According to a press release, Hub Cyber Security successfully issued and sold 400,000 shares for $10 each. These shares were sold to two of the original PIPE investors in the company. This has it raising roughly $4 million through the private placement.
Hub Cyber Security notes that the stock sale today is connected to its original PIPE agreement following its merger. It’s also undergoing negotiations with other PIPE investors to obtain more funds from them.
What to Know About HUBC Stock
Hub Cyber Security is a cybersecurity company that went public through a special purpose acquisition company (SPAC) at the start of the month. It did so through a combination with blank-check company Mount Rainier Acquisition Corp.
Hub Cyber Security was founded in 2017 by veterans of the 8200 and 81 elite intelligence units of the Israeli Defense Forces. It makes use of an advanced encrypted computing solution to protect sensitive commercial and government information.
HUBC stock is seeing heavy trading on Wednesday, with some 5 million shares on the move. For comparison, the company’s daily average trading volume is about 2.6 million shares. HUBC is also up 9.7% alongside this movement.
Investors keeping an eye on the stock market are in the right place!
InvestorPlace has all of the hottest stock market news worth knowing about on Wednesday! A few examples include why shares of Credit Suisse (NYSE:CS) stock are falling, what has the stock market down today, and more. We’ve got all that news ready to go at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.