TEL
AVIV, Israel, March 14,
2023 /PRNewswire/ -- HUB Cyber Security Ltd (NASDAQ:
HUBC), a developer of Confidential Computing cybersecurity
solutions and services ("HUB" or the "Company"), today announced
that it had issued and sold approximately 400,000 shares to two of
the original PIPE investors at a price per share of $10 for proceeds of approximately $4 million dollars, in a private placement. The
shares were sold pursuant to the original PIPE terms entered into
in connection with the Company's business combination. The
remaining PIPE funds are currently being negotiated with investors
and the Company remains in discussions with the investors to
receive those funds.
![Hub Security Logo Hub Security Logo](https://mma.prnewswire.com/media/1710726/HUB_Security_Logo.jpg)
About HUB Cyber Security Ltd.
HUB Cyber Security Ltd
("HUB") was established in 2017 by veterans of the 8200 and 81
elite intelligence units of the Israeli Defense Forces. HUB
specializes in unique Cyber Security solutions protecting sensitive
commercial and government information. HUB debuted an advanced
encrypted computing solution aimed at preventing 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 as well as a
wide range of cybersecurity services worldwide.
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, 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 and the following: (i)
expectations regarding HUB'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's ability to invest in growth initiatives and
pursue acquisition opportunities; (ii) the outcome of any legal
proceedings that may be instituted against HUB; (iii) the ability
of HUB to meet stock exchange continued listing standards; (iv) the
ability of HUB to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (v) limited liquidity and trading of
HUB's securities; (vii) geopolitical risk, including military
action and related sanctions, and changes in applicable laws or
regulations; (viii) the possibility that HUB may be adversely
affected by other economic, business, and/or competitive factors;
(x) inaccuracies for any reason in the estimates of expenses and
profitability and projected financial information for HUB; and (xi)
other risks and uncertainties set forth in the section entitled
"Risk Factors" and "Cautionary Note Regarding Forward-Looking
Statements" in HUB's final proxy statement/prospectus filed on
December 5, 2022.
Should one or more of these risks or uncertainties materialize
or should any of the assumptions made by the management of HUB
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 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 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.
Contact Details
Hub Cyber Security
hubpr@hubsecurity.io
Company Website
https://hubsecurity.com/
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SOURCE Hub Security