HUB Cyber Security Resolves $16.6 Million in Legacy Liabilities through Strategic Settlements with Oppenheimer & Co. and Dominion Capital; Secures $13.5 Million Financing on Favorable Terms

Core Insights - HUB Cyber Security Ltd. has successfully settled $9.1 million in legacy liabilities, reducing a total of $16.6 million in claims to a final settlement of $7.5 million under favorable terms, enhancing its financial position [1][2][3] Financial Developments - The company secured $13.5 million from Claymore Capital through long-term convertible notes, which will cover settlement obligations without cash outlay from HUB, preserving liquidity and enhancing financial flexibility [2] - The five-year, zero-interest notes will refinance short-term liabilities, reinforcing HUB's commitment to long-term financial management [2] Strategic Direction - The CEO of HUB stated that the company is concluding a transitional period by resolving significant legacy liabilities, which were a top priority for management [3] - With these settlements completed, HUB is now focused on executing its growth strategy, following the acquisition of BlackSwan and an executive-level restructuring [3] - The company aims to capitalize on growing market demand and enhance long-term value for shareholders [3] Company Background - HUB Cyber Security Ltd. was established in 2017 by veterans of the Israeli Defense Forces, specializing in advanced cybersecurity solutions [4] - The company operates in over 30 countries, providing encrypted computing technologies and data theft prevention solutions to a diverse client base [4]