HUB Cyber Security expands board with new independent member

TEL AVIV - HUB Cyber Security Ltd. (NASDAQ: HUBC), specializing in confidential computing and advanced data fabric technology, has announced the appointment of Shlomo Bibas as an Independent Member of its Board of Directors. Bibas, who has over twenty years of leadership experience in technology and cybersecurity, will also chair the Compensation Committee. The appointment comes at a crucial time for the company, which according to InvestingPro data, has faced significant challenges with a market capitalization of $21 million and a concerning cash burn rate.

The appointment of Bibas is part of HUB’s strategy to enhance corporate governance and board expertise amid its global expansion efforts. Noah Hershcoviz, CEO of HUB Cyber Security, expressed confidence in Bibas’s ability to contribute to the company’s strategic priorities and deliver value to shareholders. This leadership addition comes as the company faces operational challenges, with InvestingPro analysis showing revenue of $33.36 million in the last twelve months and a concerning gross profit margin of 8.47%.

Bibas’s extensive background includes his current role as Senior Vice President of Operations and Chief Technology Officer at the Woodbridge Group. He has also held significant positions at Celestica and Apotex, and was a Partner at Accenture in their Systems Integration and High Technology practice.

Renah Persofsky, Chairperson of HUB’s Board, emphasized Bibas’s valuable experience in scaling technology operations internationally and his expertise in complex regulatory environments, which are expected to guide HUB’s strategic growth.

Founded in 2017 by veterans of the Israeli Defense Forces, HUB Cyber Security operates in over 30 countries and offers cybersecurity solutions aimed at protecting sensitive commercial and government information. The company’s stock has experienced significant volatility, with InvestingPro data showing a 84% decline over the past year. InvestingPro subscribers have access to 13 additional key insights about HUBC’s financial health and market performance.

The press release also contains forward-looking statements regarding HUB’s future plans and performance, which involve risks and uncertainties. These statements are based on current management expectations and are subject to change. Financial metrics from InvestingPro indicate significant challenges ahead, with a current ratio of 0.21 and total debt of $30.9 million, highlighting the importance of the company’s strategic initiatives under new leadership.

This news update is based on a press release statement from HUB Cyber Security Ltd.

In other recent news, HUB Cyber Security Ltd. has been selected by Cassa di Risparmio della Repubblica di San Marino S.p.A. to lead a €20 million modernization project for the bank’s digital infrastructure. This initiative, pending regulatory approval, is expected to be completed by the end of 2025 and includes upgrades to regulatory compliance, cybersecurity, and banking platforms. Additionally, HUB Cyber Security announced a 1-for-10 reverse stock split to consolidate its shares, aiming to comply with Nasdaq’s minimum bid price requirement. The company has also been granted a 14-day extension by the Nasdaq Hearings Panel to meet this requirement, with a new deadline set for April 14, 2025.

In leadership developments, HUB appointed John Rogers as President of the Americas Region, marking a strategic move to establish a U.S. headquarters. The company also named Ms. Renah Persofsky as the new Active Chairperson of the Board, succeeding Mr. Kasbian Nuriel Chirich. These appointments align with HUB’s efforts to expand its presence in North America and reinforce corporate governance. CEO Noah Hershcoviz expressed confidence in these leadership changes and the company’s strategic direction. These developments reflect HUB Cyber Security’s ongoing efforts to strengthen its market position and meet regulatory standards.

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