SCHEDULE 13G 0001699673 XXXXXXXX LIVE Common Stock, $0.01 par value per share 11/06/2025 0001943421 Rubico Inc. Y1250N107 20 Iouliou Kaisara Str 19002 Paiania Athens J3 00000 Rule 13d-1(c) Arena Investors, LP b DE 1554200.00 0.00 1554200.00 0.00 1554200.00 N 8.1 PN Arena Investors GP, LLC b DE 1554200.00 0.00 1554200.00 0.00 1554200.00 N 8.1 OO limited liability company Arena Special Opportunities (Offshore) Master, LP b E9 208726.00 0.00 208726.00 0.00 208726.00 N 1.1 PN Arena Special Opportunities Fund (Offshore) II GP, LP b DE 208726.00 0.00 208726.00 0.00 208726.00 N 1.1 PN Arena Special Opportunities Fund (Offshore) GP, LLC b DE 208726.00 0.00 208726.00 0.00 208726.00 N 1.1 OO limited liability company Arena Special Opportunities Parallel Investor Vehicle III US, LP b DE 909230.00 0.00 909230.00 0.00 909230.00 N 4.7 PN Arena Special Opportunities Parallel Investor Vehicle III GP, LLC b DE 909230.00 0.00 909230.00 0.00 909230.00 N 4.7 OO limited liability company Arena Special Opportunities Partners III, LP b DE 436244.00 0.00 436244.00 0.00 436244.00 N 2.3 PN Arena Special Opportunities Partners III GP, LLC b DE 436244.00 0.00 436244.00 0.00 436244.00 N 2.3 OO limited liability company Rubico Inc. 20 Iouliou Kaisara Str 19002 Paiania Athens, Greece, This Schedule 13G is filed by the following (the "Reporting Persons"): (i) Arena Investors, LP (the "Investment Manager"), who serves as investment manager to the Arena Funds (as defined below); (ii) Arena Investors GP, LLC, who serves as the general partner of the Investment Manager (the "IM General Partner"); (iii) Arena Special Opportunities (Offshore) Master, LP ("ASOFM"); (iv) Arena Special Opportunities Fund (Offshore) II GP, LP, who serves as the general partner of ASOFM (the "ASOFM General Partner"); (v) Arena Special Opportunities Fund (Offshore) GP, LLC, who serves as the general partner of the ASOFM General Partner (the "ASOFM GP General Partner"); (vi) Arena Special Opportunities Parallel Investor Vehicle III US, LP ("ASOIII"); (vii) Arena Special Opportunities Parallel Investor Vehicle III GP, LLC, who serves as the general partner of ASOIII (the "ASOIII General Partner"); (viii) Arena Special Opportunities Partners III, LP ("ASOPIII"; and collectively with ASOFM and ASOIII, the "Arena Funds"); and (ix) Arena Special Opportunities Partners III GP, LLC, who serves as the general partner of ASOPIII (the "ASOPIII General Partner"). The Arena Funds are private investment vehicles. The Arena Funds directly beneficially own the Common Stock reported in this Schedule 13G. The Investment Manager and the IM General Partner may be deemed to beneficially own the Common Stock directly beneficially owned by the Arena Funds. The ASOFM General Partner and the ASOFM GP General Partner may be deemed to beneficially own the Common Stock directly beneficially owned by ASOFM. The ASOIII General Partner may be deemed to beneficially own the Common Stock directly beneficially owned by ASOIII. The ASOPIII General Partner may be deemed to beneficially own the Common Stock directly beneficially owned by ASOPIII. Each Reporting Person disclaims beneficial ownership with respect to any Common Stock other than the Common Stock directly beneficially owned by such Reporting Person. The principal business office of the Reporting Persons is 2500 Westchester Avenue, Suite 401, Purchase, New York 10577. For citizenship or place of organization see Item 4 of the cover page of each Reporting Person. Y See Item 9 on the cover page for each Reporting Person, and Item 2, which information is given as of the close of business on November 6, 2025. The shares reported consist of the following: (1) ASOFM - 208,726 shares of Common Stock underlying derivative securities that can be exercised within 60 days; (2) ASOIII - 909,230 shares of Common Stock underlying derivative securities that can be exercised within 60 days; (3) ASOPIII - 436,244 shares of Common Stock underlying derivative securities that can be exercised within 60 days; and (4) the Reporting Persons, collectively - 1,554,200 shares of Common Stock underlying derivative securities that can be exercised within 60 days. See Item 11 on the cover page for each Reporting Person. The percentages of beneficial ownership contained herein are based on: (x) 17,612,636 shares of Common Stock outstanding as of November 6, 2025 after giving effect to the public offering reported by the Issuer in a Form 6-K filed with the SEC on November 7, 2025; plus (y) the shares of Common Stock underlying the derivative securities referred to in Item 4(a). See Item 5 on the cover page for each Reporting Person. See Item 6 on the cover page for each Reporting Person. See Item 7 on the cover page for each Reporting Person. See Item 8 on the cover page for each Reporting Person. Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Exhibit 99.1 - Joint Filing Agreement Arena Investors, LP /s/ Tsering Lama 11/14/2025 Arena Investors GP, LLC /s/ Tsering Lama 11/14/2025 Arena Special Opportunities (Offshore) Master, LP /s/ Tsering Lama 11/14/2025 Arena Special Opportunities Fund (Offshore) II GP, LP /s/ Tsering Lama 11/14/2025 Arena Special Opportunities Fund (Offshore) GP, LLC /s/ Tsering Lama 11/14/2025 Arena Special Opportunities Parallel Investor Vehicle III US, LP /s/ Tsering Lama 11/14/2025 Arena Special Opportunities Parallel Investor Vehicle III GP, LLC /s/ Tsering Lama 11/14/2025 Arena Special Opportunities Partners III, LP /s/ Tsering Lama 11/14/2025 Arena Special Opportunities Partners III GP, LLC /s/ Tsering Lama 11/14/2025