Nasdaq Hearings Panel Extends HUB Cyber Security’s Bid Price Compliance Deadline to April 14, 2025, Following Review of HUB’s Developments

Rhea-AI Summary

HUB Cyber Security (NASDAQ: HUBC) has received a 14-day extension from the Nasdaq Hearings Panel to meet the minimum bid price requirement. The company now has until April 14, 2025, to achieve 10 consecutive trading days with a share price of at least $1.

The Panel's decision was influenced by HUB's compliance with the Market Value of Listed Securities (MVLS) requirements and a review of the company's recent developments. CEO Noah Hershcoviz views this extension as a sign of the Panel's confidence in HUB's achievements and its pathway to maintaining Nasdaq listing.

Positive

• Received 14-day extension from Nasdaq Hearings Panel for bid price compliance
• Company maintains compliance with Market Value of Listed Securities (MVLS) requirements

Negative

• Company faces potential delisting risk if unable to maintain $1 share price for 10 consecutive days by April 14, 2025
• Current share price remains below Nasdaq's minimum requirement of $1

TEL AVIV, Israel, March 14, 2025 (GLOBE NEWSWIRE) -- HUB Cyber Security Ltd. (NASDAQ: HUBC) (“HUB” or the “Company”), a global leader in confidential computing and advanced secured data fabric technology,  announced that it has received a 14-day extension from the Nasdaq Hearings Panel (the “Panel”) to evidence compliance with the minimum bid price requirement. The Company now has through April 14, 2025, to achieve 10 consecutive trading days of at least $1 per share.

The Panel’s determination is based in part on the Company meeting the continued listing requirements for the Market Value of Listed Securities (“MVLS”).

In addition, the Panel inquired into and reviewed recent developments at HUB and the Company’s latest progress updates, prior to granting the Company the 14-day extension which it had requested.

Noah Hershcoviz, CEO of HUB Cyber Security, commented:
“The Panel’s decision to grant the Company’s request for an extension in meeting the bid price requirement, following its review of HUB’s recent developments and progress, further evidences the confidence the Panel has in the Company, its latest achievements and its roadmap towards continued listing on The Nasdaq Stock Market.”

About HUB Cyber 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 advanced cybersecurity solutions that protect sensitive commercial and government information. HUB’s offerings include encrypted computing technologies that prevent hardware-level intrusions and innovative data theft prevention solutions. Operating in over 30 countries, HUB serves a diverse client base with its cutting-edge cybersecurity appliances and services.

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. 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, 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 and remain listed on the Nasdaq; (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; (x) 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/A filed on October 22, 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

What is the new deadline for HUB Cyber Security (HUBC) to meet Nasdaq's minimum bid price requirement?

HUBC has until April 14, 2025, to achieve a minimum bid price of $1 per share for 10 consecutive trading days.

What conditions must HUBC meet to maintain its Nasdaq listing by April 14, 2025?

HUBC must maintain a share price of at least $1 for 10 consecutive trading days and continue meeting the Market Value of Listed Securities (MVLS) requirements.

Why did the Nasdaq Hearings Panel grant HUBC an extension?

The Panel granted the extension based on HUBC's compliance with MVLS requirements and after reviewing the company's recent developments and progress.

What happens if HUBC fails to meet the $1 minimum bid requirement by April 14, 2025?

If HUBC fails to meet the minimum bid requirement by the deadline, the company could face delisting from the Nasdaq Stock Market.