Solar stocks surge after Treasury tightens clean energy tax credit rules
TEL AVIV – HUB Cyber Security Ltd. (NASDAQ: HUBC), an Israeli cybersecurity firm with a market capitalization of $35.45 million and current stock price of $0.47, announced a significant change in its leadership with the appointment of Ms. Renah Persofsky as the new Active Chairperson of the Board, effective March 25, 2025. She succeeds Mr. Kasbian Nuriel Chirich, who stepped down for personal reasons but will continue to serve as a director. According to InvestingPro data, the company faces significant financial challenges, with a weak financial health score of 1.38 out of 5.
Ms. Persofsky, who has been a member of HUB’s Board of Directors since November 28, 2024, brings to the table over forty years of leadership experience in various sectors, including financial services and e-commerce. Her expertise in corporate governance and guiding publicly traded companies through periods of growth comes at a crucial time, as the company’s stock has declined 47% over the past year and currently faces challenges with cash management. Her expertise in corporate governance and guiding publicly traded companies through periods of growth is expected to be a valuable asset for HUB as it seeks to expand its global presence in cybersecurity and core-banking platforms.
The CEO of HUB, Noah Hershcoviz, expressed his enthusiasm for Ms. Persofsky’s leadership and strategic insight, which he believes will be beneficial to the company’s evolution. He also extended his gratitude to Mr. Chirich for his past contributions as Chair.
HUB Cyber Security, established in 2017 by veterans of the Israeli Defense Forces’ elite intelligence units, specializes in advanced cybersecurity solutions. The company’s products are designed to protect sensitive commercial and government information from hardware-level intrusions and data theft. With operations in over 30 countries, HUB serves a diverse clientele with its cybersecurity appliances and services, generating annual revenue of $33.36 million. Get access to more detailed financial metrics and 12 additional exclusive insights with InvestingPro.
This leadership transition comes at a time when HUB is focused on reinforcing its corporate governance and enhancing the Board’s role in supporting the company’s mission. The information regarding this change in leadership is based on a press release statement from HUB Cyber Security.
In other recent news, HUB Cyber Security Ltd. has made significant strides with several strategic developments. The company has completed the acquisition of BlackSwan Technologies, aiming to boost its security and compliance offerings for financial and governmental sectors globally. This merger is anticipated to enhance HUB’s market position in secured data fabric solutions, with projected revenues and additional bookings of over $25 million in 2025. HUB Cyber Security has also successfully settled two major lawsuits with Dominion Capital and Oppenheimer & Co., reducing claims from $16.6 million to $7.5 million, facilitated by $13.5 million in funding from Claymore Capital Pty Ltd. Additionally, HUB has been granted a 14-day extension by the Nasdaq Hearings Panel to comply with the minimum bid price requirement, reflecting confidence in the company’s recent achievements. These developments are part of HUB’s strategic efforts to resolve legacy liabilities and secure favorable financing terms. The company’s CEO, Noah Hershcoviz, highlighted the significance of these actions as pivotal for HUB’s growth strategy. Investors should note these updates as part of HUB’s ongoing efforts to enhance its financial flexibility and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.