TEL
AVIV, Israel, May 4, 2023
/PRNewswire/ -- HUB Cyber Security Ltd (NASDAQ: HUBC), a
developer of Confidential Computing cybersecurity solutions and
services ("HUB Security" or the "Company"), today announced that it
has entered into an agreement for up to $16
million in gross proceeds from Lind Global Asset Management
VI LLC, an investment entity managed by The Lind Partners, a
New York based institutional fund
manager (together, "Lind").
This investment is expected to provide HUB Security with
additional resources to fuel its rapid growth and development,
enhance its financial stability, and enable the Company to pursue
its future plans.
"The additional funding from The Lind Partners fortifies our
balance sheet and enables us to position HUB Security as a leading
confidential computing cybersecurity solutions provider in the
market," said Uzi Moskowitz, CEO of
HUB Security. "We are thrilled to have Lind as a partner in our
journey. Their unwavering commitment and support will undoubtedly
propel us even further towards achieving our goals of enhancing our
technology development and expanding our go-to-market
strategies."
Under the terms of the agreement with Lind, HUB Security will
have access to up to $16 million in
convertible debt financing in three tranches, which will mature
over a two year period. Upon the closing of this transaction, the
Company will have immediate access to the first tranche of
$4.5 million, and will have access to
the remaining two tranches totaling $11.5
million, upon the fulfillment of certain conditions.
About The Lind Partners
The Lind Partners manages institutional funds that are leaders
in providing growth capital to small- and mid-cap companies
publicly traded in the US, Canada,
Australia and the UK. Lind's funds
make direct investments ranging from US$1 to US$30
million, invest in syndicated equity offerings and
selectively buy on market. Having completed more than 150 direct
investments totaling over US$1.5
Billion in transaction value, Lind's funds have been
flexible and supportive capital partners to investee companies
since 2011.
About HUB Security Ltd.
HUB Cyber Security Ltd was established in 2017 by veterans of
the 8200 and 81 elite intelligence units of the Israeli Defense
Forces and began trading as a public company on Nasdaq on
March 1, 2023 under the ticker
"HUBC." HUB Security specializes in unique cybersecurity solutions
protecting sensitive commercial and government information and is a
recognized leader in the rapidly evolving field of zero-trust
confidential computing, an area of cybersecurity that provides
protection to data even when computers are infected, and
administrators are compromised. HUB Security's computing solutions
aim at preventing hostile intrusions at the hardware level while
introducing a novel set of data theft prevention solutions. The
Company operates in over 30 countries and provides innovative
cybersecurity computing appliances as well as a wide range of
cybersecurity services worldwide.
Investor Contact:
Marc P.
Griffin
ICR, Inc. for HUB Security
Marc.Griffin@ICRinc.com
Media Contact:
HUB Security
Gili Nizani
gili.nizani@hubsecurity.io
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 Security, 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 HUB Security and the following: (i)
risks related to HUB Security's convertible loan agreement with
Lind and the use of proceeds therefrom (ii) expectations regarding
HUB Security'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 Security's ability to invest in growth initiatives and pursue
acquisition opportunities; (iii) the outcome of any legal
proceedings that may be instituted against HUB Security; (iv) the
ability to meet stock exchange continued listing standards; (v) the
risk that the consummation of the business combination disrupts HUB
Security's current operations and future plans; (vi) the ability to
recognize the anticipated benefits of the business combination,
which may be affected by, among other things, competition, the
ability of HUB Security to grow and manage growth profitably,
maintain relationships with customers and suppliers and retain its
management and key employees; (vii) costs related to the business
combination; (viii) limited liquidity and trading of HUB Security's
securities; (ix) geopolitical risk, including military action and
related sanctions, and changes in applicable laws or regulations;
(x) the possibility that HUB Security may be adversely affected by
other economic, business, and/or competitive factors; (xi)
inaccuracies for any reason in the estimates of expenses and
profitability and projected financial information for HUB Security;
and (xii) other risks and uncertainties set forth in the section
entitled "Risk Factors" and "Cautionary Note Regarding
Forward-Looking Statements" in HUB Security'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
Security 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 matters addressed in this press release and attributable
to HUB Security or any person acting on their behalf are expressly
qualified in their entirety by the cautionary statements contained
or referred to in this press release. Except to the extent required
by applicable law or regulation, HUB Security 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
Gili Nizani on behalf of HUB Security
hubpr@hubsecurity.io
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SOURCE Hub Security