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Rubicon Technology, Inc. (NASDAQ: RBCN) announced its decision to voluntarily delist its common stock from the Nasdaq Capital Market, with the delisting expected to take effect on December 30, 2022. The company plans to file a Form 25 with the SEC around December 23, 2022, and anticipates being quoted on the Pink Sheets platform. This decision follows notifications from Nasdaq regarding non-compliance with independent director requirements. The Board of Directors believes that delisting will reduce expenses and management demands associated with Nasdaq compliance.
Rubicon Technology, Inc. (Nasdaq: RBCN) announced a cash tender offer by Janel Corporation to acquire up to 45% of its common stock. The Board has set August 23, 2022, as the record date for an $11.00 per share cash distribution, contingent upon the completion of the Offer by August 19, 2022. The anticipated payment date is around August 29, 2022. Due to the distribution representing over 25% of the share price, NASDAQ will enforce 'due bills' trading from the record date until the ex-dividend date, affecting stock transactions during that period.
Rubicon Technology announced a definitive agreement with Janel Corporation to initiate a cash tender offer for up to 45% of Rubicon's common stock at $20.00 per share, approximately 120% premium over its recent closing price of $9.10. Following the tender, Rubicon plans to distribute $11.00 per share to stockholders and voluntarily delist from the Nasdaq. The deal is supported by Rubicon's board and major stockholders, with completion expected in about 30 days, subject to customary conditions.
Rubicon Technology, Inc. (NASDAQ: RBCN) has announced an amendment to extend its Section 382 Rights Agreement to December 18, 2023. This decision, aimed at preserving stockholder value, protects the company's ability to utilize approximately $188.1 million in net operating loss carry-forwards from 2019. Initially established in December 2017, the Rights Agreement was set to expire today but has now been unanimously approved by the Board and stockholders. In addition, Rubicon is exploring various initiatives to enhance shareholder value, including potential acquisitions and investments.
Rubicon Technology, Inc. (RBCN) has authorized a new stock repurchase plan enabling the buyback of up to $3 million in common stock. This follows the completion of a previous plan in July 2020. The repurchase aims to leverage favorable market conditions, with the plan set to expire on December 18, 2022. CEO Timothy Brog expressed confidence, stating shares are undervalued and the buyback serves as a prudent use of capital after the recent sale of its Malaysian subsidiary and asset liquidation.
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