Company reports positive progress on recapitalization of debt, attraction of additional equity investment, material cost reductions, and simplification of capital structure

New York, NY – December 7, 2022​ – 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 provided an update on the progress of its strategic plan as previously discussed in the Company’s third-quarter earnings materials.

Rubicon’s strategic focus is to accelerate its progress to profitability by improving margins and reducing operating costs, and to increase financial flexibility by simplifying its capital structure. In support of these goals, Rubicon has executed on a number of initiatives which are already improving the availability of working capital for the Company and helping to drive shareholder value. The actions taken include:

  • Extending near-term debt maturities to December 2023;
  • Securing an additional $30 million of fully committed equity capital from new and existing investors;
  • Simplifying the Company’s capital structure through the termination of Forward Purchase Agreements with both Atalaya and Vellar;
  • Reducing costs across the organization, including measures designed to help optimize supplier costs and non-payroll general and administrative expenses, a previously announced reduction in force, and additional steps to help improve pricing within certain segments of Rubicon’s customer portfolio.

“We are pleased with our progress toward our key goals for this year and beyond. We believe that these steps address our current working capital needs and demonstrate clear advancement of our financial and operational objectives as detailed in our Q3 earnings materials,” said Phil Rodoni, CEO of Rubicon. “Further, we believe that the commitment of additional capital is a strong indicator of confidence in our business from both existing and new investors. We thank them for their continued support and look forward to sharing more information on our path to profitability and plans for our next phase of growth in the coming quarters.”

For additional information please refer to Rubicon’s third quarter earnings materials and SEC filings, including the Company’s Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 9, 2022, November 18, 2022, and December 1, 2022 and Quarterly Report on Form 10-Q filed with the SEC on November 21, 2022, available on the IR section of the Company’s website.

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

Forward-Looking Statements

This press release 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 plans, strategies and prospects, both business and financial, of Rubicon. Although Rubicon believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, Rubicon cannot assure you that it will achieve or realize these plans, intentions or expectations. All statements, other than statements of present or historical fact included in this press release, 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,” the negative of such terms and similar expressions, although not all forward-looking statements contain such identifying words. Forward-looking statements are inherently subject to risks, uncertainties and assumptions and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statement. 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 business combination; 2) Rubicon’s ability to meet the New York Stock Exchange’s listing standards following the consummation of the business combination; 3) the risk that the business combination disrupts current plans and operations of Rubicon as a result of consummation of the business combination; 4) the ability to recognize the anticipated benefits of the business combination, 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 business combination; 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, cost reduction measures and financing arrangements; and 9) other risks and uncertainties. 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 is set forth under the heading “Risk Factors” in Rubicon’s Registration Statement on Form S-1, as filed with the SEC on August 22,2022, and as may be updated in Rubicon’s Quarterly Reports on Form 10-Q and Rubicon’s other filings with the SEC. 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. Forward-looking statements are not guarantees of future performance and speak only as of the date hereof. Rubicon does not undertake, and expressly disclaims, any obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise, except as required by law.

Investor Contact:
Sioban Hickie, ICR, Inc.

Media Contact:
Dan Sampson
Chief Marketing & Corporate Communications Officer