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Founder SPAC

FOUN · Nasdaq

Trust settledRubicon Technologies, Inc. · Finished

NO ACTION REQUIRED

Nothing left to do

The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.

Cash at settlement

no closing figure

No cash-per-share figure was filed for this vehicle before it finished.

Last close

no quote on file

Daily close

Nothing left to claim

this vehicle finished

There is nothing to hand back: holders who wanted cash elected it at the vote, and the rest became shares in the buyer.

Read what happened to the cash

The floor

Trust settled

This SPAC has finished — its trust was paid out or used to close the deal, so there is nothing left to redeem

Read the reasoning behind this verdict

No price history on file yet — daily closes accumulate from the market data feed.

Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.

SpacBrain’s read

Trust settled

The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

In plain terms

What it is
A SPAC from Rubicon Technologies, Inc. / 10X Capital Venture Acquisition Corp. III (Ahmed Osman), listed on Nasdaq in October 2021.
What it's doing now
It agreed to buy Rubicon Technologies, Inc., a waste and recycling technology services company. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
What you should know
This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.

At a glance

Where it stands
Closed (deSPAC)
The business it bought
Rubicon Technologies, Inc. — Rubicon is a digital marketplace for waste and recycling, and provider of innovative software-based solutions for businesses and governments worldwide.
Industry
Industrials — waste and recycling technology services
Deal value
not stated in the filings we hold
Price vs cash at settlement
no live price on file
Cash in trust when it settled
not yet extracted into a snapshot — the filings below may state it
the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
IPO
15 October 2021
size not on file
Headquarters
100 W MAIN STREET, SUITE 610, LEXINGTON, KY, 40507
registered in Delaware
Lead underwriter
not extracted from the prospectus yet
Key officers
no Form 3/4 ownership filing captured yet
Listed securities
FOUN common
Cash held per sharenot filed for this window

This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.

Next date that mattersno dated event on file

Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.

Yield to redemption

Nothing left to redeem — no yield to compute.

This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.

What happened to the cash

The reasoning behind the verdict above, in the order the filings establish it.

  1. The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

What has happened, and what is coming

1 dated milestone

Every dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.

  1. 15 October 2021IPOpassed

    IPO size not on file

The deal

terms as filed

What it is buying, on what terms, and how much of the combined company new shares take from you.

  • Rubicon Technologies, Inc.—
    closedIndustrials

    What Rubicon Technologies, Inc. does — read from rubicon.com on 26 August 2026

    Rubicon provides waste and recycling services to customers ranging from national brands to households. The company offers a tech-enabled approach with transparency, convenience, and real-time data, alongside hands-on service. They provide comprehensive waste management solutions for one location or thousands, serving enterprise businesses, independent businesses, and contractors.

    Waste and RecyclingSustainability
    Deal structureSEC-primary — BCA 8-K / S-4 / DEFM14A
    PIPE
    ≈ $111M · unsourced

    PIPE terms — instrument, coupon, conversion price and any reset floor — are not sourced for this deal. The size above is itself unsourced — a stored figure no filing we hold states — so neither the size nor the terms should be read as cited.

    stated in:0001829126-22-002513 opens on sec.gov in a new tab

The score

deterministic, from filed fields

FOUN is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.

Asymmetric return scoreNeither a price nor a cash-per-share figure is on file for this vehicle, and the score is a ratio between the two. Nothing is estimated to fill the gap.

The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.

See the names that are scored, and how

The company

from SEC filings
Read the full profile

Founder SPAC was a Cayman Islands-exempted blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses, with a stated focus on the technology sector and the theme of Digital Transformation, including enterprise software, big data, artificial intelligence and machine learning, cybersecurity, and cloud services. The company priced its IPO on October 15, 2021, raising $275,000,000 through the sale of 27,500,000 units at $10.00 per unit on Nasdaq under the symbol "FOUNU," with each unit consisting of one Class A ordinary share and one-half of one redeemable warrant; the Class A ordinary shares and warrants were designated to trade separately under the symbols "FOUN" and "FOUNW." The underwriter, Jefferies LLC, held a 45-day over-allotment option for up to 4,125,000 additional units. Of the offering proceeds and private placement warrant sales, $279,125,000 ($10.15 per unit) was deposited into a U.S.-based trust account at JPMorgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company as trustee. The sponsor, Founder SPAC Sponsor LLC, a Delaware limited liability company, purchased 10,750,000 private placement warrants at $1.00 per warrant concurrently with the IPO, and Jefferies LLC purchased an additional 1,375,000 private placement warrants on the same terms.

