NEWS
HUB Security Announces Receipt of Staff Delisting Notice and Initiation of Appeals Process
6 minutes ago, 1:00 PM PST
Via GlobeNewswire
HUBC
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TEL AVIV, Israel, Dec. 17, 2024 (GLOBE NEWSWIRE) -- via IBN – HUB Cyber Security Ltd. (NASDAQ:HUBC) ("HUB" or the "Company"), a leading provider of cybersecurity solutions and advanced data fabric, announced receipt of a Staff Delisting Determination (the "Staff Determination") from the Listing Qualifications Department of the Nasdaq Stock Market, LLC ("Nasdaq"). The Company was notified that Nasdaq has determined to delist the Company's securities from the Nasdaq Global Market. As a result, the Company is exercising its right to request an appeal (the "Appeal") of the Staff Determination before the Nasdaq Hearings Panel (the "Panel"). Such Appeal hearing request will result in a stay of any suspension or delisting action pending the Appeal hearing, and in the meantime, the Company's securities will continue to be fully tradeable and listed on the Nasdaq Global Market
As previously disclosed, on August 23, 2024, the Company received a notice from Nasdaq stating that it was no longer in compliance with Nasdaq Listing Rule 5450(b)(3) because the Company's total assets and total revenue for the most recently completed fiscal year and two of the last three most recently completed fiscal years were each below the minimum $50 million threshold for continued listing on the Nasdaq Global Market. In accordance with Nasdaq Listing Rule 5810(c)(2)(A), the Company was provided a period of 45 calendar days to provide a compliance plan to Nasdaq to evidence compliance with Nasdaq's continued listing criteria (the "Compliance Plan"), and on October 9, 2024, the Company submitted its Compliance Plan to Nasdaq.
On December 11, 2024, the Company received another notice from Nasdaq stating that the Company's Compliance Plan did not evidence its ability to achieve near term compliance with continued listing requirements or sustain such compliance over an extended period of time. Accordingly, the Company was notified that its securities would be delisted from the Nasdaq Global Market, unless the Company requests the Appeal to the Panel by December 18, 2024, which the Company will do. There can be no assurance that upon the Appeal hearing, the Panel will determine to allow the continued listing of the Company's securities on the Nasdaq Global Market. However, the Company believes that its currently improved financial position will support the continued listing of its securities, which will remain trading pending the Appeal hearing.
6 minutes ago, 1:00 PM PST
Via GlobeNewswire
HUBC
Share
TEL AVIV, Israel, Dec. 17, 2024 (GLOBE NEWSWIRE) -- via IBN – HUB Cyber Security Ltd. (NASDAQ:HUBC) ("HUB" or the "Company"), a leading provider of cybersecurity solutions and advanced data fabric, announced receipt of a Staff Delisting Determination (the "Staff Determination") from the Listing Qualifications Department of the Nasdaq Stock Market, LLC ("Nasdaq"). The Company was notified that Nasdaq has determined to delist the Company's securities from the Nasdaq Global Market. As a result, the Company is exercising its right to request an appeal (the "Appeal") of the Staff Determination before the Nasdaq Hearings Panel (the "Panel"). Such Appeal hearing request will result in a stay of any suspension or delisting action pending the Appeal hearing, and in the meantime, the Company's securities will continue to be fully tradeable and listed on the Nasdaq Global Market
As previously disclosed, on August 23, 2024, the Company received a notice from Nasdaq stating that it was no longer in compliance with Nasdaq Listing Rule 5450(b)(3) because the Company's total assets and total revenue for the most recently completed fiscal year and two of the last three most recently completed fiscal years were each below the minimum $50 million threshold for continued listing on the Nasdaq Global Market. In accordance with Nasdaq Listing Rule 5810(c)(2)(A), the Company was provided a period of 45 calendar days to provide a compliance plan to Nasdaq to evidence compliance with Nasdaq's continued listing criteria (the "Compliance Plan"), and on October 9, 2024, the Company submitted its Compliance Plan to Nasdaq.
On December 11, 2024, the Company received another notice from Nasdaq stating that the Company's Compliance Plan did not evidence its ability to achieve near term compliance with continued listing requirements or sustain such compliance over an extended period of time. Accordingly, the Company was notified that its securities would be delisted from the Nasdaq Global Market, unless the Company requests the Appeal to the Panel by December 18, 2024, which the Company will do. There can be no assurance that upon the Appeal hearing, the Panel will determine to allow the continued listing of the Company's securities on the Nasdaq Global Market. However, the Company believes that its currently improved financial position will support the continued listing of its securities, which will remain trading pending the Appeal hearing.
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