HUB Security Announces Receipt of Staff Delisting Notice

Delisting and Appeal Process - HUB Cyber Security Ltd received a Staff Delisting Determination from Nasdaq due to non-compliance with the Minimum Bid Price Requirement, which mandates a minimum bid price for continued listing under Nasdaq Listing Rule 5450(a)(1) [1] - The company was given until January 13, 2025, to regain compliance but failed to meet the requirement, leading to the delisting determination [1] - On December 18, 2024, the company requested an appeal to the Nasdaq Hearings Panel, which has scheduled a hearing for February 6, 2025, to review the delisting decision [2] - The appeal hearing request temporarily suspends any delisting action until the hearing outcome is determined [2] - The company believes its improved financial position supports the continued listing of its securities on the Nasdaq Global Market [2] Background on Delisting Notification - On December 11, 2024, the company was notified of potential delisting from the Nasdaq Global Market unless an appeal was filed by December 18, 2024 [3] - The previously submitted compliance plan did not demonstrate the company's ability to achieve or sustain compliance with Nasdaq's continued listing requirements [3] - The Nasdaq Hearings Panel will consider the Staff Determination in making its final decision on the company's continued listing [3] Company Overview - HUB Cyber Security Ltd was founded in 2017 by veterans of the Israeli Defense Forces' elite intelligence units [4] - The company specializes in advanced cybersecurity solutions, including encrypted computing and data theft prevention, operating in over 30 countries [4] - HUB provides innovative cybersecurity computing appliances and a wide range of cybersecurity services globally [4] Forward-Looking Statements - The press release contains forward-looking statements regarding the company's expectations, strategies, and future financial performance [5][6] - These statements are subject to uncertainties, risks, and changes in circumstances, including geopolitical risks, competition, and liquidity challenges [6][7] - The company acknowledges that actual results may differ materially from those expressed or implied in the forward-looking statements [8] - HUB Security undertakes no obligation to update these statements unless required by applicable law or regulation [9]