Rubicon Technologies, Inc.: restructuring charge — Rubicon Technologies cuts workforce ~11%; expects $600k charges, $5.5M annual savings

Rubicon Technologies, Inc.

Board approved a reduction in force of approximately 11% of current workforce.
Estimated one-time cash charges of ~$600k: $500k severance, $100k related costs.
Charges expected in Q4 2022; reduction substantially complete by end of 2022.
Annual cash savings of ~$5.5M expected over next twelve months from the plan.

item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Rubicon Technologies, Inc. announced a restructuring with charges of approximately $600,000 (approximately 11%).

Type: restructuring
Charge: approximately $600,000
Headcount: approximately 11%

Exact text from the filing

On November 15, 2022, the Board of Directors of Rubicon Technologies, Inc. (the “Company”) committed to a reduction in force plan (the “Plan”) as part of the Company’s measures to reduce spending and preserve cash available for the Company’s operations. The Plan involves a reduction in the Company’s current workforce by approximately 11%. The Company currently estimates that it will incur one-time cash charges of approximately $600,000, primarily consisting of an estimated $500,000 in severance payments, and $100,000 in related costs.

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Source: SEC EDGAR

accession 0001829126-22-019365

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