HUB Security Receives Nasdaq Notification Regarding Minimum Bid Price Requirement
June 13 2023 - 4:15PM
HUB Security Ltd (Nasdaq: HUBC), a developer of Confidential
Computing cybersecurity solutions and services ("HUB Security" or
the "Company"), received a notification on June 9, 2023 from The
Nasdaq Stock Market (“Nasdaq”) notifying the Company that it is no
longer in compliance with Nasdaq Listing Rule 5450(a)(1), because
for the past 30 consecutive business days preceding the date of the
notification (“Notice”), the bid price per share of the Company’s
ordinary shares, no par value (“Ordinary Shares”) had closed below
the $1.00 per share minimum bid price required for continued
listing on Nasdaq (the “Minimum Bid Price Requirement”).
The Notice has no immediate effect on the listing of the
Company’s Ordinary Shares, and the Company’s Ordinary Shares
continue to trade on Nasdaq under the symbol “HUBC”.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has
been provided with an initial 180-calendar day period, ending on
December 6, 2023, (the "Initial Compliance Period") to regain
compliance with the Minimum Bid Price Requirement. If at any time
during the Initial Compliance Period, the closing bid price per
share of the Ordinary Shares is at least US$1.00 for a minimum of
10 consecutive business days, it is expected that Nasdaq will
provide the Company a written confirmation of compliance and the
matter will be closed.
If the Company does not regain compliance within the Initial
Compliance Period, it may be eligible for an additional
180-calendar day compliance period, pursuant to Nasdaq Listing Rule
5810(c)(3)(A)(ii), provided that it meets the applicable market
value of publicly held shares requirement for continued listing and
all applicable standards for initial listing on the Nasdaq Capital
Market (except the Minimum Bid Price Requirement) and notifies
Nasdaq of its intent to cure this deficiency during this second
compliance period. If the Company has not regained compliance
within the period(s) granted by Nasdaq, including any extensions,
the Ordinary Shares will be subject to delisting, pending an appeal
to the Nasdaq Hearing Panel.
The Company's business operations are not affected by the
receipt of the Notification Letter. The Company intends to monitor
the closing bid price of its Ordinary Shares and will consider its
options in order to regain compliance with the Minimum Bid Price
Requirement.
About HUB Cyber 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.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”). These statements include, without
limitation, statements regarding the financial position, business
strategy, plans and objectives of management for future operations,
and any statements that refer to characterizations of future events
or circumstances, including any underlying circumstances. These
statements constitute projections, forecasts and forward-looking
statements, and are not guarantees of performance. Such statements
can be identified by the fact that they do not relate strictly to
historical or current facts. When used in this report, the words
“could,” “should”, “will,” “may,” “anticipate,” “believe,”
“expect,” “estimate,” “intend,” “plan,” “project,” the negative of
such terms, and other similar expressions are intended to identify
forward looking statements, although not all forward-looking
statements contain such identifying words. Such forward-looking
statements are based on management’s current expectations and
assumptions about future events and are based on currently
available information as to the outcome and timing of future
events. 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 the Company and: (i) the Company’s ability to
submit a plan to regain compliance with the Nasdaq Listing Rules;
(ii) the Company’s ability to meet minimum bid price required for
continued listing on Nasdaq) (iii) the Company’s ability to meet
other Nasdaq continued listing standards; (iv) expectations
regarding the Company’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 the Company’s ability to invest in growth
initiatives and pursue acquisition opportunities; (v) the risk that
the consummation of the business combination disrupts the Company’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 the
Company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (vii) limited liquidity and trading
of the Company’s securities; (viii) geopolitical risk, including
military action and related sanctions, and changes in applicable
laws or regulations; (ix) the possibility that the Company may be
adversely affected by other economic, business, and/or competitive
factors; (x) inaccuracies for any reason in the estimates of
expenses and profitability and projected financial information for
the Company; and (xi) other risks and uncertainties set forth in
the section entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in the Company’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 the
Company 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 the Company 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, the Company 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.
Investor Contact:
Marc P. GriffinICR, Inc. for HUB
SecurityMarc.Griffin@ICRinc.com
Media Contact:
HUB SecurityGili Nizanigili.nizani@hubsecurity.io
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