The management team was led by Executive Chairman Hassan Ahmed, who co-founded and served as CEO of Affirmed Networks until its sale to Microsoft in 2020 and previously chaired and led Sonus Networks through its IPO, and CEO Osman Ahmed, an investor at KCK Group with over 13 years of principal investment experience. Independent directors included Steve Papa (founder and CEO of Endeca, sold to Oracle in 2011), Allen Salmasni (former Chief Strategy Officer at Qualcomm), Rob Theis (General Partner at World Innovation Lab), and Jack Selby (co-founder of Clarium Capital Management and managing director at Thiel Capital). The company's charter provided for a business-combination deadline of 15 months from the closing of the offering, extendable to 18 months. Founder SPAC completed its initial business combination on August 15, 2022, with Rubicon Technologies, Inc., a software platform providing full-service waste management, recycling, and smart city technology solutions, after which the combined entity adopted the Rubicon Technologies name and the SPAC's shell company status was terminated, as reflected in an 8-K filed August 19, 2022 reporting a change in shell company status under Item 5.06.

Material findings

from the full read of every filing

Every document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.

  • S-4/A24 June 20220001829126-22-013842opens on sec.gov in a new tab

    Alongside that merger runs a chain of blocker mergers, each of Boom Clover Business Limited (British Virgin Islands), NZSF Frontier Investments Inc. and PLC Blocker A LLC merging with its own Ravenclaw merger subsidiary and then into New Rubicon. The document's description of the second step is defective as printed — it says Blocker Company 1 merges into New Rubicon again where Blocker Company 2 is plainly the subject — and it is quoted rather than corrected. The registered Class A figure spans this whole chain, not the operating merger alone.

  • S-4/A10 June 20220001829126-22-013335opens on sec.gov in a new tab

    The transaction also unwinds three blocker entities — Boom Clover Business Limited, NZSF Frontier Investments Inc. and PLC Blocker A LLC — each merging with its own Ravenclaw merger subsidiary and then into the continuing company. The registered Class A figure covers that whole chain rather than the operating merger alone. The document's account of the second blocker step is defective as printed, naming Blocker Company 1 a second time where Blocker Company 2 is the subject, and it is quoted rather than corrected.

  • S-4/A12 May 20220001829126-22-010815opens on sec.gov in a new tab

    The PIPE definition prints its own share count a digit short: the subscription agreements dated December 15, 2021 are described as covering an aggregate of 11,100,00 shares of Domestication Class A Common Stock at $10.00 per share for a total of $111,000,000. The same document writes the figure as 11,100,000 elsewhere. On the trust, a total of $320,993,750 was deposited after underwriting discounts, offering expenses and commissions, with $2,435,625 of the net proceeds left outside it, and approximately $321 million was in the trust account as of January 31, 2022.

  • S-4/A8 April 20220001829126-22-007964opens on sec.gov in a new tab

    196,351,653 shares is a large registration for a vehicle of this size, and the cover gives no breakdown between shares issued to the target's holders, shares held back for earnout or options, and Founder SPAC's own capital converting in the Domestication. There is no Calculation of Registration Fee table on the cover either, so there is no per-share price or aggregate to test the count against. That the filing is also a consent solicitation indicates the target's holders approve by written consent rather than at a meeting.

  • S-41 February 20220001829126-22-002513opens on sec.gov in a new tab

    The largest component is not stock issued at closing but an exchange right: within the Class A line, 19,930,813 shares are issued on consummation while 118,593,980 are issuable on conversion of an equal number of Class B Units of Rubicon Technologies Holdings, LLC created in the combination. That is an Up-C shape, in which the operating company's holders sit in the LLC and convert into public stock over time, so the registered count anticipates a conversion that need never happen in full.

Filings

live EDGAR feed

Everything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.

Show the other 10 filings

The record

The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.

