TEL AVIV, Israel, May 23, 2024 (GLOBE NEWSWIRE) -- via IBN – HUB Cyber Security Ltd. (Nasdaq: HUBC), a developer of confidential computing cybersecurity solutions and advanced data services ("HUB" or the "Company"), today announced that it requires additional time to complete the audit of its annual financial statements and file its Annual Report on Form 20-F for the fiscal year ended December 31, 2023 (the "Annual Report") with the Securities and Exchange Commission ("SEC"). Additional time is required pri ...

Core Viewpoint - HUB Cyber Security Ltd. requires additional time to complete the audit of its annual financial statements and file its Annual Report for the fiscal year ended December 31, 2023, primarily due to a recent strategic acquisition and ongoing debt restructuring efforts [1][2]. Group 1: Financial Reporting and Compliance - The delay in filing the Annual Report has led to a notice of non-compliance from Nasdaq, but this does not immediately affect the listing or trading of HUB's securities [3]. - HUB has until July 19, 2024, to submit a plan to regain compliance with Nasdaq Listing Rules, with the possibility of an extension until November 11, 2024, if the plan is accepted [4]. Group 2: Company Background and Operations - HUB Cyber Security Ltd. specializes in cybersecurity solutions, protecting sensitive commercial and government information, and operates in over 30 countries [5].

Hub Cyber Security (NASDAQ:HUBC) stock is taking off on Monday alongside heavy pre-market trading of the Israel-based cyber security solutions company’s shares.This heavy trading has more than 11 million shares of HUBC stock changing hands as of this writing. That’s already well above its daily average trading volume of about 3.2 million shares.It’s worth mentioning that stocks out of Israel are incredibly volatile this morning. That comes after an attack was launched on the country by Iran. This could cont ...

Hub Cyber Security (NASDAQ:HUBC) stock is falling on Thursday after updating investors on a shareholder’s stake in the cyber security solutions company.The big news here is Dominion Holdings adjusting the number of HUBC shares that it owns. The company sold 390,672 shares of HUB stock from March 20 to April 1 for between $0.8393 and $1.0329 each.In addition to that, DC Rainer, which is managed by Dominion Holdings, transferred 27,135 shares of HUBC stock to an individual member of the business. This leaves ...

Hub Cyber Security (NASDAQ:HUBC) stock is rising higher on Friday after the cyber security solutions company secured $8 million in financing.This comes from a straight debt arrangement. It intends to use the funds gained from this to fuel its growth, enhance working capital and fulfill obligations to creditors. The company says this allows it to maintain financial responsibilities while expanding operations.Hub Cyber Security CEO Noah Hershcoviz said the following about the new financing.“Securing this fina ...

TEL AVIV, Israel, April 05, 2024 (GLOBE NEWSWIRE) -- via IBN – HUB Cyber Security Ltd. (NASDAQ:HUBC), a developer of confidential computing cybersecurity solutions and services (‘HUB' or the 'Company'), is pleased to announce a successful $8 million financing acquisition via a straight debt arrangement. This strategic financing is part of the company's ongoing effort to fortify its financial foundation and strategically invest in its future. Opting for a straight debt facility, we have set our sights on fue ...

Hub Cyber Security (NASDAQ:HUBC) stock is getting a boost on Thursday following the cyber security solutions company’s acquisition of QPoint Technologies.Hub Cyber Security confirms that it now owns 100% of QPoint Technologies in a cash transaction. HUBC didn’t say how much money it paid to acquire the software company or provide any other financial details of the transaction.What we do know is that Hub Cyber Security purchased QPoint Technologies to enhance its own cyber security offerings. This is one of ...

TEL AVIV, Israel, April 04, 2024 (GLOBE NEWSWIRE) -- via IBN -- HUB Cyber Security Ltd (NASDAQ:HUBC), a developer of confidential computing cybersecurity solutions and services ("HUB" or the "Company"), is pleased to announce the successful acquisition for cash of Qpoint Technologies ("Qpoint"). Following this acquisition HUB holds 100% of QPoint. This acquisition is strategically aligned with HUB's mission to establish a leading global secure data fabric ecosystem. QPoint, boasting a diverse customer base ...

Financial Performance - For the fiscal year 2022, HUB Security reported revenue of $79.7 million, a gross profit of $6.4 million, and an operating loss of $(79.5) million [12][24]. - The company reported a net loss of $80,000,000 for the year ended December 31, 2022, compared to a net loss of $13,623,000 in 2021, indicating a significant increase in losses [28]. - HUB Security's adjusted EBITDA loss for the fiscal year 2022 was $(21.1) million [12]. - The company reported an adjusted EBITDA of $(21,128,000) for 2022, compared to $(4,580,000) in 2021, indicating a worsening operational performance [31]. - Cash flows from operating activities resulted in a net cash outflow of $23,432,000 in 2022, compared to an outflow of $5,280,000 in 2021 [28]. Assets and Liabilities - Total current assets decreased to $33,198,000 in 2022 from $49,761,000 in 2021, reflecting a decline of approximately 33% [26]. - Total assets decreased from $120,732,000 in 2021 to $74,793,000 in 2022, representing a reduction of about 38% [26]. - Cash and cash equivalents at the end of the period decreased to $3,994,000 in 2022 from $13,974,000 in 2021, a decline of approximately 71% [28]. - Total current liabilities increased to $57,836,000 in 2022 from $37,958,000 in 2021, marking an increase of about 52% [26]. - Total shareholders' equity decreased significantly from $65,778,000 in 2021 to $8,810,000 in 2022, a decline of approximately 87% [26]. Impairments and Charges - The company recorded a non-cash impairment charge of $23.4 million for goodwill and intangible assets due to macroeconomic factors [11]. - The company experienced an impairment of goodwill and intangible assets amounting to $23,356,000 in 2022, which was not present in 2021 [28]. - Operating expenses for the full year 2022 totaled $(86.0) million, which included $26 million of impairments and $15.8 million of SPAC transaction costs [12]. Strategic Partnerships and Developments - The company has partnered with Getronics to form a global strategic partnership, including a contract worth 1.3 million Euros [8]. - HUB Security has developed the "HUB Secure File Vault" in collaboration with Virtual I Technologies, aimed at enhancing cyber risk management for insurance carriers [9]. Management Changes - The company terminated the employment of its former CEO for misappropriating approximately NIS 2 million (approximately $582 thousand) [4]. Future Outlook - The company plans to report its first half results for the period ended June 30, 2023, and will hold a conference call to discuss its outlook [2]. Backlog and Pipeline - As of December 31, 2022, HUB Security had a backlog of approximately $39 million in customer contracts and an estimated $103 million in pipeline [8].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR SECTION 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 O ...