HUB Cyber Security to acquire BlackSwan Technologies

Published 01/23/2025, 08:40 AM
HUBC
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TEL AVIV - HUB Cyber Security Ltd. (NASDAQ: HUBC), an Israeli provider of advanced cybersecurity solutions, has announced the signing of a definitive agreement on January 15, 2025, for the acquisition of BlackSwan Technologies. The transaction is expected to conclude on or about January 28, 2025, pending regulatory and contractual approvals. The company, currently valued at $22.8 million, has seen its stock surge over 14% in the past week, though InvestingPro data shows it faces significant financial challenges with a weak overall health score of 1.66 out of 5.

CEO Noah Hershcoviz expressed confidence in the acquisition, stating it positions HUB as a potential leader in secured data fabric solutions, with prospects for enhanced cross-selling and cost optimization. InvestingPro analysis reveals 12 additional key insights about HUBC's financial position and market performance. Subscribers can access detailed metrics and expert analysis to evaluate this strategic move's potential impact.

Founded in 2017 by veterans of the Israeli Defense Forces' elite intelligence units, HUB Cyber Security offers encrypted computing technologies and data theft prevention solutions, serving clients in over 30 countries.

This information is based on a press release statement.

In other recent news, HUB Cyber Security Ltd. has embarked on a series of financial maneuvers. The cybersecurity company has restructured $7 million of its secured debt with United Mizrahi Tefahot (TASE:MZTF) Bank, which constitutes over 60% of its secured debt. This move aligns with HUB's broader strategy to address financial obligations and improve liquidity. Furthermore, HUB is in advanced negotiations to refinance the remaining portion of its secured debt.

In a bid to bolster its financial standing, HUB has reduced its convertible note obligations by 70% and secured an additional $1 million investment from a private investor. The firm has also appointed Ms. Renah Persofsky as an independent director, a development expected to contribute significantly to the company's growth and corporate governance.

However, the company faces challenges as it contests a delisting notice from the Nasdaq Stock Market due to non-compliance with the Nasdaq Global Market's minimum financial requirements. Despite these challenges, HUB has secured multiple contracts and entered into an $8 million straight debt arrangement to support growth initiatives. These recent developments underscore HUB's strategic decisions to navigate its financial challenges and improve its position for continued listing on the Nasdaq Global Market.

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