HUB Cyber Security Reduces $5.7 Million Debt by 70%, Secures Additional Funding, Plans Long-Term Refinancing and Welcomes a New Word-Class Board Member
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) ha annunciato diversi sviluppi finanziari significativi: una riduzione del 70% delle sue obbligazioni in note convertibili da 5,7 milioni di dollari attraverso un accordo con AGP, l'assicurazione di un ulteriore investimento di 1 milione di dollari da un investitore esistente che in precedenza aveva investito 10 milioni di dollari, e la ricerca del rifinanziamento di un debito di 7,5 milioni di dollari in un accordo a lungo termine. Inoltre, l'azienda ha nominato Ms. Renah Persofsky nel suo Consiglio di Amministrazione, sostituendo Ms. Lior Lurye. Persofsky porta con sé una vasta esperienza da diversi consigli di amministrazione di aziende quotate al Nasdaq e private, rafforzando la governance aziendale di HUB.
HUB Cyber Security (NASDAQ: HUBC) ha anunciado varios desarrollos financieros significativos: una reducción del 70% en sus obligaciones de notas convertibles de $5.7 millones a través de un acuerdo con AGP, asegurando una inversión adicional de $1 millón de un inversor existente que había invertido previamente $10 millones, y persiguiendo el refinanciamiento de una deuda de $7.5 millones en un acuerdo a largo plazo. Además, la compañía nombró a Ms. Renah Persofsky en su Junta Directiva, reemplazando a Ms. Lior Lurye. Persofsky aporta una amplia experiencia de múltiples juntas de empresas cotizadas en Nasdaq y privadas, fortaleciendo la gobernanza corporativa de HUB.
HUB 사이버 보안 (NASDAQ: HUBC)는 몇 가지 중요한 재무 개발을 발표했습니다: AGP와의 합의를 통해 570만 달러의 전환사채 의무를 70% 줄였으며, 이전에 1천만 달러를 투자한 기존 투자자로부터 추가로 100만 달러의 투자를 확보했고, 750만 달러의 부채를 장기 합의로 재융자하는 작업을 진행하고 있습니다. 또한, 회사는 Ms. Renah Persofsky를 이사회의 일원으로 임명하여 Ms. Lior Lurye를 대체했습니다. 퍼소프스키는 다양한 나스닥 상장 기업 및 사기업 이사회에서 얻은 광범위한 경험을 통해 HUB의 기업 거버넌스를 강화하고 있습니다.
HUB Cyber Security (NASDAQ: HUBC) a annoncé plusieurs développements financiers importants : une réduction de 70 % de ses obligations en billets convertibles de 5,7 millions de dollars grâce à un règlement avec AGP, la sécurisation d'un investissement supplémentaire de 1 million de dollars d'un investisseur existant qui avait auparavant investi 10 millions de dollars, et la recherche du refinancement d'une dette de 7,5 millions de dollars en un accord à long terme. De plus, la société a nommé Ms. Renah Persofsky à son Conseil d'administration, remplaçant Mme Lior Lurye. Persofsky apporte une vaste expérience provenant de plusieurs conseils d'administration d'entreprises cotées au Nasdaq et privées, renforçant ainsi la gouvernance d'entreprise de HUB.
HUB Cyber Security (NASDAQ: HUBC) hat mehrere bedeutende finanzielle Entwicklungen angekündigt: eine Reduzierung seiner 5,7 Millionen Dollar an wandelbaren Schuldverschreibungen um 70 % durch einen Vergleich mit AGP, die Sicherung einer zusätzlichen Investition von 1 Million Dollar von einem bestehenden Investor, der zuvor 10 Millionen Dollar investiert hatte, und die Verfolgung der Refinanzierung von 7,5 Millionen Dollar Schulden in eine langfristige Vereinbarung. Darüber hinaus hat das Unternehmen Ms. Renah Persofsky in seinen Vorstand berufen, um Ms. Lior Lurye zu ersetzen. Persofsky bringt umfangreiche Erfahrungen aus mehreren Nasdaq-notierten und privaten Unternehmensvorständen mit, was die Unternehmensführung von HUB stärkt.
