Welcome to our dedicated page for Hub Cyber Security Ltd. Ordinary Shares news (Ticker: HUBC), a resource for investors and traders seeking the latest updates and insights on Hub Cyber Security Ltd. Ordinary Shares stock.
HUB Cyber Security Ltd. (Nasdaq: HUBC) is a prominent player in the cybersecurity sector, focusing on the development of innovative cyber products and software solutions. Established in 2017 by veterans of elite Israeli Defense Forces' intelligence units, HUB Security has rapidly expanded its footprint across over 30 countries. The company specializes in confidential computing and provides advanced cybersecurity computing appliances along with a broad range of professional cybersecurity services.
HUB Security's core business revolves around creating unique solutions that protect sensitive commercial and government information. One of its flagship offerings is an advanced encrypted computing solution designed to thwart hostile intrusions at the hardware level. Additionally, the company offers a comprehensive suite of data theft prevention tools, ensuring robust protection for its clients.
Recent achievements highlight HUB Security's growing influence and reliability in the market. In February 2024, the company announced a renewed partnership with a subsidiary of a major credit card service provider, securing a six-figure contract to enhance risk management and compliance measures. This demonstrates HUB Security's trusted role in safeguarding critical financial data.
Further solidifying its market position, HUB Security entered a landmark five-year agreement with Blackswan Technologies Ltd., a leading U.S. enterprise-AI vendor. This collaboration aims to provide state-of-the-art transaction monitoring and cyber risk mitigation solutions for a top-tier European bank, reflecting HUB's strategic expansion into the finance sector.
Financially, HUB Security is on solid ground. In April 2024, the company successfully secured $8 million through a straight debt financing arrangement. This influx of capital supports HUB's strategic investments and growth initiatives. Additionally, the company recently acquired QPOINT, a firm with annual revenues exceeding $26 million, adding over 100 top-tier customers to HUB's portfolio.
Despite facing legal challenges from Dominion, HUB Security remains steadfast and committed to defending its reputation and business integrity. The company has filed a counterclaim, showcasing its determination to uphold its business operations and client trust.
HUB Security's client base includes high-profile names such as Rafael Advanced Defense Systems, the developer of Israel's 'Iron Dome,' underscoring the company's capability to deliver critical security solutions at a national level. HUB's commitment to excellence and innovation continues to drive its success and market expansion.
For further information or inquiries, please contact: info@hubsecurity.com
HUB Security (NASDAQ: HUBC) received a Staff Delisting Determination from Nasdaq due to non-compliance with the minimum bid price requirement. The company was given until January 13, 2025, to meet the minimum bid price requirement but failed to do so. In response, HUB Security appealed the decision on December 18, 2024, with a hearing scheduled for February 6, 2025.
The appeal temporarily stays any suspension or delisting action pending the hearing outcome. While there's no guarantee of continued listing, the company believes its improved financial position supports maintaining its listing status. This follows a previous notification on December 11, 2024, regarding potential delisting due to an inadequate compliance plan that failed to demonstrate the company's ability to achieve and sustain compliance with listing requirements.
HUB Cyber Security (NASDAQ: HUBC) has announced a definitive agreement to acquire BlackSwan Technologies in a stock-for-stock transaction, where BlackSwan shareholders will own approximately 31% of the combined entity. The acquisition is expected to close next week, subject to customary conditions.
BlackSwan brings existing contracts with major banking institutions and proprietary AI-powered secured data fabric technology that reduces complex financial systems' total cost of ownership by 50%. Over $50M has been invested in developing BlackSwan's solutions. The company has presence in Sri Lanka, Poland, Germany, the UK, and Israel.
The combined market opportunity is estimated at over $500 million, with expected growth in 2025 and 2026. The merger aims to enhance HUB's cybersecurity framework with BlackSwan's technology to offer improved compliance solutions, data protection, and reduced operational costs through AI-driven processes.
HUB Cyber Security (NASDAQ: HUBC) has filed an update to its registration statement with the SEC on December 31, 2024. The filing includes shares related to potential future issuances from convertible notes conversion and warrant exercises. A significant portion of currently outstanding shares serve as loan securities held by key investors, which will be cancelled upon loan repayment.
