Rubicon Announces Sale Of Fleet Technology Business Unit And Issuance Of Preferred Equity For $94.2M
Portfolio Pulse from Benzinga Newsdesk
Rubicon Technologies, Inc. (NYSE:RBT) has sold its fleet technology business and issued convertible preferred stock to Rodina Capital for $94.2 million. This strategic move aims to strengthen Rubicon's balance sheet, reduce debts, and provide liquidity to support its core business focused on waste and recycling solutions. The sale includes up-front cash and an earnout consideration, marking a significant step towards Rubicon's profitability and growth. The company emphasizes its commitment to sustainability and the RUBICONConnect™ product, aiming to enhance services for its vast network of vendor and hauler partners.
May 07, 2024 | 12:53 pm
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Rubicon Technologies, Inc. (NYSE:RBT) sells its fleet technology business and issues convertible preferred stock for $94.2 million to strengthen its financial position and focus on its core business of waste and recycling solutions.
The sale of the fleet technology business and issuance of convertible preferred stock to Rodina Capital for $94.2 million is a significant financial move for Rubicon Technologies. This transaction is expected to reduce debts, improve liquidity, and allow Rubicon to focus on its core business areas, which could lead to improved profitability and growth in the short term. The strategic refocus on waste and recycling solutions, along with the commitment to sustainability, could positively impact investor sentiment and the company's stock price.
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