Rubico Inc. (NASDAQ:RUBI) plunged on Wednesday, extending heavy selling pressure after a brief volatility-driven rally in the previous session.
The move followed a Tuesday filing showing Rubico sold 1,744,902 shares of common stock to B. Riley Principal Capital II, LLC under an existing Equity Line Purchase Agreement, generating nearly $4 million in gross proceeds.
The issuance is set to significantly dilute existing shareholders. Rubico said the transaction, expected to settle on or before Wednesday, will increase its outstanding share count to about 2.51 million from roughly 768,000 shares.
History of Capital Adjustments
This dilution follows aggressive corporate restructuring earlier this year. Rubico executed a 1-for-7 reverse stock split …
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