HUB Cyber Security Stock Soars After Debt Reduction Measures: Retail Stays Bullish
Synopsis
The company stated that it has received an additional $1 million investment from a private investor who has previously invested an aggregate of $10 million in the firm, supporting its growth and key end-of-year initiatives.
Shares of HUB Cyber Security ($HUBC) soared over 8% on Friday after the company announced an agreement with AGP to reduce 70% of its $5.7 million convertible note obligations by way of an amicably negotiated settlement.
The company also stated that it has received an additional $1 million investment from a private investor who has previously invested an aggregate of $10 million in the firm, supporting its growth and key end-of-year initiatives.
Meanwhile, it is also looking to refinance a further $7.5 million debt into a long-term settlement.
HUB Cyber Security was established in 2017 by veterans of the Israeli Defense Forces and specializes in cyber security solutions protecting sensitive commercial and government information.
CEO Noah Hershcoviz said the announced measures are all critical to enhancing the company’s financial resilience and capacity to deliver top quality solutions to our customers.
Following the developments, retail sentiment on Stocktwits continued to trend in the ‘bullish’ territory.
Meanwhile, most Stocktwits followers of the ticker are expressing positive takes on the stock.
The company also announced that Renah Persofsky will replace Lior Lurye as a director of the board. It highlighted that Persofsky has served on multiple boards of both Nasdaq-listed and unlisted private companies, brings extensive business experience, and a strong financial background.
“Her appointment will also strengthen the company’s corporate governance sector, and she will serve as an independent director on the board,” the firm said in a statement.
Meanwhile, shares of the company have lost over 76% of their value since the beginning of the year.
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