Mount Rainier Acquisition announced that stockholders voted in favor of the business combination with HUB Cyber Security (Israel) Ltd., which develops confidential computing cybersecurity solutions and services.
The business combination is expected to close in late January, the SPAC said.
Mount Rainier in an 8-K filing disclosed that 2,660,436 shares of were redeemed in connection with the merger vote. Those cash-outs were in addition to the 14,535,798 shares of common stock that were tendered for redemption in connection with the shareholders Dec. 21 meeting. Total redemptions were about 99.7% of shares outstanding.
While the deal has a minimum $50 million cash consideration, funding support 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 Security has applied for a nasdaq listing of stock and warrants under the symbols HUBC and HUBCW. HUB Security's ordinary shares and existing warrants are currently traded on the Tel Aviv Stock Exchange. Read more.