Founder SPAC Announces Closing of US$316.25M IPO

Winston & Strawn LLP represented Founder SPAC (NASDAQ: FOUNU) (the “Company”) in its IPO of 31,625,000 units, including 4,125,000 units issued pursuant to the full exercise of the underwriters’ over-allotment option, at a price of US$10.00 per unit. The units are listed on The Nasdaq Stock Market LLC (“Nasdaq”) and began trading under the ticker symbol “FOUNU” on October 15, 2021. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share of the Company at a price of US$11.50 per share. After the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “FOUN” and “FOUNW,” respectively. Founder SPAC is a blank check company with a business purpose to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. While they will not be limited to a particular industry or geographic region in their identification and acquisition of a target company, the Company intends to focus its search on businesses within the technology sector, with a specific focus on the theme of Digital Transformation.