Show the reference detail

Unit structure

Cash in trust at IPOnot extracted from the prospectus

from 424B3 0001829126-24-000177

Trading & liquidity

Average daily volume (20d)no volume reported on the bars we hold
Average daily $ volumeneeds both volume and a live price
Range over the bars heldnot enough price history
Total cash in trustthe trust total is not in the last XBRL stamp

Company profile

Industry (SIC)Services-Prepackaged Software (7372)
Registered inDelaware
Exchange · CIKNasdaq · 0001862068

All filings on EDGARopens on sec.gov in a new tab

Directors & officers

No Form 3/4 ownership filing has been captured for this SPAC yet, so the roster is empty rather than guessed.

Institutional holders

from SC 13G/13D

Funds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.

Show the declared stakes

15 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.

One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.

News

company wires and the financial press

Reporting we have matched to this ticker. Headlines belong to the outlets that wrote them.

Show the headlines

Sources on file

harvested pages, kept in full

Every public page we have read about this company, stored in full so a source can never go missing.

Show the sources

35 full SEC filing texts archived — searchable, never lost.

In plain English

tap a term to open it

Every piece of jargon this page could have used, and what it actually means.

Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected

A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.

Redemption deadlinethe last day to hand shares back for cash

Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.

Broker action datethe day your broker needs the instruction — earlier than the official date

Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.

Cash in trust / trust per sharethe cash the company is holding for each public share

Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.

Trust discountbuying below the cash held for you

Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.

Dilutionhow much of the company new shares take from you

Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.

Pro-forma equitywhat the company is valued at once the deal closes

The combined company's equity value assuming the announced terms and the redemptions that have actually happened.

ARShow much upside you get per unit of downside

SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.

De-SPACthe day the SPAC becomes the real company

The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.

Outside datethe contractual long-stop for closing the deal

A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.

Accession numberthe SEC's unique id for one filing

Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.

Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since

A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.

Ask the brain

from its filings
Data provenance & audit trail6 internal entries

Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.

FOUN — company record
UNIVERSE-IPO-INDEX2026-08-17

admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 7372 (Services-Prepackaged Software). The screen found it by filing SHAPE instead — S-1 2021-07-26 → 8-A12B 2021-10-13 → 424B4 2021-10-15 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 7372 + self-described blank check in 424B4 0001829126-21-012033; 424B 0001829126-21-012033 priced 2021-10-15 under S-1 0001829126-21-006796 (file 333-258158, an offering for cash); common ticker FOUN off 10-Q 0001829126-22-010707 (2022-05-12); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-258158, which belongs to S-1 0001829126-21-006796 (2021-07-26) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2021-10-15). Ending PROVEN, not inferred: CLOSED per 8-K 0001829126-22-016045 (2022-08-19) — 8-K item 5.06 "Change in Shell Company Status" (EDGAR item index, items: 1.01,2.01,3.01,3.02,3.03,5.01,5.02,5.03,5.05,5.06,7.01,9.01). ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.

SPONSOR-ID2026-08-14

sponsor "Founder SPAC Sponsor LLC" (SEC CIK 0001858549) sourced from Form 3 reportingOwner (10% owner) acc 0001829126-21-012003.

NAME-REPAIR2026-08-31

"Rubicon Technologies, Inc." is the registrant's CURRENT identity, adopted when the combination closed — EDGAR renames on the closing day, so the rename predates the ending we store and every date-based check cleared it; the vehicle traded as "Founder SPAC" per the COMPANY CONFORMED NAME in 424B4 0001829126-21-012033 filed 2021-10-15. §98

Deal — Rubicon Technologies, Inc.
UNTAGGED

[CLOSED-RENAME] EDGAR CIK 0001862068 records "Founder SPAC" ending 2022-08-12; the registrant continues as "Rubicon Technologies, Inc.". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2022-08-12. No deal value is set — a rename says what was acquired, never for how much. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists. [DEAL-STRUCTURE-MINED] pipeSizeM=111 from primary filings (0001829126-22-002513).

PIPE2026-08-29

pipeBasis set to UNSOURCED: the size came from the research seed / an earlier record and no filing we hold states it — surfaces now label it "unsourced"; an LLM re-read to FILED replaces this when credits allow

SEGMENT-FROM-FILING2022-06-24

OTHER confirmed, on S-4/A 0001829126-22-013842: "The waste and recycling industry is highly competitive, and if we cannot successfully compete in the marketplace, our business, financial condition and operatin"

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