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HUBC stock is up with new financing
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Hub Cyber Security (NASDAQ:HUBC) stock is rising higher on Friday after the cybersecurity solutions company secured $8 million in financing.
This comes from a straight debt arrangement. The firm intends to use the funds gained from this deal to fuel its growth, enhance working capital and fulfill obligations to creditors. The company says this will allow it to maintain financial responsibilities while expanding operations.
Hub Cyber Security CEO Noah Hershcoviz said the following about the new financing:
“Securing this financing underlines our commitment to growth and financial stability. It enables our strategic initiatives, meets creditor obligations, and reflects our dedication to transparency and accountability. Additionally, we are nearing the completion of our audit process, a crucial step in timely submitting our year-end financial reports, further affirming our commitment to our stakeholders.”
Investors will note that this is the second day of a rally for HUBC stock shares. The first day of the rally came about after the firm announced its acquisition of QPoint Technologies, for which it paid an undisclosed sum.
The HUBC rally today also comes with heavy trading. That has more than 74 million shares changing hands this morning. This is well above its daily average trading volume of about 800,000 shares.
HUBC stock is up 54.5% as of Friday morning.
Investors will find more of the most recent stock market stories ready to go below!
We have all of the hottest stock market news available on Friday! A few examples include what’s happening with shares of GCT Semiconductor (NYSE:GCTS), Nio (NYSE:NIO) and Cinemark (NYSE:CNK) stock today. All of this news is available at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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Article printed from InvestorPlace Media, https://investorplace.com/2024/04/why-is-hub-cyber-security-hubc-stock-up-55-today/.
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