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HUB Security Announces $3.3 Million Investment to Accelerate Corporate Growth
TEL AVIV, Israel, Aug. 19, 2024 (GLOBE NEWSWIRE) -- via IBN – HUB Cyber Security Ltd. (NASDAQ: HUBC), a developer of confidential computing cybersecurity
About this update from Hub Cyber Security Ltd.
[{"type":"text","content":"TEL AVIV, Israel, Aug. 19, 2024 (GLOBE NEWSWIRE) -- via IBN – HUB Cyber Security Ltd. (NASDAQ: HUBC), a developer of confidential computing cybersecurity solutions and advanced data fabric (\"HUB Security\" or the \"Company\"), is pleased to announce the successful completion of a $3.3 million private placement from non-U.S. investors. This investment is in the form of convertible notes with a conversion price of $0.70 per share. As part of the transaction, the Company has also issued warrants with an exercise price of $1.00 per share. In parallel, HUB Security is engaged in discussions to extend the maturity date of a $4.0 million principal note, originally due in August 2024, as part of its broader financial strategy. Noah Hershcoviz, CEO of HUB, commented, “We are pleased to secure an investment from a group of esteemed investors who value our strategic vision and operational strengths. This capital will enable us to advance our growth initiatives and continue to deliver value to our stakeholders as we expand our market presence.” For further information or inquiries, please contact: [email protected] About HUB Security Ltd. HUB Cyber Security Ltd (\"HUB\") was established in 2017 by veterans of the elite intelligence units of the Israeli Defense Forces. The Company specializes in unique cyber security solutions protecting sensitive commercial and government information. The company debuted an advanced encrypted computing solution to prevent hostile intrusions at the hardware level while introducing a novel set of data theft prevention solutions. HUB Security operates in over 30 countries and provides innovative cybersecurity computing appliances and a wide range of cybersecurity services worldwide. Forward-Looking Statements This press release contains forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, including statements about the anticipated benefits of the transaction and the financial condition, results of operations, earnings outlook, and prospects of the combined company. Forward-looking statements are typically identified by words such as \"plan,\" \"believe,\" \"expect,\" \"anticipate,\" \"intend,\" \"outlook,\" \"estimate,\" \"future,\" \"forecast,\" \"project,\" \"continue,\" \"could,\" \"may,\" \"might,\" \"possible,\"...