Israel-based HUB Cyber Security today said it expects the proposed merger with Mount Rainier Acquisition will advance as planned, as company executives and the board have decided to waive their right to shares incentives guaranteed to them as part of the merger agreement.
Such share incentives may deem the executives as unqualified for voting by Israeli law and therefore could potentially jeopardize the vote entirely on the merger deal, the press release states. By unilaterally waiving the rights for the share incentives, the company said it has de-facto secured the vote of all qualified shareholders in the upcoming shareholders meeting to approve the deal, HUB said.
As announced in March, cash proceeds from the proposed transaction are expected to be $226 million. The the combined enterprise is valued at $1.28 billion.
CEO Eyal Moshe of Hub Security said, “We have a Nasdaq listing goal for this year and I believe that these amendments to the merger agreement strengthen the path to completing the merger as planned.” Read more.
