Rubicon Technologies restates 2023 financials on $94.3M classification error; going concern doubt remains

Rubicon Technologies, Inc.

Board concludes 2023 annual and Q2/Q3 2023 financials should no longer be relied upon due to classification error.
Error: $94.3M reclassification from noncontrolling interests to additional paid-in capital; no impact on net income or cash flows.
Company expects to report a material weakness in internal controls and file restated financials soon.
Rubicon expects to continue reporting substantial doubt about its ability to remain a going concern.
Restatement covers FY2023 10-K and Q2/Q3 2023 10-Qs; earnings releases and investor communications also affected.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Rubicon Technologies, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On May 16, 2024, the Board of Directors (the “Board”) of Rubicon Technologies, Inc. (the “Company”), based on the recommendation of, and after consultation with, the Company’s management, concluded that the Company’s previously issued consolidated financial statements as of and for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K filed on March 28, 2024 (the “Form 10-K”) and condensed consolidated financial statements as of and for the quarters ended June 30, 2023 and September 30, 2023, in the Company’s Quarterly Report on Form 10-Q filed on August 11, 2023 (the “Q2 2023 Form 10-Q”) and the Company’s Quarterly Report on Form 10-Q filed on November 13, 2023 (the “Q3 2023 Form 10-Q”) should no longer be relied upon due to an identified error.

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Source: SEC EDGAR

accession 0001829126-24-003482

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