HUB Security CEO Eyal Moshe. (Photo Courtesy)
Hub Security, an Israeli cybersecurity startup, has hit a snag in its planned NASDAQ IPO which is to be held through an SPAC merger. In March 2022, the company merged with blank-check firm Mount Rainier Acquisition Corp., a NASDAQ traded SPAC in a deal valued at nearly $1.3 billion. But there have been snags in that deal that have forced Hub Security to delay the IPO a number of times.
Hub Security is currently traded on the Tel Aviv Stock Exchange with a market cap of about $200 million.
Investopedia explains that an SPAC – Special Purpose Acquisition Company – is a company without commercial operations and is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with an existing company.
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HUB Security was established in 2017 by veterans of the IDF’s 8200 and 81 intelligence units CEO Eyal Moshe and CTO Andrey Laremenko. The company specializes in protecting sensitive commercial information and has an advanced encrypted computing solution for companies and organizations aimed at preventing hostile intrusions and the theft of sensitive commercial information.
Hub offers cybersecurity solutions to, amongst others, the AI, Fintek, and critical infrastructure sectors. The company employs 400 employees, and its offices are located in Israel and the United States.
Mount Rainier Acquisition Corp. is a blank check company sponsored by DC Rainier SPV LLC, a Delaware limited liability company managed by Dominion Capital LLC, whose business purpose is to effect a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
“We have a wide range of game-changing cybersecurity hardware technology and services for better global cyber defense,” said Eyal Moshe about HUB Security at the time the SPAC merger was first announced. “The U.S. is our prime target market for growth and we seek to expand our U.S. operations significantly via this business combination. We are passionate and excited about this opportunity to become publicly listed in the U.S. on NASDAQ and to continue our growth and global expansion.”
