secwatch.observer — SEC 8-K summary
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Issuer:     Rubicon Technologies, Inc. (—)
CIK:        0001862068
Form:       8-K
Filed at:   2024-05-07T23:59:59+00:00
Accession:  0001829126-24-003138
Event type: m_and_a
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 3.02, 3.03, 5.02, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Rubicon sells SaaS business for ~$68M; issues $20M convertible preferred to Rodina
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- Sold software-as-a-service business (RUBICONSmartCity, RUBICONPro, RUBICONPremier) to Wastech Corp. for approx. $68M; potential earn-out of $12.5M.
- Issued 20,000 shares of Series A Convertible Perpetual Preferred Stock to MBI Holdings, LP (Rodina affiliate) for $20M; conversion price $0.35/share, representing ~51% of outstanding common stock.
- Preferred stock carries 8% dividend (step-up to max 11%); buyer gets director nomination rights proportional to voting power.
- Amended term loan, revolving loan, and third lien credit agreements to permit the transactions.
- Executives including CEO Phil Rodoni executed waiver agreements waiving change-in-control benefits triggered by the transactions.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1862068/000182912624003138/0001829126-24-003138-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1862068/000182912624003138/rubicontech_8k.htm
  HTML page:      https://secwatch.observer/filing/0001829126-24-003138

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