Rubico Posts $258M NAV, 41% Jump, Alongside Convertible Note Closing
RUBI is trading near its 52-week low of $0.151 (8.2% above the low).
Summary
Rubico estimated its September 30 NAV at $258.0M, up 41% from July, or $3.58 per share fully diluted, and confirmed 12.59M shares outstanding after the October 19 convertible note closing and $3.1M of ATM sales.
Key Events · Financing and Capital Events · RUBI
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NAV Estimate Raised to $258.0M
Management estimates NAV at $258.0M as of 2026-09-30, a 41% increase from the NAV reported on 2026-07-16, based on charter-free broker valuations less debt plus cash.
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Per-Share NAV $20.49 Basic, $3.58 Diluted
NAV equals $20.49 per common share on current shares outstanding and $3.58 fully diluted, assuming all warrants and full conversion of the October 19 notes and Series G preferred.
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Convertible Note Closing Confirmed
The October 19 closing issued 1,295,179 common shares; $0.4M of the notes has already converted and no pre-funded warrants remain outstanding.
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Share Count 12,587,957 After ATM Sales
Total shares outstanding are 12,587,957 after the note closing and recent ATM sales; $3.1M has been sold under the B. Riley ATM since inception.
Analysis · RUBI · Energy & Transportation
Rubico's management now values the fleet at $258.0M as of September 30, up 41% from the July 16 figure. That works out to $20.49 per share on 12.59M shares outstanding and $3.58 fully diluted. The gap to the $0.1634 market price is enormous, but the company itself flags that charter-free NAV overstates value when prevailing charter rates exceed its contracted rates; on a charter-adjusted basis the discount is still about 92%. The filing also confirms the October 19 convertible note closing: 1,295,179 shares were issued, $0.4M of notes have already converted, and $3.1M has been sold under the ATM. Because dilution from the VWAP-reset notes and the ATM is real and ongoing, the headline NAV number should be read against a fully diluted share count that keeps growing.
How filings like this one have moved
In the 30 days to Oct 21, 2026, 29.1% of the 1524 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.52%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, RUBI was trading at $0.16 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $439.1K. The 52-week trading range was $0.15 to $76,440.04. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.