Rubicon Technologies Announces Completion of Final Key Strategic Finance Objective - Rubicon Technologies
Company reports closing of new $75 million term loan and new revolving credit line of up to $90 million
Rubicon Technologies, Inc. ("Rubicon" or the "Company") RBT, a leading digital marketplace for waste and recycling and provider of innovative software-based products for businesses and governments worldwide, today announced the completion of its final key strategic finance goal, as previously discussed on the Company's earnings calls since the fourth quarter of 2022. The new $75 million term loan and revolving credit line of up to $90 million were secured through Avenue Sustainable Solutions and MidCap Financial, respectively, and provide significantly enhanced liquidity to the Company. Rubicon is confident that it has secured the required financing to take the Company through profitability and beyond, and remains on track to achieve its overarching goals of being profitable by the end of this year and generating positive Adjusted EBITDA for the fourth quarter of 2023, as well as for the full year 2024.