Rubicon Technologies SPAC Presentation Deck
Transaction Summary
RUBICON
TRANSACTION STRUCTURE
Rubicon and Founder SPAC (Nasdaq: FOUN) have
entered in a definitive agreement to consummate a
business combination
The transaction is anticipated to
close in Q2 2022
Following the close of the transaction, Rubicon to list
on the NYSE with the ticker symbol "RBT"
RUBICON
1.
2.
$1.7B
VALUATION
The business combination reflects an implied pro forma
valuation of ~$1.7B
Valuation implies 9.4x 2023E Net Revenue
and 7.2x 2023E Annualized Recurring Net
Revenue multiples(1) (2)
Rubicon shareholders will rollover 100% of outstanding
equity and own 75% of the pro forma entity
$432M
CAPITAL STRUCTURE
Proceeds from the transaction will be comprised of
Founder SPAC cash in trust and proceeds from a
concurrent PIPE
Transaction is expected to result in up to
$432M total cash proceeds which will be used to fund
organic and inorganic growth; proceeds
are comprised of $321M cash in trust and the $111M PIPE
Post-transaction capital structure assumes zero
redemptions and a fully-subscribed $111M PIPE
Net revenue (NR) is a non-GAAP measure and represents revenue less payments to third party suppliers for waste services and waste generators for the value of
commodity streams. See the introduction to this presentation for a discussion of non-GAAP measures and the appendix for a reconciliation to revenue, the most
directly-comparable GAAP measure.
Annualized Recurring Net Revenue (ARNR) is calculated as an estimate of total annualized revenue and net revenue under contract as of the fiscal year end and pro
forma for the full impact of any customer acquisitions effected within the current period
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