---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-005848"
form_type: "8-K"
ticker: "RBA"
cik: "0001046102"
company_name: "RB GLOBAL INC."
filed_at: "2023-01-23T23:59:59+00:00"
generated_at: "2026-06-20T11:28:50.625930+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Ritchie Bros. enters $500M PIPE with Starboard; board seat if merger approved

## Summary
- Starboard Value invests $485M in 5.50% Series A convertible preferred shares and $15M in common shares at $59.722/share.
- Preferred shares convertible at 0.0136986 common per $1.00; dividend rate steps up to 7.50% after 4 years.
- Upon RBA-IAA merger approval, board expands to 10 and Starboard's Jeffrey C. Smith appointed as director.
- Starboard agrees to standstill, voting support, and transfer restrictions through one year post-issuance.
- Closing conditioned on NYSE and TSX approvals; expected January 25, 2023.

## SEC filing metadata
- accession: 0001104659-23-005848
- form_type: 8-K
- ticker: RBA
- cik: 0001046102
- company_name: RB GLOBAL INC.
- filed_at: 2023-01-23T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 3.02, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1046102/000110465923005848/0001104659-23-005848-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1046102/000110465923005848/tm234150d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-005848
- JSON: https://secwatch.observer/filing/0001104659-23-005848.json
- Plain text: https://secwatch.observer/filing/0001104659-23-005848.txt

## Key facts
- Material Agreements
  RB GLOBAL INC. entered into Purchase Agreement with Starboard Value LP and certain of its affiliated funds, and Jeffrey C. Smith valued at $485.0 million and approximately $15.0 million (effective 2023-01-22).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: Starboard Value LP and certain of its affiliated funds, and Jeffrey C. Smith
  - Value: $485.0 million and approximately $15.0 million
  - Effective: 2023-01-22
  source text: On January 22, 2023, Ritchie Bros. Auctioneers Incorporated (the “ Company ” or “ RBA ”) entered into a securities purchase agreement (the “ Purchase Agreement ”) with Starboard Value LP (“ Starboard Value ”), certain of its affiliated funds (the “ Purchasers ”), and Jeffrey C. Smith
  evidence_url: https://www.sec.gov/Archives/edgar/data/1046102/000110465923005848/0001104659-23-005848-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.