Rubico Inc. secured a registered direct offering with a single institutional investor. The offering is expected to raise gross proceeds of $8.5 million. The first closing is anticipated around October 19, 2026.
The financing package includes senior convertible notes. These notes have a principal amount of $9.44 million. They reflect a 10% original issue discount. Warrants to purchase common shares are also part of the financing. The unsecured notes feature a 12-month maturity. They carry an 8.00% interest rate if paid in cash. Alternatively, the interest rate is 10.00% if paid in common shares. The agreement also includes a conditional second tranche. This tranche could raise an additional $5 million.