On July 12, 2022, Paragon Technologies announced that Rubicon Technology, Inc announced a plan whereby an entity has offered to acquire up to 45% of the Company's stock for $20 in cash followed by the Company declaring an $11 cash dividend following completion of the tender offer. Paragon Technologies stated that this transaction comes nearly 4 months after Paragon Technologies called out the Company management on its inability to deliver a strategic plan to unlock shareholder value and from the standpoint of many shareholders who have waited over 6 years for something to happen, this transaction offers an exit at a premium of approximately 65% or more in comparison to the recent trading range for the Company. Paragon Technologies expressed that it believes its activist efforts were instrumental in creating an outcome that delivers an exit opportunity for the Company investors.

In addition, Paragon Technologies stated that while the contemplated transaction may leave little in the way of ongoing upside opportunity for the Company shareholders, the result is preferable to the continued languishing of the company's operations over the past 6 years.