Rubicon Technology, Inc.'s Board determined to reduce the size of the Board to five members to be effective as of May 3, 2017, the date of the Company's 2017 Annual Meeting of Stockholders (2017 Annual Meeting). Raymond Spencer, one of the Company's Class I directors whose term expires at the 2017 Annual Meeting, will not stand for re-election. In addition, because acquisitions are being given greater consideration by the Board, the Board has decided to commence a search for a new Chief Executive Officer (CEO) with more extensive experience in mergers and acquisitions.

William F. Weissman, the current CEO, is expected to stay with the Company until a new CEO is hired. As of February 14, 2017, Mr. Weissman has agreed to step down from the Board if a new CEO joins the Company in order for the new CEO to assume Mr. Weissman's position on the Board.