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TEL AVIV - HUB Cyber Security Ltd. (NASDAQ: HUBC), an Israeli cybersecurity firm with a market capitalization of $17.51 million, has announced its selection by Cassa di Risparmio della Repubblica di San Marino S.p.A. to lead a €20 million digital banking and infrastructure modernization project. The initiative, still pending regulatory approval and final agreements, is expected to be completed by the end of 2025. According to InvestingPro data, the company generated revenue of $33.36 million in the last twelve months, though it faces challenges with cash management.
The Bank, San Marino's oldest financial institution, aims to overhaul its core technology ecosystem, which includes regulatory compliance, cybersecurity, data center upgrades, and updates to its core, mobile, and online banking platforms. HUB's secure, on-premise infrastructure model was chosen to align with San Marino's regulatory environment and offer a cost-effective operational expenditure model.
Noah Hershcoviz, CEO of HUB, expressed the company's honor in being selected for the project and highlighted the opportunity for long-term growth and the reinforcement of HUB's position in the regulated banking sector.
Established in 2017 by veterans of Israeli Defense Forces' elite intelligence units, HUB Cyber Security specializes in advanced cybersecurity solutions, serving clients in over 30 countries. Its offerings include encrypted computing technologies and data theft prevention solutions.
The press release also contains forward-looking statements, which involve uncertainties and are based on current management expectations. HUB's future performance may differ due to various risks, including liquidity, geopolitical tensions, and market conditions.
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This news is based on a press release statement from HUB Cyber Security.
In other recent news, HUB Cyber Security Ltd. has announced a reverse stock split at a ratio of 1-for-10, effective immediately. This corporate action is intended to increase the per-share trading price to meet Nasdaq's minimum bid price requirement. Additionally, HUB Cyber Security has been granted a 14-day extension by the Nasdaq Hearings Panel to comply with listing standards, providing the company until mid-April 2025 to maintain a share price of $1 or higher for ten consecutive trading days. In leadership changes, Renah Persofsky has been appointed as the new Active Chairperson of the Board, succeeding Kasbian Nuriel Chirich.
The company has also settled significant lawsuits, including one with Dominion Capital LLC over a $2.5 million promissory note, and another with Oppenheimer & Co. Inc., related to a previous business combination. These settlements, facilitated by Claymore Capital Pty Ltd., involve a total reduction of $16.6 million in claims to $7.5 million, enhancing HUB's financial flexibility. Furthermore, HUB has restructured its debt, issuing convertible notes to Claymore Capital and adjusting terms with investor Tamas Gottdiener. These strategic financial moves aim to resolve legacy liabilities and secure favorable financing terms for HUB Cyber Security.
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