{"url":"https://newsforagent.com/news/2026-10-16/rubico-8-5-million-convertible-note-offering","markdown_url":"https://newsforagent.com/news/2026-10-16/rubico-8-5-million-convertible-note-offering.md","title":"Rubico Raises $8.5 Million in Convertible Note Offering","headline":"Rubico Prices $8.5 Million Registered Direct Offering of Senior Convertible Notes and Warrants","description":"Rubico agreed to issue $9.4 million in senior convertible notes and warrants for $8.5 million in gross proceeds, with Maxim Group as sole placement agent.","section":"Funding","published_at":"2026-10-16T23:10:43+00:00","modified_at":"2026-10-16T23:10:43+00:00","author":"News Desk","key_takeaways":["Rubico will issue $9.4 million in senior convertible notes and warrants to a single institutional investor for $8.5 million in gross proceeds.","The notes carry 8.00% cash interest or 10.00% share interest, mature in 12 months and convert at a fixed price of $0.3646.","A second tranche of $5.6 million in notes and warrants could bring Rubico another $5 million in gross proceeds.","Maxim Group LLC is acting as sole placement agent for the offering."],"companies":[{"name":"Rubico","is_primary":true,"profile_url":"https://akta.pro/company-profiles/003f5kx/rubico","website":"https://rubicoinc.com"},{"name":"Maxim Group","is_primary":false,"profile_url":"https://akta.pro/company-profiles/0002tyd/maxim-group","website":"http://www.maximgrp.com"}],"source":{"publisher":"TradingView","title":"Rubico Announces $8.5 Million Registered Direct Offering of Senior Convertible Notes and Warrants","url":"https://www.tradingview.com/news/globenewswire:7259ef757094b:0-rubico-announces-8-5-million-registered-direct-offering-of-senior-convertible-notes-and-warrants/"},"other_sources":[],"tags":["Funding","Rubico","Maxim Group"],"body_markdown":"[Rubico](https://akta.pro/company-profiles/003f5kx/rubico) Inc. will issue $9.4 million in senior convertible notes and warrants to a single institutional investor for $8.5 million in gross proceeds, the company said in a registered direct offering announced October 16, 2026. [TradingView](https://www.tradingview.com/news/globenewswire:7259ef757094b:0-rubico-announces-8-5-million-registered-direct-offering-of-senior-convertible-notes-and-warrants/) published the announcement. [Maxim Group](https://akta.pro/company-profiles/0002tyd/maxim-group) LLC is acting as sole placement agent.\n\n## Rubico's Note Terms and First Tranche\n\nThe notes carry an original issue discount of 10% and bear interest at 8.00% per annum if paid in cash and 10.00% per annum if paid in common shares. They mature 12 months after issuance, with an extension at Rubico's option to 18 months that increases the principal amount of the applicable note by 5%. The notes convert at a fixed conversion price equal to the lower of the closing price immediately prior to issuance or the five-day average closing price before issuance; for the first tranche that price is $0.3646. The holder may also convert at an alternate price equal to the greater of 85% of the lowest daily volume-weighted average price over the preceding 10 trading days and a floor price of $0.10.\n\nThe warrants are immediately exercisable, expire five years from issuance and carry an initial exercise price equal to the fixed conversion price. At the first tranche closing Rubico expects to issue warrants for 25,903,577 common shares at $0.3646 per share, plus 1,295,179 commitment shares. The first tranche closing is expected on or about October 19, 2026, subject to customary closing conditions. Maxim Group, the sole placement agent, initiated coverage on Kyntra Bio with a buy rating and $35 target on October 16, 2026, according to Markets Daily.\n\n## Rubico's Second Tranche and Funding History\n\nAccording to akta.pro [company records](https://akta.pro/company-data), Rubico has three funding rounds on record: a $7.5 million post-IPO equity round in November 2025, a $4 million post-IPO equity round in January 2026 and a $5 million post-IPO equity round in May 2026, for total funding of $16.5 million. The same records list a net asset value of $183.1 million as of June 30, 2026, up 94% from $94.2 million at March 2026, and $300.26 per common share.\n\n| Funding round | Amount |\n| --- | --- |\n| November 2025 post-IPO equity | $7.5 million |\n| January 2026 post-IPO equity | $4 million |\n| May 2026 post-IPO equity | $5 million |\n\nUnder the purchase agreement, Rubico may issue and sell to the holder a second tranche of $5.6 million in aggregate principal amount of notes and warrants, for gross proceeds of $5 million.\n\n## Rubico's Moves Before the Offering\n\nRubico terminated its $30 million common stock purchase agreement with B. Riley Principal Capital II, effective July 20, 2026, after selling approximately $27.1 million of common shares under the facility, GlobeNewswire reported. On July 28, 2026, Rubico said it would acquire a special purpose vehicle holding a shipbuilding contract for a 47,499 dwt newbuilding MR tanker from related party Top Ships Inc. for approximately $6.5 million, with the transaction expected to close by September 30, 2026, Stock Titan reported. Rubico announced on September 21, 2026 that it would move to quarterly earnings reporting, starting with third-quarter 2026 results expected in the fourth quarter of 2026, Stock Titan reported.\n\n## Rubico's Prospectus Supplement\n\nThe securities are offered under a shelf registration statement on Form F-3 that the SEC declared effective on July 14, 2026. Rubico will file a prospectus supplement relating to the offering with the SEC.\n","publisher":{"name":"News for Agent","url":"https://newsforagent.com"}}