TSXV:ALAB.P - Post by User
Post by
Loonyon Oct 17, 2023 9:13pm
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Time for A-Labs to Fullfill their $17.8M!
Time for A-Labs to Fullfill their $17.8M!
A-Labs Reaffirms $20 million PIPE Investment in HUB at $10 per share
TEL AVIV, Israel , March 15, 2023 /PRNewswire/ -- HUB Cyber Security Ltd (Nasdaq: HUBC), a developer of Confidential Computing cybersecurity solutions and services ("HUB" or the "Company"), announced today that the Israeli investment bank, A-Labs Advisory & Finance Ltd. ("ALabs"), has reaffirmed its irrevocable commitment to invest $20 million in HUB as an equity PIPE investment at $10 per share, previously made in connection with the Company's business combination. This commitment represents a significant premium to current market price.
ALabs has already fulfilled more than 10% (~$2.2 million) of its commitment (as previously announced by the Company on March 14, 2023) and expects to complete the remainder of the funding in the near future.
Doron Cohen, Managing Director and CEO of ALabs commented that: "We are intimately familiar with HUB and working closely with its management and board of directors over the past 18 months. A-Labs firmly believes in HUB's potential to become one of the influential companies in the cyber arena over the next years and supports it future growth plans with this funding."
Uzi Moskovich, CEO of HUB added that: "Alabs have supported HUB with arranging over $80 million in institutional and private funding to date. We believe their reaffirming of their PIPE commitment is the greatest show of faith in the Company's leadership and it ability to drive future business growth and shareholder value."