The company indicates this is a preliminary step before an expected significant financing round, which they anticipate will enable loan repayment before the loan securities convert to shares. CEO Noah Hershcoviz states these updates are part of their strategy to strengthen HUB's financial position and support future growth while maintaining investor transparency.
HUB Cyber Security (NASDAQ: HUBC) has successfully restructured $7 million of its secured debt with United Mizrahi Tefahot Bank through a settlement agreement signed on December 19, 2024. The agreement covers over 60% of HUB's secured debt through its subsidiary Comsec and defers principal payments until June 2025.
The restructuring aligns with HUB's expected free cash flow generation and enhances the company's liquidity. HUB is also in advanced negotiations to refinance the remainder of its secured debt, with completion expected in Q1 2025. The company aims to settle or extend most of its outstanding debt to achieve financial stability and support its growth trajectory.
HUB Security (NASDAQ: HUBC) has received a Staff Delisting Determination from Nasdaq due to non-compliance with listing requirements. The company failed to meet the minimum $50 million threshold for total assets and revenue for the most recent fiscal year and two of the last three fiscal years. While HUB submitted a compliance plan on October 9, 2024, Nasdaq determined it insufficient to demonstrate near-term compliance. HUB is now appealing this decision before the Nasdaq Hearings Panel, which allows its securities to continue trading on the Nasdaq Global Market during the appeal process. The company maintains that its improved financial position supports continued listing, though there's no guarantee the appeal will succeed.
HUB Cyber Security (NASDAQ: HUBC) reported H1 2024 financial results showing revenues of $15.7 million, down from $25.0 million in H1 2023. The company achieved significant improvements in key metrics: gross margin increased to 9.5% from -7.6%, operating expenses decreased 71% to $16.5 million, and operating loss improved by 74%. The company is transitioning away from less profitable segments to focus on its core Secured Data Fabric platform and higher-margin offerings. Management expects H2 revenues to increase sequentially, driven by Cyber Security consulting and Secured Data Fabric clients.
HUB Cyber Security (NASDAQ: HUBC) has announced several significant financial developments: a 70% reduction in its $5.7 million convertible note obligations through a settlement with AGP, securing an additional $1 million investment from an existing investor who previously invested $10 million, and pursuing the refinancing of $7.5 million debt into a long-term settlement. Additionally, the company appointed Ms. Renah Persofsky to its Board of Directors, replacing Ms. Lior Lurye. Persofsky brings extensive experience from multiple Nasdaq-listed and private company boards, strengthening HUB's corporate governance.
HUB Cyber Security (NASDAQ: HUBC) has announced a conference call scheduled for Monday, December 2, 2024, at 9:00 a.m. ET to discuss their first half 2024 financial results and provide a corporate update. Interested participants can join via phone by dialing (844) 836-8745 for domestic calls or (412) 317-6797 for international calls. A live webcast will be available through the company's investor relations website. Questions can be submitted through the webcast portal or via email. A replay will be accessible using access code 3256735.
HUB Security (NASDAQ: HUBC) announced several strategic initiatives and upcoming developments. The company plans to release its financial results for H1 2024 by November end. A key European Bank contract is expected to expand from KYC services to include NLS screening solutions. The company added five new customers in Q3 2024 for IT services, with 14 pending tenders. HUB Security is preparing for U.S. market entry in Q1 2025, focusing on research, development, and partnerships. The company reports growing interest in its Secured Data Fabric product and is negotiating a collaboration with Western European banks.
HUB Security (NASDAQ: HUBC), a leading cybersecurity and advanced data fabric solutions provider, has announced its participation in The ThinkEquity Conference on October 30, 2024, at the Mandarin Oriental Hotel in New York. CEO Noah Hershcoviz will deliver a presentation at 11:00 ET and conduct one-on-one investor meetings throughout the day. The conference brings together institutional investors, corporate clients, and industry professionals to showcase innovations and financial strategies. The company aims to highlight its advancements in secured data fabric and connect with investors who share their vision for digital security.
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