Mount Rainier (RNER) Completes HUB Cyber Security Deal
by Marlena Haddad on 2023-02-28 at 5:39pm

Mount Rainier Acquisition Corp. (Nasdaq: RNER) announced that it has completed its combination with confidential computing developer HUB Cyber Security at a special meeting held earlier today.

The SPAC’s shareholders already approved the deal at a meeting held in early January, but originally anticipated closing the deal later in the month. The combined company will now begin trading on the Nasdaq tomorrow, March 1, under the proposed symbols “HUBC” and “HUBCW,” respectively.

At Mount Rainier’s special meeting last month, its stockholders holding 2,660,436 shares of common stock elected to redeem their shares. 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.


ADVISORS

  • A-Labs Advisory & Finance Ltd. (“ALabs”) and Oppenheimer & Co. Inc. are serving as financial advisors to HUB
  • ALabs is serving as sole placement agent for the PIPE.
  • Latham & Watkins LLP and Pearl Cohen Zedek Latzer Baratz are serving as legal advisors to HUB.
  • A.G.P./Alliance Global Partners is serving as the exclusive financial advisor to RNER.
  • Loeb & Loeb LLP and Sullivan & Worcester LLP (Tel Aviv) are serving as legal advisors to RNER.
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