Rubicon Technologies, Inc. (NYSE: RBT), a prominent provider of technology-driven waste and recycling solutions, disclosed today the receipt of a delisting notification from the New York Stock Exchange (NYSE), leading to the suspension of trading of its Class A common stock on the NYSE after the market closure on June 7, 2024.
Despite the delisting notice, Rubicon remains confident in the inherent value of its business and intends to contest the NYSE’s decision. Should the Company succeed in its appeal, trading of its Class A common stock will resume on the NYSE.
As of June 10, 2024, Rubicon’s Class A common stock will be publicly traded on the OTC markets. This shift will not impact the Company’s operations or its obligations for U.S. Securities and Exchange Commission reporting. Furthermore, it does not trigger any defaults under significant debt or contractual agreements.
The NYSE’s delisting determination was made in accordance with Rule 802.01B of the NYSE Listed Company Manual.
In a recent development, Rubicon announced the sale of its fleet technology business unit, reflecting its commitment to its RUBICONConnect™ product. This strategic decision emphasizes Rubicon’s focus on serving commercial waste generators across various sectors, including small to Fortune 500 companies. The Company’s tailored waste management solutions, such as Technical Advisory Services (TAS), have garnered significant interest from commercial clients, including a premier national grocer with over 500 locations, with complex waste streams. This partnership holds considerable growth potential for Rubicon.
Phil Rodoni, CEO of Rubicon, expressed confidence in the Company’s strategic direction and its ability to innovate sustainable solutions that meet evolving industry demands. Despite the challenges posed by the public market, Rubicon remains dedicated to driving growth, enhancing competitiveness, and delivering value to its shareholders and customers alike.
