RNER - HUB Cyber Security agrees to go public through deal with SPAC Mount Rainier

HUB Cyber Security agreed to a deal to be taken public through a deal with SPAC Mount Rainier Acquisition Corp. (NASDAQ:RNER) that will value the combined company at about $1.2 billion. Cash proceeds from the dal are expected to consist of up to approximately $176 million of cash held in RNER’s trust and about $50 million attributed to the PIPE investment anchored by Israeli and American institutional and existing investors, according to a statement. Tel Aviv-based HUB Security was established in 2017 by veterans of elite intelligence units of the Israeli Defense Forces. Hub, which specializes in protecting sensitive commercial and government information, operates in over 30 countries. The deal is expected to close in Q3. Current HUB shareholders will retain 100% of their equity and will continue to own approximately 81.3% of the combined company on a pro forma basis, assuming no redemptions by Mount Rainier’s stockholders. HUB’s Founder and

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HUB Cyber Security agrees to go public through deal with SPAC Mount Rainier