$9.4 million of notes. $8.5 million of cash. A company our profile puts near $2 million.
$RUBI -33.25% before the bell. After Friday's close, Rubico announced a securities purchase agreement for senior convertible notes with a 10% original issue discount, plus warrants. It expects $8.5M in gross proceeds at the first closing.
The headline number is the cash. The figure that matters to holders is the face value, because that is what can convert into shares, and the warrants come on top. When the raise is several times the market cap, the company gets the money and existing holders carry the conversion math.
This ticker's own history: 19 prior sessions that opened down 5% or more. 53% closed above the open and 42% closed below it, with a median of +0.35%. Shorting a dilution headline at the open has not been a one-way trade here either.
It was on our board Friday: opened 0.4098, closed 0.391. This deal was announced after that bell.