- 70% reduction in $5.7 million debt obligations
- Secured additional $1 million investment from existing investor
- Potential refinancing of $7.5 million debt into long-term settlement
- Appointment of experienced board member with Nasdaq companies background
- Significant existing debt burden of $7.5 million still requiring refinancing
- Continued reliance on additional funding from investors
TEL AVIV, Israel, Nov. 29, 2024 (GLOBE NEWSWIRE) -- via IBN -- HUB Cyber Security Ltd. (NASDAQ: HUBC) (“HUB Security” or the “Company”), a leading provider of cybersecurity solutions and advanced data fabric, announces an agreement with AGP to reduce by
The Company has also obtained an additional
Finally, the Company is also delighted and honored to welcome Ms. Renah Persofsky to its Board of Directors and to its various Committees, replacing Ms. Lior Lurye as a director of the Board. Ms. Persofsky has served on multiple boards of both Nasdaq listed and unlisted private companies and brings extensive business experience, a strong financial background and strategic insights that will contribute significantly to HUB Security’s growth and vision. Her appointment will also strengthen the Company’s corporate governance sector, and she will serve as an independent director on the Board.
We look forward to her sage counsel, prudent guidance and the added value she will bring to our leadership team.
Noah Hershcoviz, CEO of HUB Cyber Security, commented:
“These valuable achievements reflect HUB Security’s ongoing strength and strategic focus as we position the Company for sustainable growth and long-term success. The significant reduction of our
We are particularly excited to welcome Ms. Renah Persofsky to our Board of Directors. Ms. Persofsky’s wealth of experience and keen financial and business oriented insights will enhance HUB Security’s corporate governance and provide the strategic vision necessary to guide the Company into the future. I am confident her valuable contributions will strengthen HUB Security’s foundation as we continue to grow, innovate, and lead the market in delivering cutting-edge cybersecurity solutions.
I would also like to extend my heartfelt gratitude to Ms. Lior Lurye for her dedicated service and valuable contributions to HUB Security during her tenure on the Board. Ms. Lurye’s guidance and commitment have been instrumental in shaping the Company’s success, and we wish her all the best in her future endeavors.
As we move forward, HUB Security remains steadfast in its mission to deliver exceptional value to our stakeholders, drive innovation in Secured Data Fabric solutions, and expand our leadership in the global cybersecurity landscape. I want to thank our teams, investors, and partners for their trust and unwavering support as we continue this exciting journey together.”
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 operates in over 30 countries and provides innovative cybersecurity computing appliances and a wide range of cybersecurity services worldwide. HUB’s Secured Data Fabric is a revolutionary product developed in partnership with BlackSwan Technologies that is emerging as a leader in highly secured and advanced data management and unification.
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,” “potential,” “predict,” “seem,” “should,” “will,” “would” and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current expectations of the management of HUB Security, as applicable, and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties, or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made with the SEC by the HUB Security and the following: (i) significant uncertainty regarding the adequacy of HUB Security’s liquidity and capital resources and its ability to repay its obligations as they become due; (ii) the war between Israel and Hamas commenced in October 2023, and the potential expansion of hostilities to other fronts, which may harm Israel’s economy and HUB Security’s business; (iii) expectations regarding HUB Security's strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and HUB Security's ability to invest in growth initiatives and pursue acquisition opportunities; (iv) the outcome of any legal or regulatory proceedings against HUB Security in connection with our previously announced internal investigation or otherwise; (v) the ability to cure and meet stock exchange continued listing standards; (vi) competition, the ability of HUB Security to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (vii) limited liquidity and trading of HUB Security’s securities; (viii) geopolitical risk, including military action and related sanctions, and changes in applicable laws or regulations; (ix) the possibility that HUB Security may be adversely affected by other economic, business, and/or competitive factors; (i) other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" in HUB Security’s Annual Report on Form 20-F filed on August 16, 2024.
Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of HUB Security prove incorrect, actual results may vary in material respects from those expressed or implied in these forward-looking statements.
All subsequent written and oral forward-looking statements concerning the business combination or other matters addressed in this press release and attributable to HUB Security or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in the press release. Except to the extent required by applicable law or regulation, HUB Security undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release to reflect the occurrence of unanticipated events.
Investor Relations
Lytham Partners
Ben Shamsian
646-829-9701
shamsian@lythampartners.com
FAQ
How much debt did HUB Cyber Security (HUBC) reduce in November 2023?
How much additional funding did HUBC secure in November 2023?
Who is the new board member appointed to HUBC in November 2023?
What is the amount of debt HUBC is seeking to refinance?
