HUB Cyber Security Executes 1-for-10 Reverse Share Split
HUB Cyber Security Ltd. (NASDAQ: HUBC), a pioneering company in confidential computing and cybersecurity, has recently implemented a 1-for-10 reverse share split of its ordinary shares. This strategic decision is aimed at boosting the company's stock price and ensuring compliance with Nasdaq's minimum bid requirements.
Details of the Reverse Share Split
Effective at 11:59 p.m. Eastern Time on a recent date, every ten shares held by shareholders will convert into one share, simplifying the share structure. This move prohibits the issuance of fractional shares; hence, any fractions will be rounded down to the nearest whole number. Fortunately, shareholders can rest assured knowing that this adjustment will uniformly affect all shareholders without altering their percentage ownership in the company.
Impact on Outstanding Equity Rights and Warrants
The implications of this reverse share split extend to the company's Outstanding Equity Rights, which encompass notes, options, warrants, and restricted share units. The company has ensured that the economic integrity remains intact through provisions embedded in the associated plans. As such, the exercise price and the number of shares granted under these rights will be duly adjusted to reflect the impact of the share split.
The Rationale Behind the Share Split
HUB Cyber Security believes that this reverse share split will stabilize and potentially increase the per-share trading price of their Ordinary Shares. By doing so, the company aims to reinforce its compliance with Nasdaq's listing standards, particularly the essential minimum bid price requirement.
Future Expectations and Goals
Through this financial maneuver, HUB Cyber Security intends to emerge stronger in the competitive landscape of cybersecurity solutions. As a company founded by veterans of elite Israeli Defense Forces intelligence units, HUB Security is dedicated to innovating in the cybersecurity domain and safeguarding sensitive data for businesses and governments alike.
Company Background and Services
Founded in 2017, HUB Cyber Security has established itself as a leader in data protection technology. With its advanced approach to protecting sensitive commercial and government information, HUB Security’s operations span across 30 countries, delivering unique cybersecurity solutions including robust computing appliances that curb potential data theft at the hardware level.
Contact Information
For inquiries regarding this recent share split or additional information about the company, interested parties can reach out via email.
Contact: info@hubsecurity.com
Frequently Asked Questions
What is a reverse share split?
A reverse share split is a process where a company reduces the number of its outstanding shares, increasing the share price proportionately.
How will this affect shareholders?
Shareholders will hold fewer shares after the split, but their percentage ownership will remain unchanged, aside from adjustments for fractional shares.
What is the purpose of the reverse share split?
The purpose is to boost the trading price of the shares and to conform with Nasdaq’s listing requirements.
Will outstanding warrants be affected?
Yes, outstanding warrants will continue trading under existing symbols, with adjustments made to maintain the economic intention of these instruments.
Where can more information about HUB Cyber Security be found?
Further information is available on the company's official website at www.hubsecurity.com.
