Jaguar8 commented on a stock · Nov 29, 2024 22:12

NEWS

HUB Cyber Security Reduces $5.7 Million Debt by 70%, Secures Additional Funding, Plans Long-Term Refinancing and Welcomes a New Word-Class Board Member

TEL AVIV, Israel, Nov. 29, 2024 (GLOBE NEWSWIRE) -- via IBN -- HUB Cyber Security Ltd. (NASDAQ:HUBC) ("HUB Security" or the "Company"), a leading provider of cybersecurity solutions and advanced data fabric, announces an agreement with AGP to reduce by 70% its $5.7 million convertible note obligations by way of amicably negotiated settlement, as part of the Company's strategic efforts to strengthen its balance sheet and reduce overall debt.
The Company has also obtained an additional $1 million investment from a private investor who has previously invested an aggregate of $10 million in the Company, supporting growth and key end-of-year initiatives. Additionally, HUB Security is pursuing the refinancing of a further $7.5 million debt into a long-term settlement to solidify its financial foundation even more.
Finally, the Company is also delighted and honored to welcome Ms. Renah Persofsky to its Board of Directors and to its various Committees, replacing Ms. Lior Lurye as a director of the Board. Ms. Persofsky has served on multiple boards of both Nasdaq listed and unlisted private companies and brings extensive business experience, a strong financial background and strategic insights that will contribute significantly to HUB Security's growth and vision. Her appointment will also strengthen the Company's corporate governance sector, and she will serve as an independent director on the Board.

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