC.
Although Rubicon believes the expectations reflected in the
forward-looking statements are reasonable, nothing in this press
release should be regarded as a representation by any person that
the forward-looking statements set forth herein will be achieved or
that any of the contemplated results of such forward looking
statements will be achieved. There may be additional risks that
Rubicon presently does not know of or that Rubicon currently
believes are immaterial that could also cause actual results to
differ from those contained in the forward-looking statements, many
of which are beyond Rubicon’s control. You should not place undue
reliance on forward-looking statements, which speak only as of the
date they are made. Rubicon does not undertake, and expressly
disclaims, any duty to update these forward-looking statements,
except as otherwise required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230331005087/en/
Investor Contact: Sioban Hickie, ICR, Inc.
rubiconIR@icrinc.com
Media Contact: Dan Sampson Chief Marketing &
Corporate Communications Officer dan.sampson@rubicon.com
RubiconPR@icrinc.com
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