HUB Cyber Security (Israel) Limited (TASE: HUB), a Tel-Aviv based developer of Confidential Computing cybersecurity solutions and services (“HUB” or the “Company”), announces an update on a closing of a PIPE round and the status of the Company’s expected SPAC merger with Mount Rainier Acquisition Corp. (NASDAQ: RNER).
The company has reported a PIPE placement of NIS 17m ($5M) representing approximately 3 million shares at a price of NIS 6 ($1.76) per share (circa 100% premium to current market price) and approximately 4.5 million in warrant coverage at an exercise price of NIS 7.2 ($2.1) per warrant. The TASE gave its approval for the allocation to proceed on May 10, 2022. Details of the allocation to investors will be announced in the coming days.
Detailed information regarding the identities of the investors and the terms of the private placement may be found in the Company’s report dated April 10, 2022 (reference: 2022-01-045694).
Further, and following the Company’s reports regarding a merger agreement with SPAC traded on NASDAQ, the Company updates that, as of the date of this announcement, the merger transaction proceeds as planned at the current price of $10 per share. Updates on the merger will be published as required by law. For further details, refer to Note 29 to the financial statements as of 31.12.2021; report dated 31 March 2022 (reference: 2022-01-034230).
Forward-Looking Statement
It should be clarified that the aforementioned information regarding the execution of merger transactions with the SPAC, is deemed as forward-looking information, as per the definition of the Israeli Securities Law, 5728-1968. The merger transaction is conditional upon the terms and conditions set forth in the publicized Note 29 to the Financial Statements for 2021 (reference: 2022-01-034230), the merger agreements, approvals of third parties, the conditions of the US and NASDAQ capital markets, and other risk factors in connection with the Company’s operations as set forth in Section 33 of the Company’s Periodic Report for 2021 (reference: 2022-01-034230) included in this report by way of reference.
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