Friday’s meeting of Mount Rainier Acquisition shareholders has been rescheduled to Jan. 4, the SPAC said in a news release, at which time investors will vote on the proposed merger with Hub Security.
As a result, the redemption deadline has also been extended — to Friday at 3 p.m. Eastern.
If approved, shareholders in the Israel-based company, which trades on the Tel Aviv Stock Exchange, will hold new shares that will list on the Nasdaq. The combined enterprise is valued at $1.28 billion.
The deal has a minimum $50 million cash consideration, up to potentially $225 million if none of the SPAC’s shareholders redeem. Funding includes $50 million from a PIPE investment anchored by Israeli and American institutional and existing investors. Proceeds from the PIPE alone would satisfy the minimum cash closing condition.
HUB develops and markets confidential computing solutions and services that aim to disrupt cybersecurity for enterprises and governments worldwide. Read more.
Source: Mount Rainier Acquisition Pushes Hub Security Vote Back to Next Week