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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) has received a notification from Nasdaq indicating non-compliance with the minimum bid price requirement. The company's stock has closed below $1.00 per share for 30 consecutive business days. HUB has been given an initial 180-calendar day period, ending on January 13, 2025, to regain compliance.
To meet the requirement, HUBC's closing bid price must be at least $1.00 for a minimum of 10 consecutive business days. If compliance is not achieved within this period, HUB may be eligible for an additional 180-day compliance period, subject to meeting certain conditions. Failure to regain compliance could result in delisting from Nasdaq, pending an appeal.
The company's business operations remain unaffected by this notification, and HUB intends to monitor its stock price and consider options to regain compliance.
Hub Security (NASDAQ: HUBC) has announced a successful $15 million refinancing and capital raising initiative. This includes the restructuring of $8 million in existing debt, securing an extra $2 million in new debt, and raising $5 million through key shareholders exercising warrants at $0.90 per share. According to CEO Noah Hershcoviz, these financial steps indicate strong investor confidence and position the company to further enhance its cybersecurity offerings and advance its Secure Data Fabric roadmap.
HUB Cyber Security (NASDAQ: HUBC), a developer of confidential computing cybersecurity solutions, has announced updates on its financial reports and business developments. The company is set to release its annual financial reports in the next few weeks. Recently, HUBC secured two significant deals with governmental entities, showcasing its strategic expansion plans. Additionally, the company anticipates considerable progress in its secure data fabric vertical by the end of the next quarter. These developments underline HUBC's commitment to enhancing its cybersecurity offerings.
HUB Cyber Security (NASDAQ: HUBC) has announced progress in settling a $12 million dispute with Oppenheimer & Co. The dispute involves unpaid fees for services related to a SPAC merger. The company states that negotiations are advancing positively towards a resolution.
HUB Cyber Security (NASDAQ: HUBC) and BlackSwan Technologies will jointly showcase their advanced Secured Data Fabric (SDF) solution at the Money 20/20 event next week. This premier global gathering focuses on payments and financial services innovation. The SDF solution is designed for secure data access and management across various sectors, including healthcare, government, energy, defense, and finance. The goal is to ensure that sensitive information is accessed securely without compromising confidentiality or integrity. Noah Hershcoviz, CEO of HUB Cyber Security, emphasized the advanced protection and control the SDF solution offers over sensitive data.
HUB Cyber Security announced they need more time to complete the audit of their annual financial statements and file their Annual Report for the fiscal year ended December 31, 2023. This delay is due to the recent acquisition of QPoint and efforts to finalize debt restructuring. HUB received a notice from Nasdaq indicating non-compliance with listing rules but this does not affect their current listing or trading. HUB has until July 19, 2024, to submit a compliance plan and may receive an extension until November 11, 2024, if Nasdaq approves. HUB remains optimistic about meeting these requirements.
HUB Cyber Security (Nasdaq: HUBC) has been awarded a $2 million contract by the Israel Airports Authority for supervision services and engineering design consultancy. The contract highlights the company's successful integration of recent acquisitions and strategic growth approach.
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