Rubicon Receives Notice Of Non-Compliance With NYSE Trading Share Price And Market Capitalization Listing Rules

Author: Happy Mohamed | March 22, 2024 04:20pm

Rubicon Technologies, Inc. ("Rubicon" or the "Company") (NYSE:RBT), a leading provider of technology solutions for waste, recycling, and fleet operations, today announced that on March 18, 2024 it received a notice (the "Notice") from the New York Stock Exchange (the "NYSE") informing the Company that it is no longer in compliance with Sections 802.01B and 802.01C of the NYSE Listed Company Manual. The Company was notified by the NYSE that it was not in compliance with Section 802.01B (the "Market Cap Deficiency") because it had an average global market capitalization, over a consecutive 30 trading-day period, that is less than $50,000,000 and, at the same time, its stockholders' equity is less than $50,000,000. The Company was concurrently notified by the NYSE that it was also not in compliance with Section 802.01C (the "Share Price Deficiency", together with the Market Cap Deficiency, the "Deficiencies") because the average closing price of the Company's Class A common stock was less than $1.00 over a consecutive 30 trading-day period. The Notice does not result in the immediate delisting of the Company's Class A common stock from the NYSE. The Company plans to notify the NYSE by no later than April 1, 2024 (ten business days after receipt of the Notice) that it intends to cure the Deficiencies and return to compliance with the NYSE continued listing standard.

Posted In: RBT