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$FOUN - Waste and Recycling Platform Rubicon Going Public in $2 Billion SPAC Merger
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Good morning! A little excitement yesterday on that $DNA. Still not leaving! Alas, the tutes and retail are perking up ears. Not sure if the gains will hold much through H2. Thank heavens I was birthed in SPAC fire, so I have a little experience with volatility. The only thing that makes this palatable is the volume. I'm dithering on the sustainability of the rise. I want to unload the last of my warrants and recycle that to commons. I'd also like to sell the last tranche of shares with a C/B of 9-10, only about 300, but it could easily wash out my tax harvesting motivation in a wash sale rule, so timing, as always is key. Last thing I am laughing at myself about, some may remember--this summer spent way too much time in the Barda research and ARPA-H hearings on C-SPAN- supremely joyless task for hours and hours. Only to find in the ER yesterday that Ginkgo was soaking up enormous headway through the utterly obvious 'chips' and 'inflation fighting" green bills already run through. SMH, talk about missing the forest for trees. Ginkgo trees, that is. ;) At least that Barda and ARPA-H stuff might also help me with my ungodly amount of SABSW. That IONQ got overshadowed, but she's a keeper. I will be curious about FOUN when she rings the bell today. Had to take a hit in the downturn on my FOUN warrants, so I have no current positions, but really liked that company. Have a good day! May all your shit print.
[Rubicon, a Leading Digital Marketplace for Waste and Recycling, Completes Business Combination with Founder SPAC](https://www.globenewswire.com/news-release/2022/08/15/2498635/0/en/Rubicon-a-Leading-Digital-Marketplace-for-Waste-and-Recycling-Completes-Business-Combination-with-Founder-SPAC.html) \- FOUN -> RBT FOUNW -> RBT.WS on August 16, 2022
I mean, I have a well developed sense of humor, but SPACS taught me not to laugh so hard at shit like the Ugandan backed Ukranian/Russian Couscous company. That fucker printed hard. SMH. Dubai trash is weird, but FOUN is actually legit with white House and CIA trash removal contracts. Trash is kinda king. Never going to go down, always going to have more. Just saying, some of these look like crazy shit storms and then...well they print. I guess that is why I looked hard at LIBY over the weekend. Seemed weird to have such good principles in on it. shrugs shoulders. Have to laugh at the we characterize these things tho...me. I'm looking to flip a couple grand on a sleeper with heavy upside. I am not worried about how weird they seem anymore if I can look at them hard and hedge.
Apparently they are having trouble with one of the closing conditions. It's interesting they specified a two week closing window in the FPA filing: "[The Forward Purchase Agreement may be terminated](https://www.sec.gov/ix?doc=/Archives/edgar/data/1862068/000182912622015192/founderspac_8k.htm) if any of the following events occurs (a) **failure to consummate the Business Combination within two weeks of the date of the Forward Purchase Agreement**, (b) termination of the Business Combination, (c) occurrence of a material adverse change (as detailed in the Forward Purchase Agreement and (d) receipt by FOUN of less than $100 million in proceeds pursuant to the Subscription Agreements, dated as of December 15, 2021, entered into by FOUN and certain investors. Upon such a termination event, a breakup fee is payable equal to (w) $5,000 in structuring fees, (x) $500,000, (y) up to $75,000 in legal fees, and (z) costs and expenses incurred in connection with the acquisition of Subject Shares in an amount not to exceed $0.10 per Share." The press release wasn't too specific, either: "[Rubicon previously announced](https://www.globenewswire.com/news-release/2022/08/05/2493184/0/en/Founder-SPAC-Announces-Up-to-150-Million-Forward-Purchase-Agreement-in-Connection-with-Proposed-Business-Combination.html) an agreement for a business combination with Founder SPAC (Nasdaq: FOUN), which is expected to result in Rubicon becoming a public company listed on the New York Stock Exchange (“NYSE”) **under the new ticker symbol “RBT” in the third quarter of 2022**, subject to customary closing conditions." That basically says "before September 1".
is anyone looking at FOUN? i'm pretty sure the vote to merge is tomorrow?
is the educated guess just by looking at trust account and shares outstanding/float? Im liking FOUN. 39m outstanding, 12m float. 321m$ trust(32m shares can be redeemed, right?) Appreciate it!
Don't spend it all on on PNTM or FOUN. lol. Good on you.
I still like it, but I’m not in it anymore either. Poor FOUN. Such good contracts and everything.
That's their last SPAC that hasn't merged yet. Do you have any insight into Rubicon/FOUN? They have too many companies in their SPACfolio so I just assume most of them suck and only know about a few in detail.
They are in the pipe of the actual trash spac FOUN. Not currently holding any more.
