Rubicon Receives Notice of Non-Compliance with NYSE Trading Share Price and Market Capitalization Listing Rules
Share Price Deficiency
The NYSE provides a period of six months (the “Share Price Cure Period”) following receipt of the Notice to regain compliance with the minimum stock price requirement for continued listing on the NYSE. Rubicon can regain compliance at any time during the Share Price Cure Period if, on the last trading day of any calendar month during the Share Price Cure Period, Rubicon has: (i) a closing stock price of at least
The Company intends to consider available alternatives no later than at the Company's annual meeting of stockholders, if necessary, to cure the stock price non-compliance. Under the NYSE’s rules, if the Company determines that it will cure the Share Price Deficiency by taking an action that will require stockholder approval at its next annual meeting of stockholders, the price condition will be deemed cured if the price promptly exceeds
Market Cap Deficiency
In accordance with applicable NYSE procedures, the Company has 45 days from receipt of the Notice to submit a business plan advising the NYSE of the definitive action(s) the Company has taken, or is taking, that would bring it into compliance with continued listing standards within 18 months of receipt of the Notice (the “Market Cap Cure Period,” together with the Share Price Cure Period, the “Cure Periods”). The NYSE will review the plan and, within 45 days of its receipt, determine whether the Company has made a reasonable demonstration of an ability to conform to the relevant standards in the 18-month period. If the NYSE accepts the plan, the Company's Class A common stock will continue to be listed and traded on the NYSE during the 18-month period, subject to the Company's compliance with the other continued listing standards of the NYSE and continued periodic review by the NYSE of the Company's progress with respect to its plan. Rubicon is currently evaluating its available options and developing a plan to regain compliance with the minimum global market capitalization requirement.
The Company’s Class A common stock will continue to be listed and trade on the NYSE during the Cure Periods, subject to the Company’s compliance with other NYSE continued listing standards.
About Rubicon
Rubicon builds AI-enabled technology products and provides expert sustainability solutions to waste generators, fleet operators, and material processors to help them understand, manage, and reduce waste. As a mission-driven company, Rubicon helps its customers improve operational efficiency, unlock economic value, and deliver better environmental outcomes. To learn more, visit rubicon.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240322353823/en/
Investor Contact:
Alexandra Clark
Director of Finance & Investor Relations
alexandra.clark@rubicon.com
Media Contact:
Benjamin Spall
Sr. Manager, Corporate Communications
benjamin.spall@rubicon.com
Source: Rubicon Technologies, Inc.