HUB Cyber Security (NASDAQ: HUBC) stock soared 48% in intraday trading Friday after the company secured $8 million in new financing, aiming to expand operations and settle debts.
HUB Cyber Security (NASDAQ: HUBC) has announced the completion of an $8 million financing acquisition through a straight debt arrangement. This move aims to bolster the company’s financial foundation and facilitate strategic investments to drive future expansion.
Noah Hershcoviz, CEO of HUB Cyber Security, highlighted the significance of this financing, emphasizing its role in supporting the company’s commitment to growth and financial stability. Hershcoviz stated,
“It enables our strategic initiatives, meets creditor obligations, and reflects our dedication to transparency and accountability.”
Furthermore, the company revealed that it is nearing the completion of the audit process, a crucial step in ensuring the timely submission of year-end financial reports.
In a separate announcement on Thursday, the company disclosed the successful cash acquisition of QPoint Technologies.
Hershcoviz said,
“Acquiring QPoint is not just a transaction; it’s a strategic move deeply embedded in our long-term vision.”
The acquisition of QPoint opens up significant cross-selling opportunities for HUB Cyber Security, with expanded offerings catering to customers across diverse sectors, including healthcare, government, energy, defense, and finance.
HUB Cyber Security (NASDAQ: HUBC) Stock Price Action
HUBC stock surged 48.08% to close at $1.54 on Friday. The traders had exchanged hands with 93,674,920 (93.67 million) shares compared to the average daily trading volume of 795.93K.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
