Rubicon Technologies provides update on strategic plan

Rubicon Technologies 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 $30M 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.