HUB Cyber Security Ltd. announced that it has issued non-convertible note for gross proceeds of $8 million on April 5, 2024. The company also issued warrants pursuant to a securities purchase agreement entered into with the investor. The notes carry a maturity date of June 12, 2024.

If the notes are not repaid prior the maturity date, the investor may convert any portion of the outstanding loan amount into ordinary share, no par value per share, of the company at a rate equal to the arithmetic average of the closing price of the ordinary shares in the five trading days prior to the date of conversion, provided that such conversion rate shall not be lower than $0.90.