One of the world’s first digital marketplaces for waste and recycling has begun trading on the New York Stock Exchange in a historic SPAC acquisition deal.
Rubicon Technologies LLC was listed under ticker symbols "RBT" and "RBT WS" Tuesday morning in an agreement with Founder SPAC, becoming only the ninth Kentucky-based company to go public on the NYSE.
"This is a very resilient category that's outperformed the market over the last several years, regardless of what the economy typically does," Rubicon Chairman and CEO Nate Morris told FOX Business’ Dagen McDowell on "Mornings with Maria" Tuesday.
"And what we say about garbage is, it's hard to bet against, regardless of what's happening in Ukraine or what the Fed decides to do," the CEO continued. "People still got to get their trash picked up every day."
Rubicon’s technology interface connects waste management companies with businesses and governments, aggregating "large swaths" of the industry in one place, according to Morris.
"This is allowing Rubicon to use the best of technology in the 21st century, apply those products," Morris explained, "and we're running a play that's very similar to some great tech companies of our generation, like Uber and Airbnb."
Based out of Lexington, Kentucky and operating in 20 countries and all 50 U.S. states, Rubicon has acquired more than 50 patents for its softwares and has a reported enterprise value of $1.7 billion, according to a press release.
Morris recounted starting the company with just a $10,000 line of credit and maxed-out cards, saying he found his American dream in garbage.
"I can't think of anything more American than making money with garbage," the CEO said. "There's opportunity everywhere, regardless of what's going on in the economy, regardless of what the pundits say. We know that the brick and mortar businesses, the small businesses, the stuff that's got to get done on Main Street, that's going to continue to drive our economy. And we just need to open our eyes and use our imagination about what's possible."