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id: 622, Created by Stan Vick, Scout
HUB Misleading Case
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- #HUB announced that shares to begin trading on the Nasdaq on February 28, 2023, representing a delay of nearly 1 month.
- $HUBC price has fallen sharply, damaging investors.
- Investors suspect #HUBC & its Leaders of misleading.
On January 26, 2023, HUB Cyber Security (HUBC) issued a press release announcing "that following the receipt of all approvals and compliance with the conditions for the expected merger with Mount Rainier Acquisition Corp and transition to trading on the Nasdaq stock exchange," the Company expected its shares and warrants to begin trading on the Nasdaq on February 28, 2023, representing a delay of nearly one month from Mount Rainier's earlier announcement that the Merger would close in late January.
HUB has stated that the postponement was due to the withdrawal of an investor, the Clover Wolf hedge fund, from participation in the private investment in public equity ("PIPE") fundraising conducted in connection with the Merger.
On this news, the $HUBC price dropped 13%. Since the consummation of the Merger on February 28, 2023, HUB's share price has fallen sharply, damaging investors.
- Going back, on January 5, 2023, Mount Rainier Acquisition Corp., a SPAC, announced that its stockholders had voted to approve its proposed business combination with HUB.
- Mount Rainier stated that "the business combination is expected to close in late January 2023, subject to the satisfaction of certain customary closing conditions" and that HUB's securities were expected to be listed on the Nasdaq "effective at the consummation of the business combination."
Taking all representations into account, Investors have reasons to suspect $HUBC and its Leaders of misleading that led to significant investment losses.
Failure to Disclose,
Shock Event Date
26 January 2023