Janel acquires 44.99% of Rubicon Technology for $22.2M; pro forma financials filed

JANEL CORP

Acquired 1,108,000 shares (44.99% stake) of Rubicon at $20/share for $22.16M.
Funding: $3.2M cash on hand, $12M bridge loan, $3.5M Santander, $3.5M First Merchants.
Received $12.2M cash distribution ($11/share) from Rubicon; bridge loan repaid.
Pro forma net income: FY2021 $5.6M vs $5.2M reported; 9-mo June 2022 $4.6M vs $5.1M reported.
Investment in Rubicon recorded at fair value ($10.2M as of June 30, 2022) using equity method.

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