Somehow I missed ALLG's F-1 from 3/31 but alas I checked it today and they're the last mystery SPAC investment of Palantir! The unrealized gains for ALLG raises their Spacfolio performance to (170mm) since inception of ~405mm cost basis. Biggest losers: BBLN, LILM, WEJO, FRSD, FFIE. One more still not merged (Rubicon, RBT/FOUN)
I am counting the time to jump back in. Love that PNTM, related in my mind is FOUN, quietly doing great 👍
Exactly my friend I still love FOUN. So funny it was only you and me that liked it from day one.
Lol kinda already happened. Check out Rubicon ($FOUN). I was on warrants at DA but unfortunately they got crushed like everything else. Garbage spac!
Don’t know but they have cash for a good while and I always look at that to see if a company can make it for 18-24 months. They have a big moat as well. I remember thinking that their acquisition strategy was smart. I am kind of a purist about the nature of the SPAC transactions. Cash raise, fast time horizon for going public, sprees of acquisitions, and augmented expert board management advice to get to the next level. FOUN has a very professional plan. They are not a minor shit co. They have a chance. My belief in them was also strong because you cannot get a contract for the White House and the CIA garbage removal if you are not totally vetted and legit. Slapdash punters need not apply. 😂😁👍
I held it in the heyday and liked it very much. White House, CIA contracts, lots of smart acquisitions and stuff. Seriously managed growth. But I sold most of my stuff to preserve capital and went big into cash. I liked FOUN.
Ive been doing DD on FOUN(da with Rubicon) and this seems insanely undervalued with warrants trading at 36 cents. Anyone else been following this company and have any thoughts?
Me too. Identical. If that FOUN garbage spacs takes off I will be so pissed I sold to buy more Pontem. 😂✊
Garbage spac FOUN announced a long term deal with a Japanese transportation company using their software. Warrants are flat on 40 volume.
I like FOUN the garbage spac. Warrants at 0.60
I can see some of them merging like BitFuFu and BSGA or TUGC, easily. Same pipe same backers, same founders so …sure. It is always a possibility. Luther’s like FOUN not so much, in fact they seem to be the ones acquiring. I be been thinking about the strategy of PLTR in some of these, too. Other than round tripping they might be able to make some distressed acquisitions.
On that FOUN, I like seeing their high quality acquisition last week and that Amazon Smart City documentary news. I don’t have a big position but they are doing everything right. Just a shit month for everyone and everything in the arena. Hope they make it.
Garbage spac FOUN warrants ended flat today but showing green on my watchlist 😎 🗑
$FOUN (Rubicon) Garbage spac acquired a software company today. Still a fan of this garbage spac but volume is nonexistent.
I went through the FOUN stuff today and they are kinda intense! Investor pres rocked it. SaaS for waste management is kinda generational and they bloody well have the White House and some major cities as clients, and even Costco. Makes me want to check out that other garbage SPAC too. 😅😂😂😂
It is interesting but I’m already in on FOUN. Will watch it for sure tho.
Second garbage spac after FOUN. Garbage spacs are on fire (fueled by our money unfortunately) 🗑 🔥
Yeah need an actual DA to see anything more I think. But wasn't FOUN the other trash one? Sitting at $.75 and as high as $.9 so if DA comes soon may get a decent chance at exit.
Hey another garbage spac! Maybe I should add along with FOUN and have a garbage spacfolio.
The one true garbage spac FOUN held up pretty good today. Thanks, Leo.
FOUN is my favorite out of these. Not sure it will rise significantly, but seems like a decent bet at this price.
NAAC (TeleSign) at $0.73, SCLE (Voltus Energy) at $0.93, TREB (System1) at $1.15, FOUN (Rubicon) at 0.77, EJFA (Pagaya) at $1.29, MBAC (Syniverse) at $1.16 and ACEV (Tempo Automation) at $0.68
NAAC (TeleSign) at $0.73, SCLE (Voltus Energy) at $0.93, TREB (System1) at $1.15, FOUN (Rubicon) at 0.77, EJFA (Pagaya) at $1.29, MBAC (Syniverse) at $1.16 and ACEV (Tempo Automation) at $0.68
😂😂 I have a confession to make on that SNAX thing, the only reason I want it to go up is because Michelle is in it and she's been a good player on the sub. lol. Everytime I see it mentioned I'm like: Oh nice, look Michelle's stock is going up. ;D I missed the drama because I was really tired from riding out gale force winds and trading ZNTEWs in the PM on generator power, Calls me al was right about that. Astamir steps in with the play nice posts! Yay. Trying not to mention the serious amount of yard work that wind events invoke-brutal physical labor in the yard. On a positive note: got the Petrof (Czech) baby grand piano tuned for Christmas sing alongs of carols and made some peppermint cream for my coffee. Hoping PIPP DAs, taking a note from ZNTE. **What obscure SPACS are you holding that rarely, if ever get mentioned here?** Like, I'm now looking at IEA, had never heard of it before 10 minutes ago. Also, I wouldn't have heard about BSGAR except for the sub. Same with FOUN. I'd like to hear about new things.
