TEL
AVIV, Israel , March 15,
2023 /PRNewswire/ -- HUB Cyber Security
Ltd (Nasdaq: HUBC), a developer of Confidential Computing
cybersecurity solutions and services ("HUB" or the
"Company"), announced today that the Israeli investment
bank, A-Labs Advisory & Finance Ltd. ("ALabs"), has
reaffirmed its irrevocable commitment to invest $20 million in HUB as an equity PIPE investment
at $10 per share, previously made in
connection with the Company's business combination. This commitment
represents a significant premium to current market price.
ALabs has already fulfilled more than 10% (~$2.2 million) of its commitment (as previously
announced by the Company on March 14,
2023) and expects to complete the remainder of the funding
in the near future.
Doron Cohen, Managing Director
and CEO of ALabs commented that: "We are intimately familiar with
HUB and working closely with its management and board of directors
over the past 18 months. A-Labs firmly believes in HUB's potential
to become one of the influential companies in the cyber arena over
the next years and supports it future growth plans with this
funding."
Uzi Moskovich, CEO of HUB added
that: "Alabs have supported HUB with arranging over $80 million in institutional and private funding
to date. We believe their reaffirming of their PIPE commitment is
the greatest show of faith in the Company's leadership and it
ability to drive future business growth and shareholder value."
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. The company specializes in unique Cyber Security
solutions protecting sensitive commercial and government
information. The company 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.
About A-Labs Advisory & Finance Ltd.
A-Labs is an innovative advisory and investment banking firm
with a unique hands-on approach to building companies to reach
their highest potential and raising funds to execute on their
business plans. A-Labs focuses on game-changing companies within
its portfolio and provides a vertically integrated service to its
clientele that includes full corporate advisory, marketing and
branding services, business model and financial optimization,
strategic planning, fund raising at pre-IPO and IPO levels, M&A
services, after-market support and corporate governance, secondary
and follow-on financing.
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 the combined company;
(iii) the ability to meet stock exchange continued listing
standards; (iv) the risk that the consummation of the business
combination disrupts HUB's current operations and future plans; (v)
the ability to recognize the anticipated benefits of the
transaction, which may be affected by, among other things,
competition, the ability of HUB to grow and manage growth
profitably, maintain relationships with customers and suppliers and
retain its management and key employees; (vi) costs related to the
transaction; (vii) limited liquidity and trading of HUB's
securities; (viii) geopolitical risk, including military action and
related sanctions, and changes in applicable laws or regulations;
(ix) 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 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.
Media contact
Matt McLoughlin
Gregory FCA on behalf of HUB Security
matt@gregoryfca.com
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SOURCE Hub Security