Rubico Inc. (RUBI) Form 6-K — Oct 19, 2026
Rubico Inc. closed the initial tranche of a $15 million senior convertible notes offering on October 19, 2026, receiving $8.5 million in cash for $9.44 million of Initial Notes plus warrants from an institutional investor, with Maxim Group LLC acting as placement agent for a 6% fee. The remaining $5.56 million second tranche is contingent on Rubico's share price exceeding $1.00 and five-day average daily trading volume of at least $200,000, along with substantial conversion of the Initial Notes.
Key figures
- Debt Amount
- 15000000
- Interest Rate
- 8.0% cash / 10.0% in shares; 18.0% on default
- Maturity Date
- 12 months from issuance, extendable to 18 months with 5% principal increase
- Gross Proceeds
- 8500000
- Placement agent fee
- 6.0% of gross proceeds (Maxim Group LLC)
- Extension multiplier
- 1.05 (or 1.18 upon event of default)
- Total notes principal
- $15,000,000 ($9,444,444 initial + $5,555,556 second close)
- Fixed conversion price
- $0.3646
- Warrant exercise price
- $0.3646 per share
- Original issue discount
- $944,444.44 OID on initial notes ($8.5M funded)
- Second closing conditions
- share price >= $1.00 and 5-day avg daily dollar volume >= $200,000
- Alternate conversion price
- greater of $0.10 floor or 85% of lowest 10-day VWAP
AI analysis
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