HUB Cyber Security expands leadership with new president

TEL AVIV - HUB Cyber Security Ltd. (NASDAQ: HUBC), specializing in confidential computing and data security, has announced the appointment of John Rogers as President of the Americas Region. The company, currently valued at approximately $21 million in market capitalization, faces significant operational challenges with a concerning -119% return on assets and an 8.5% gross profit margin over the last twelve months. According to InvestingPro analysis, the company operates with substantial financial pressure, with 14 key risk factors identified. This move is part of the company’s strategy to establish its U.S. headquarters in the upcoming summer, aiming to strengthen its presence across North America and beyond. The expansion comes at a challenging time, as the company’s stock has declined by over 77% in the past year, with current trading at $2.94, significantly below its 52-week high of $21.70. Get deeper insights into HUB’s financial health and growth potential with InvestingPro’s comprehensive analysis tools.

Rogers, with a 30-year career encompassing public policy, national security, and business strategy, has held roles such as Deputy Assistant Secretary of Defense and led various organizations at the nexus of government, technology, and security. His previous positions include CEO of Capstone National Partners and founder of RL Leaders, as well as CEO of MV Transportation, where he remains Vice-Chairman of the Board.

In his new capacity, Rogers will spearhead strategic initiatives to engage with key stakeholders in government, finance, enterprises, and municipalities, focusing on bringing HUB’s advanced cybersecurity solutions to critical sectors, including banking and transportation.

HUB’s CEO, Noah Hershcoviz, expressed confidence in Rogers’ ability to drive the company’s expansion and highlighted the firm’s recent collaboration with Cassa di Risparmio, a prestigious bank in San Marino, as indicative of the quality HUB aims to deliver to U.S. banks in the next 12-18 months.

The establishment of HUB’s North American headquarters marks a significant milestone in the company’s global growth strategy, emphasizing its commitment to providing secured data fabric and cybersecurity solutions to the U.S. market and the wider Americas.

HUB Cyber Security Ltd., founded in 2017 by veterans of the Israeli Defense Forces’ elite intelligence units, operates in over 30 countries, offering cybersecurity appliances and services designed to protect sensitive commercial and government information. Financial metrics from InvestingPro reveal the company generated $33.36 million in revenue over the last twelve months, though facing challenges with a current ratio of 0.21, indicating potential liquidity concerns.

This press release contains forward-looking statements, which are based on current expectations and involve risks and uncertainties. These statements are not guarantees of future performance, and actual results may differ materially.

The information for this article 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. for a €20 million project to modernize the bank’s digital infrastructure. This initiative, pending regulatory approval, is anticipated to be completed by the end of 2025. Additionally, HUB Cyber Security has announced a 1-for-10 reverse stock split, effective immediately, to help meet Nasdaq’s minimum bid price requirement. The company has also received a 14-day extension from the Nasdaq Hearings Panel to comply with the minimum bid price requirement, with the deadline set for April 14, 2025.

Moreover, HUB Cyber Security has appointed Ms. Renah Persofsky as the new Active Chairperson of the Board, succeeding Mr. Kasbian Nuriel Chirich. In legal developments, HUB Cyber Security settled lawsuits with Dominion Capital LLC and Oppenheimer & Co., Inc., involving payments facilitated by Claymore Capital Pty Ltd. These settlements are part of a broader debt restructuring effort detailed in a recent SEC filing. The company has also amended terms with investor Tamas Gottdiener regarding convertible notes and warrants, extending maturity dates and adjusting interest rates. These recent developments reflect HUB Cyber Security’s strategic efforts to address financial and governance challenges while pursuing growth opportunities.

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