The merger will present HUB with $172 million in extra money, and $50 million in PIPE funding.
Israeli cybersecurity options firm HUB Safety (TASE: HUB) introduced this morning that it has signed a memorandum of understanding (MoU) to merge with particular objective acquisition firm (SPAC) Mount Rainier Acquisition Corp., which is traded on Nasdaq.
The merger will present HUB with $172 million in extra money, though redemptions by Mount Rainier’s public stockholders might cut back that quantity. HUB additionally stated that it has entered into subscription agreements with Israeli and American institutional buyers for gross proceeds of $50 million in public funding non-public fairness (PIPE) funding.
HUB Safety gives cybersecurity options for cloud computing and information facilities. Its flagship Hub-on-Chip answer, diminished to IoT, is for bank cards, automobiles, cameras and the like. The corporate is traded on the TASE after merging with ALD final yr, and has a market cap of NIS 820 million. The corporate’s share value rose 21% in the present day following the information.
HUB Safety introduced that it had agreed a SPAC merger on the finish of January however gave no monetary particulars on the time.
The merger is being supported by funding banks A-Labs and Oppenheimer and Sullivan and Worcester (Tel Aviv) legislation agency is performing as authorized advisor to the deal.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on March 23, 2022.
© Copyright of Globes Writer Itonut (1983) Ltd., 2022.
Eyal Moshe Picture: Ruby Leibowitz
