Business
HUB Security Raises Up to $16 Million in Growth Investment from The Lind Partners
TEL AVIV, Israel, May 4, 2023 /PRNewswire/ -- HUB Cyber Security Ltd (NASDAQ: HUBC), a developer of Confidential Computing cybersecurity solutions and
About this update from Hub Cyber Security Ltd.
[{"type":"text","content":"TEL AVIV, Israel, May 4, 2023 /PRNewswire/ -- HUB Cyber Security Ltd (NASDAQ: HUBC), a developer of Confidential Computing cybersecurity solutions and services (\"HUB Security\" or the \"Company\"), today announced that it has entered into an agreement for up to $16 million in gross proceeds from Lind Global Asset Management VI LLC, an investment entity managed by The Lind Partners, a New York based institutional fund manager (together, \"Lind\").\nThis investment is expected to provide HUB Security with additional resources to fuel its rapid growth and development, enhance its financial stability, and enable the Company to pursue its future plans.\n\"The additional funding from The Lind Partners fortifies our balance sheet and enables us to position HUB Security as a leading confidential computing cybersecurity solutions provider in the market,\" said Uzi Moskowitz, CEO of HUB Security. \"We are thrilled to have Lind as a partner in our journey. Their unwavering commitment and support will undoubtedly propel us even further towards achieving our goals of enhancing our technology development and expanding our go-to-market strategies.\"\nUnder the terms of the agreement with Lind, HUB Security will have access to up to $16 million in convertible debt financing in three tranches, which will mature over a two year period. Upon the closing of this transaction, the Company will have immediate access to the first tranche of $4.5 million, and will have access to the remaining two tranches totaling $11.5 million, upon the fulfillment of certain conditions.\nAbout The Lind Partners\nThe Lind Partners manages institutional funds that are leaders in providing growth capital to small- and mid-cap companies publicly traded in the US, Canada, Australia and the UK. Lind's funds make direct investments ranging from US$1 to US$30 million, invest in syndicated equity offerings and selectively buy on market. Having completed more than 150 direct investments totaling over US$1.5 Billion in transaction value, Lind's funds have been flexible and supportive capital partners to investee companies since 2011.\nAbout HUB Security Ltd.\nHUB Cyber Security Ltd was established in 2017 by veterans of the 8200 and 81 elite intelligence units of the Israeli Defense Forces and began trading as a public company on Nasdaq on March 1, 2023 under the ticker \"HUBC....