Israel-based HUB Cyber Safety (NASDAQ:HUBC) inventory rallied for the fourth straight session amid updates about its PIPE investments.
Shares of HUB had been up 18% in afternoon buying and selling Friday, not too long ago altering palms at $2.81 at roughly 1:40 p.m. ET. The inventory opened at $2.82, reaching an early low of $2.48 earlier than climbing to a excessive of $3.10 in late afternoon.
On Tuesday, HUB stated that it had bought 400K shares at $10 per share to 2 of its authentic PIPE buyers. On Wednesday, it introduced that Israeli funding financial institution A-Labs Advisory & Finance had reaffirmed its $20M PIPE dedication at $10 per share. A-Labs has already fulfilled round $2.2M of the dedication, with the rest anticipated to be accomplished “within the close to future.”
As of Friday afternoon, HUB shares had soared 86% since Monday’s shut.
HUB went public on March 1 following a SPAC merger with Mount Rainier Acquisition Corp. The mixed firm’s inventory ended its first session 68% decrease.
Primarily based in Tel Aviv, HUB is a supplier of cybersecurity options and companies. HUB and Mount Rainier introduced plans to merge in March 2022, with the deal valuing the mixed firm at round $1.2B.