I don’t know, I agree the low float set up doesn’t work out very often, but I think it’s a worthwhile topic. It’s obviously a short term pump and I think people understand that risk, but most people are in here for DA pops which is a short term pump.. I think people need to realize SPACs are for trading, not investing. Most SPACs are indeed garbage. For instance I would like to point out the spac that is merging with the leader in garbage, $FOUN. It had like 100k volume today which was probably all from an institution based on the orders or something like that.
A little crazy in here today. I think people realize SPACs are garbage but haven’t realized yet there is a true garbage spac $FOUN merging with Rubicon a leader in garbage so I am here to spread the word. Disclaimer: This is not a pump post I just own a ton of warrants and want the price to go up.
Apparently there is an Amazon series called Climate Next that will have an episode focused on Rubicon’s ($FOUN) smart city system utilized in New Mexico.
Some of those did have a pop but did not maintain it so if people are playing those for just the quick gains I’d imagine they did well. FOUN from .65ish to .90ish and RCLF from .65ish to $1.00. Others I didn’t look at. I’m probably misunderstanding based on the rest of your post, though, as I agree that some aren’t popping much if bought too high (OACB). GIIX bit me in that I sold the first day and it made a big leap the second day surprisingly.
The chances are not only 'good,' but certain. Tragic. Preventable. So glad you are on some acreage. We've had our differences, but you are only ever as strong as the folks who will tell you are full of shit. I get emotional on DNA, you've always been right on that. Never you had a teacher in the house. I love Jersey folks ain't seen nothin' until they go for breakfast in someplace like New Egypt. Bloody 17th century graffiti on the walls and horse country- lol FOUN in Kentucky ain't nothing for start ups to sniff at either... Rural America is not dumb, I say. Well heck look what we exported to NYC with Madmartigan. Best of the best! lololol. Wishing only the best for you and yours. ;D I'm super urban, but only because I have the luxury of living rural.
Ya, I was kinda pleased at FOUN/Rubicon connection and then looked further, not a deeply as you, so thanks for the list and the heads up!
Did y'all notice Betsy Cohen is in the AACI PIPE and her son's company Cohen & Company ($COHN) is their advisor? Looked some more at Cohen & Co and they were also advisors for NAAC/TeleSign, FOUN/Rubicon, ATHN/Heliogen, VOSO/Wejo, ITAC/Arbe, and a couple others plus advising some pre-DA SPACs including Betsy's newer ones. [List here](https://www.cohencm.com/transactions)
Feel the same about RCLFW right now (wouldn’t even consider it a bad valuation in today’s world either). Several strange warrant prices like this it seems like. Going to definitely take a closer look at FOUN with warrants that low.
is it just me or are FOUN warrants trading super cheap? Rubicon is a solid company and even with the bad valuation 69 cents seems way too low
but even respectable deals like FOUN (DA this week) were in the 60s. That had a $110M PIPE and fairly sizeable revenue. Lots of the recent DAs are trading sub-80 cents.
Yea I agree the dynamic is changing. Long term we always knew the strategy would eventually evolve to analyzing fundamentals. Of course, fundamental analysis /stock picking is a difficult skill to master which is why I have always favored event driven and arbitrage strategies. You can also see that the arb bid has dropped on post-DA commons, whether that is due to prospect of higher short-term rates or higher risk of deal terminations, or simply too many SPACs. AACI bid is 9.76. FOUN was effectively 9.75 yesterday (10.15 in trust). Both has DAs this week. Even in the worst of the 2021 spac bear market, arb bids always came in at 9.82 or higher. The only deals which broke 9.80 on DA were SLCR/Tim's and ASAX/HotePlanner. As for these companies staying private, this time last year people on this reddit were praising SPACs as poor-man's VC where retail could gain access to early stage companies previously reserved for HNWIs or institutions. Coming full circle now.
Feeling pretty bullish on Rubicon $FOUN. Hopefully this will make the term “garbage spac” a positive.
Anyone looking at FOUN? I see the DA was pretty ignored today, but seems interesting and actually has revenue. What could possibly go wrong investing in a literal trash spac?
Dang missed out on FOUN warrants pre DA, but still may be reasonable at $85 pre market - just saw presentation showed $577m rev in 21 and $736m in 22 and valued at $1.7b. Seems reasonable although growth is somewhat slow.
$FOUN + Rubicon Waste and Recycling Platform Rubicon Going Public in $2 Billion SPAC Merger