Mount Rainier Acquisition Corp. (Nasdaq:RNER) announced this afternoon that it has adjourned its special meeting to vote on an extension in connection with its business combination with computing developer HUB Cyber Security Israel.
The meeting, which was scheduled to occur today, has been pushed back until tomorrow February 28, 2023, at 3:00 p.m.
The SPAC’s shareholders have already approved the $1.2 billion deal with HUB Cyber Security in a meeting held earlier this year, but have yet to close the deal. The parties originally expected to close the deal in late January, subject to the satisfaction of certain customary closing conditions. They are now asking for a one month extension from March 1 until March 31. HUB Security has already applied for the listing of its ordinary shares and warrants on The Nasdaq Capital Market under the proposed symbols “HUBC” and “HUBCW,” respectively.
RNER’s public stockholders holding 2,660,436 shares of common stock elected to redeem their public shares in connection with the approval of the business combination. These redemptions were in addition to the 14,535,798 shares that were tendered for redemption in connection with the special meeting held on December 21, leaving the SPAC with just 53,766 shares.
Mount Rainier announced its $1.2 billion deal with HUB Cyber Security in March 2022. The Tel Aviv-based company, founded by veterans of Israeli intelligence units, develops and markets computing solutions and services that aim to disrupt cybersecurity for enterprises and governments worldwide.
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