HT Ganzo
Israeli tech firm HUB Cyber Security (NASDAQ:HUBC) stock fell nearly 20% on Tuesday in the wake of a substantial run-up last week.
Shares of HUB, which went pubic through a SPAC deal on March 1, recently changed hands at $1.79 at approximately 10:45 p.m. ET. The stock opened at $2.09, slipping to a low of $1.76 in late morning.
HUB shares slid 12% on Monday, despite announcing that John C. Rogers, a former US deputy assistant secretary of defense, had joined its security advisory board. The stock had made significant gains since March 14, stoked by announcements that it had sold shares to PIPE investors at $10 per share.
HUB went public on March 1 following a SPAC merger with Mount Rainier Acquisition Corp. The combined company’s stock ended its first session 68% lower at $1.59 per share.
Based in Tel Aviv, HUB is a provider of cybersecurity solutions and services. HUB and Mount Rainier announced plans to merge in March 2022, with the deal valuing the combined company at around $1.2B.
