HUB Security seeks to delist from TASE after SPAC merger

Eyal Moshe Credit: Ruby Leibowitz
Eyal Moshe Credit: Ruby Leibowitz

The Israeli cybersecurity solutions company expects its SPAC merger to be completed next month.

Israeli cybersecurity solutions company HUB Security (TASE: HUB) has announced that it will ask shareholders to approve delisting from the Tel Aviv Stock Exchange (TASE) ahead of its SPAC merger, which when completed will see the company's shares listed on Nasdaq.

The company expects its SPAC merger to be completed next month. In March, HUB Security announced that it had signed a memorandum of understanding (MoU) to merge with special purpose acquisition company (SPAC) Mount Rainier Acquisition Corp., which was then traded on Nasdaq, at a company valuation of $1.28 billion.

The merger will provide HUB with $172 million in additional cash, although redemptions by Mount Rainier's public stockholders could reduce that amount. HUB also said that it has entered into subscription agreements with Israeli and American institutional investors for gross proceeds of $50 million in public investment private equity (PIPE) funding.

HUB Security provides cybersecurity solutions for cloud computing and data centers. Its flagship Hub-on-Chip solution, reduced to IoT, is for credit cards, cars, cameras and the like.

HUB Security CEO Eyal Moshe said, "As we move ahead with the HUB's expected migration to trade on Nasdaq, we employ all efforts to make the transition as seamless as possible while maximizing the value to our many investors and shareholders."

Published by Globes, Israel business news - en.globes.co.il - on July 5, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Eyal Moshe Credit: Ruby Leibowitz
Eyal Moshe Credit: Ruby Leibowitz
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