Company reports positive progress on recapitalization of debt, attraction of additional equity investment, material cost reductions, and simplification of capital structure

Rubicon Technologies, Inc. ("Rubicon" or the "Company") (NYSE:RBT), a leading digital marketplace for waste and recycling and provider of innovative software-based products for businesses and governments worldwide, today provided an update on the progress of its strategic plan as previously discussed in the Company's third-quarter earnings materials.

Rubicon's strategic focus is to accelerate its progress to profitability by improving margins and reducing operating costs, and to increase financial flexibility by simplifying its capital structure. In support of these goals, Rubicon has executed on a number of initiatives which are already improving the availability of working capital for the Company and helping to drive shareholder value. The actions taken include:

• Extending near-term debt maturities to December 2023;
• Securing an additional $30 million of fully committed equity capital from new and existing investors;
• Simplifying the Company's capital structure through the termination of Forward Purchase Agreements with both Atalaya and Vellar;
• Reducing costs across the organization, including measures designed to help optimize supplier costs and non-payroll general and administrative expenses, a previously announced reduction in force, and additional steps to help improve pricing within certain segments of Rubicon's customer portfolio.

"We are pleased with our progress toward our key goals for this year and beyond. We believe that these steps address our current working capital needs and demonstrate clear advancement of our financial and operational objectives as detailed in our Q3 earnings materials," said Phil Rodoni, CEO of Rubicon. "Further, we believe that the commitment of additional capital is a strong indicator of confidence in our business from both existing and new investors. We thank them for their continued support and look forward to sharing more information on our path to profitability and plans for our next phase of growth in the coming quarters."

For additional information please refer to Rubicon's third quarter earnings materials and SEC filings, including the Company's Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission (the "SEC") on November 9, 2022, November 18, 2022 and December 1, 2022 and Quarterly Report on Form 10-Q filed with the SEC on November 21, 2022, available on the IR section of the Company's website.