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HUB Security Reports Fiscal 2022 Financial Results and Provides Corporate Update
Completes Internal Investigation and Files Annual Report on Form 20-F for the Fiscal Year 2022 TEL AVIV, Israel, Aug. 15, 2023 (GLOBE NEWSWIRE) -- HUB
About this update from Hub Cyber Security Ltd.
[{"type":"text","content":"Completes Internal Investigation and Files Annual Report on Form 20-F for the Fiscal Year 2022\nTEL AVIV, Israel, Aug. 15, 2023 (GLOBE NEWSWIRE) -- HUB Security (NASDAQ: HUBC), a developer of Confidential Computing cybersecurity solutions and services (\"HUB Security\" or the \"Company\"), today announced it has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2022. The Company plans to work expeditiously to report its first half results for the period ended June 30, 2023. Subsequently, the Company looks forward to holding a conference call to discuss historical events, current status, and go-forward outlook. Meanwhile, the Company continues its strategy, daily operations, and mission to disrupt the market with its confidential computing platform. As previously disclosed, the Board of Directors of the Company appointed a Special Committee of Independent Directors (the “Special Committee”) to oversee an internal investigation (the “Internal Investigation”) in order to review certain allegations of misappropriation of Company funds and other potential fraudulent actions regarding the use of Company funds by a former senior officer of the Company. The Special Committee placed a heavy emphasis on being thorough and judicious in uncovering any malfeasance, which required multiple and time-consuming audits, including a forensic audit, to ensure any and all malfeasance was uncovered. During the course of the Internal Investigation, the Special Committee, together with its outside advisers, believed that it found sufficient evidence to support a determination that Mr. Eyal Moshe, the Company’s former Chief Executive Officer and President of U.S. operations and former Board member misappropriated a total of approximately NIS 2 million (approximately $582 thousand) for personal use. The employment of Eyal Moshe, was terminated effective July 24, 2023 for cause in connection with these determinations by the Special Committee. Additionally, Mr. Moshe resigned from the Company’s Board of Directors on August 15, 2023. “Since being appointed as CEO, we have commenced a complete review of all internal controls and refined our go-to-market and R&D teams. We are leveraging the breadth of our customer base and bundling cyber solutions with our confidential computing platform to create a ‘One HUB’ strategy,” Uzi Moskovich...