Founder SPAC (NASDAQ:FOUN) announced that its shareholders approved its combination with digital garbage-hauling marketplace Rubicon at a special meeting August 2.
The SPAC’s initial press release did not disclose redemption figures but noted that 97% of votes cast were in favor of the deal. Founder SPAC is required to deliver $111 million in cash in order for the deal to close and this is fully covered by the transaction’s $111 million PIPE.
Founder SPAC’s shares were highly volatile on the day of its July 29 redemption deadline, opening at $9.30 and hitting a high of $10.50 before closing at $10.11, slightly below its estimated pro rata trust value of $10.19. It is now up about +0.8% to $10.18 in pre-market. Following the transaction’s close, Rubicon is expected to trade on the The Nasdaq under the new ticker symbol “RBT”.
The parties initially announced the $1.7 billion merger on December 16. Lexington, Kentucky-based Rubicon connects businesses and local governments to independent waste haulers through a cloud-based platform that gives them hard data on their recycling impacts.
In April, Rubicon announced a strategic partnership with PIPE investor Palantir (NYSE:PLTR) to develop a joint go-to-market strategy for commercializing new subscription products and supporting workflows analyzing waste and recycling data from its platform.
ADVISORS
- Moelis & Company LLC is serving as exclusive financial advisor to Founder SPAC.
- Cohen & Company Capital Markets a division of J.V.B. Financial Group, LLC is serving as financial advisor to Rubicon.
- Cohen & Company Capital Markets and Moelis & Company LLC are serving as placement agents to Founder SPAC.
- Jefferies LLC is serving as exclusive capital markets advisor to Founder SPAC.
- Winston & Strawn, LLP is serving as legal advisor to Founder SPAC.
- Gibson, Dunn & Crutcher LLP is serving as legal advisor to Rubicon.
Perimeter Acquisition Corp. I (NASDAQ:PMTRU) announced the pricing of its upsized $210 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “PMTRU”, Tuesday, May 13, 2025. The new SPAC aims to combine with a target company with that can contribute to the re-industrialization of the United States economy,...
Horizon Space II (NASDAQ:HSPT) has signed a definitive agreement to combine with clinical stage biotech firm SL Bio Ltd. for $5.57 billion in equity consideration. Taipei, Taiwan-based SL Bio is developing drug candidates to treat several cancer types while also selling over-the-counter beauty products derived from natural extracts. The combined company is expected to trade...
At the SPAC of Dawn This is set to be a slower week for votes with just two SPACs seeking an extension and none yet scheduling a meeting for approving a business combination. Integrated Rail & Resources (OTC:IRRX) primed the pump somewhat for investors ahead of its Tuesday special meeting by announcing it has entered...
Terms Tracker for the Week Ending May 9, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. After the sprint that was last week, with nine IPOs and six new SPAC filings, this week took a breather. Only two SPACs priced, there...
Lake Superior (NASDAQ:LKSPU) has filed for a $100 million SPAC as its CEO attempts to go three-for-three with SPACs that led to completed deals. This new vehicle has one right to a 1/6 share in each unit and some common features of a SPAC underwritten by Cohen & Company in this current climate. Although the...