Press release
Investigation announced for Investors in shares of HUB Cyber Security (Israel) Ltd. (NASDAQ: HUBC)
An investigation for investors in HUB Cyber Security (Israel) Ltd. (NASDAQ: HUBC) shares over potential securities laws violations
Investors who purchased shares of HUB Cyber Security (Israel) Ltd. (NASDAQ: HUBC), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of HUB Cyber Security (Israel) Ltd. (NASDAQ: HUBC) concerning whether a series of statements by HUB Cyber Security (Israel) Ltd. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Israel based HUB Cyber Security (Israel) Ltd. provides cyber security solutions in Israel and internationally.
On January 5, 2023, Mount Rainier Acquisition Corp. ("Mount Rainier"), a special-purpose acquisition company ("SPAC"), announced that its stockholders had voted to approve its proposed business combination with HUB (the "Merger"). Mount Rainier stated that "[t]he business combination is expected to close in late January 2023, subject to the satisfaction of certain customary closing conditions" and that HUB's securities were expected to be listed on the Nasdaq "effective at the consummation of the business combination." Then, on January 26, 2023, HUB Cyber Security (Israel) Ltd. issued a press release announcing "that following the receipt of all approvals and compliance with the conditions for the expected merger with Mount Rainier Acquisition Corp and transition to trading on the Nasdaq stock exchange," the Company expected its shares and warrants to begin trading on the Nasdaq on February 28, 2023, representing a delay of nearly one month from Mount Rainier's earlier announcement that the Merger would close in late January. HUB Cyber Security (Israel) Ltd. has stated that the postponement was due to the withdrawal of an investor, the Clover Wolf hedge fund, from participation in the private investment in public equity ("PIPE") fundraising conducted in connection with the Merger.
Shares of HUB Cyber Security (Israel) Ltd. (NASDAQ: HUBC) declined from $16.98 per share on January 5, 2023, to as low as $1.05 per share on April 12, 2023.
Those who purchased shares of HUB Cyber Security (Israel) Ltd. (NASDAQ: HUBC) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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