Rubicon receives stock market delisting notice

Rubicon Technologies Inc., a Lexington, Kentucky-based provider of waste- and recycling-related technology services, has received a delisting notification from the New York Stock Exchange (NYSE) indicating its common stock has been delisted and its trading suspended on NYSE as of the end of last week.

“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," Rubicon says in a statement. "If the company is successful in its appeal, NYSE will resume trading the company’s Class A common stock.”

In the first quarter of this year, Rubicon reported a net loss of $17.2 million compared with a net loss of $9.2 million in the first quarter of 2023.

This May, the firm sold its fleet technology software as a service business unit, which at the time had a presence in several large cities, including Houston, Phoenix, Miami, Atlanta and in Kansas City, Missouri.

Rubicon also has sold shares to Rodina Capital, a private investment firm based in Florida whose backers previously had expressed an interest in converting Rubicon into a private company.

In the meantime, Rubicon Class A common stock will begin trading publicly on the over-the-counter (OTC) markets, which it says does not conflict with or cause an event of default under any of the company’s material debt or other agreements.

The firm also says the sale of its fleet technology business for $61.7 million in cash and an earnout consideration of $12.5 million underscores its dedication to the RubiconConnect product it still owns.

RubiconConnect serves commercial waste generators from small to medium-sized businesses to Fortune 500 companies, the company says, in part by helping them achieve sustainability goals with zero waste and circular economy solutions.

“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,” Rubicon CEO Phil Rodoni says. “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.”