HUB Security, Developer of Confidential Computing Solutions for Enterprises & Governments, to Become Publicly Traded on Nasdaq Through Business Combination with Mount Rainier Acquisition Corp

PRNewswire

Mar 23, 2022

- HUB Cyber Security Israel Limited ("HUB"), founded by veterans of elite Israeli intelligence units (8200, 81, MOD, C4I-IDF), is disrupting cybersecurity with its proprietary Confidential Computing hardware provided to enterprises and governments

- The business combination implies pro forma enterprise value of approximately $1.28 billion, providing HUB with up to approximately $200 million in additional cash, assuming no redemptions by Mount Rainier's public stockholders

- HUB entered into Subscription Agreements with Israeli and American institutional investors for gross proceeds of approximately $50 million through a private placement

- Representing sufficient capital to meet the minimum cash required to close the proposed transaction and to fund HUB's business plan and acquisitions

- Current HUB shareholders will retain 100% of their equity and will continue to own approximately 81% of the combined company on a pro forma basis, assuming no redemptions by Mount Rainier's stockholders

- Founder & CEO Eyal Moshe will continue to own approximately 7% of the combined company on a pro forma basis, assuming no redemptions by Mount Rainier's public stockholders

PR Newswire

TEL AVIV, Israel and NEW YORK, March 23, 2022

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