SEATTLE (Recycling Monster): Rubicon Technologies announced appointment of new Chief Financial Officer (CFO). It also declared a change in its board.
A news announcement from the corporation states that Eric Bauer has been named the new CFO. Eric was the CFO of Circulus, a company that recycles LDPE, from June 2023 to October 2024 before joining Rubicon.
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The business also revealed that Paula Henderson and Paula Dobriansky were leaving the board. Meanwhile, it stated that Jose Miguel Enrich, the company's largest stakeholder, and Circulus CEO Mike Dulin would be joining the board.
A few years ago, the business became public. This year, it has been having financial difficulties. Consequently, the business can want to become private. It announced last week the establishment of a new revolving loan facility and a $20 million preferred stock agreement with Rodina Capital, which has helped the business through tough times.
An associate of Rodina had offered to purchase Rubicon's assets earlier this year. A special committee of Rubicon's board of directors must approve Rodina's buyout offer. "Upon the consummation of the acquisition of the Company by Rodina Capital," Bauer would be hired.