Founder SPAC gains after $2 bln Rubicon Technologies deal

Rubicon Technology

16/12/2021 13:35

** Shares of Founder SPAC  FOUN.O  up 1.3% at $9.98
premarket after merger news
    ** Special-purpose acquisition co to take Rubicon
Technologies, software maker for waste and recycling solutions,
public in deal valued at $2 bln  urn:newsml:reuters.com:*:nL4N2T130U
    ** Deal expected to provide Rubicon ~$432 mln in proceeds,
including $111 mln fully committed PIPE (private investment in
public equity) from investors such as Palantir Technologies
 PLTR.N , the New Zealand Super Fund and Rodina Capital
    ** Upon closing, co plans to list on NYSE with ticker symbol
"RBT"
    ** Along with Leonardo DiCaprio, Rubicon investors include
Salesforce.com  CRM.N  co-CEO Marc Benioff, KKR co-founder Henry
Kravis and billionaire investor Paul Tudor Jones
    ** Rubicon expects to report $577 mln in sales this year,
and projects sales to rise roughly 30% next year, per co's
investor presentation https://www.rubicon.com/wp-content/uploads/2021/12/Rubicon-Investor-Presentation-vF1.pdf
    ** Founder SPAC, which has $321 mln held in trust, went
public in Oct
    ** SPACs continue to be popular alternative route to public
markets vs a traditional IPO. Though high investor withdrawals
recently before a deal has been completed have sent shares of
many SPACs sliding  urn:newsml:reuters.com:*:nL1N2SU1ZX  urn:newsml:reuters.com:*:nL1N2SU1I1

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))