Founder SPAC (FOUN) Shareholders Approve Rubicon Deal

Founder SPAC (FOUN) Shareholders Approve Rubicon Deal

Founder SPAC (NASDAQ:FOUN) announced that its shareholders approved its combination with digital garbage-hauling marketplace Rubicon at a special meeting August 2.

The SPAC’s initial press release did not disclose redemption figures but noted that 97% of votes cast were in favor of the deal. Founder SPAC is required to deliver $111 million in cash in order for the deal to close and this is fully covered by the transaction’s $111 million PIPE.

Founder SPAC’s shares were highly volatile on the day of its July 29 redemption deadline, opening at $9.30 and hitting a high of $10.50 before closing at $10.11, slightly below its estimated pro rata trust value of $10.19. It is now up about +0.8% to $10.18 in pre-market. Following the transaction’s close, Rubicon is expected to trade on the The Nasdaq under the new ticker symbol “RBT”.

The parties initially announced the $1.7 billion merger on December 16. Lexington, Kentucky-based Rubicon connects businesses and local governments to independent waste haulers through a cloud-based platform that gives them hard data on their recycling impacts.

In April, Rubicon announced a strategic partnership with PIPE investor Palantir (NYSE:PLTR) to develop a joint go-to-market strategy for commercializing new subscription products and supporting workflows analyzing waste and recycling data from its platform.


  • Moelis & Company LLC is serving as exclusive financial advisor to Founder SPAC.
  • Cohen & Company Capital Markets a division of J.V.B. Financial Group, LLC is serving as financial advisor to Rubicon.
  • Cohen & Company Capital Markets and Moelis & Company LLC are serving as placement agents to Founder SPAC.
  • Jefferies LLC is serving as exclusive capital markets advisor to Founder SPAC.
  • Winston & Strawn, LLP is serving as legal advisor to Founder SPAC.
  • Gibson, Dunn & Crutcher LLP is serving as legal advisor to Rubicon.