HUB Security Provides an Update on the 2023 Annual Report

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 primarily due to the recent strategic acquisition of QPoint and the Company’s efforts to finalize a debt restructuring. These milestones are expected to bolster the Company’s financial stability and enhance its operational capabilities.

The Company has received a notice from The Nasdaq Stock Market LLC (“Nasdaq”) indicating non-compliance with Nasdaq Listing Rule 5250(c)(1) due to the delay. Importantly, this notice does not immediately affect the listing or trading of HUB’s securities, which will continue on Nasdaq as long as other listing requirements are met.

Under the Nasdaq Listing Rules, the Company has 60 calendar days, or until July 19, 2024, to submit a plan to regain compliance. If Nasdaq accepts the Company’s plan, then it may grant an exception of up to 180 calendar days from the original due date of the Annual Report or until November 11, 2024. While there is no guarantee that Nasdaq will accept the plan or grant an extension, the Company is optimistic about meeting these requirements.

For further information or inquiries, please contact: [e-mail]

About HUB Cyber Security Ltd. 

HUB Cyber Security Ltd. ("HUB Security") was established in 2017 by veterans of the elite intelligence units of the Israeli Defense Forces. The Company specializes in unique cyber security solutions protecting sensitive commercial and government information. The Company debuted an advanced encrypted computing solution to prevent hostile intrusions at the hardware level while introducing a novel set of data theft prevention solutions. HUB Security operates in over 30 countries and provides innovative cybersecurity computing appliances and a wide range of cybersecurity services worldwide.