HUB Security Reveals Measures to Advance its $1.28 billion Merger with SPAC

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HUB Security Reveals Measures to Advance its _1.28-01

HUB Cyber Security (Israel) Limited (TASE: HUB), a developer of Confidential Computing cybersecurity solutions and services (“HUB” or the “Company”), announces that the expected merger with the NASDAQ listed SPAC Mount Rainier Inc. (NASDAQ: RNER) advances as planned, and as further measures to secure the merger at the shareholders vote meeting, Company executives and board have decided to waive their right to shares incentives guaranteed to them as part of the merger agreement.

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Such share incentives may deem the executives as unqualified for voting by the Israeli law and therefore potentially jeopardize the vote entirely on the merger deal. By unilaterally waiving the rights for the share incentives, the Company has de-facto secured the vote of all qualified shareholders in the upcoming shareholders meeting to approve the SPAC merger deal.

CEO Eyal Moshe of Hub Security notes: “TWe have a NASDAQ listing goal for this year and I believe that these  amendments to the merger agreement strengthen the path to completing the merger as planned”.

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