🔴 Rubico is trading 38.5% down in pre-market after announcing an $8.5 million note-and-warrant offering

Rubico is trading 38.5% down in pre-market at $0.24 after announcing an $8.5 million convertible-note and warrant offering.

• Expected to close October 19, the financing includes $9.44 million in notes with a 10% original issue discount.
• It also includes warrants for 25,903,577 shares, creating substantial potential dilution for existing shareholders.
• Rubico closed the prior session at $0.39 after rising 21.81% on October 16; volume and other pre-market activity data were not provided.