Hub Cyber Security Ltd. ( HUBC ) shares are skyrocketing on Friday in the premarket session.

The company received $8 million in financing acquisition via a straight debt arrangement. 

Hub Cyber Security ( HUBC ) said in a press release that this strategic financing is part of the company’s ongoing effort to fortify its financial foundation and strategically invest in its future.

Noah Hershcoviz, CEO of Hub Cyber Security ( HUBC ), remarked, “Securing this financing underlines our commitment to growth and financial stability. It enables our strategic initiatives, meets creditor obligations, and reflects our dedication to transparency and accountability”. 

Additionally, the company said it is nearing the completion of audit process, a “crucial step in timely submitting our year-end financial reports, further affirming our commitment to our stakeholders.”

Yesterday, the company announced the successful acquisition for cash of Qpoint Technologies.

 “Acquiring QPoint is not just a transaction; it’s a strategic move deeply embedded in our long-term vision,” Hershcoviz added.

There is a significant cross-selling opportunity between QPoint and Hub Cyber Security’s expanded offerings, with customers spanning the healthcare, government, energy, defense, and financial sectors. 

Price Action: HUBC shares are trading higher by 41.3% to $1.47 premarket on the last check Friday.