Summary by Futu AI
HUB Cyber Security Ltd. (HUBC) has announced the successful acquisition of QPoint Technologies Ltd., a move that aligns with HUB's strategic goal to establish a leading global secure data fabric ecosystem. The acquisition, which was completed for cash on April 4, 2024, brings over 100 top customers to HUB, including partnerships with notable entities such as Rafael Advanced Defense Systems and the Israel Ministry of Defense. QPoint's expertise in various sectors, including data management and cybersecurity, is expected to significantly enhance HUB's growth and capabilities. The acquisition was partially funded by an $8 million financing transaction structured as a sale of notes and warrants to an accredited investor. The notes, with a variable interest rate, are repayable by June 12, 2024, or earlier...Show More