Hub Cyber Security Ltd. (HUBC), a confidential computing and secured data fabric technologies provider, Wednesday announced a 1-for-15 reverse share split of its ordinary shares.
The reverse share split and corresponding share capital adjustment will become effective on January 15 with the ordinary shares to begin trading on split-adjusted basis on The Nasdaq Stock Market on January 16, at market open, under the existing trading symbol HUBC.
As a result of the reverse share split every 15 issued and outstanding ordinary shares will automatically be converted into one ordinary share.
The company expects the reverse share split to increase the per share trading price of the ordinary share, enough to maintain compliance with the minimum bid price requirement of the Nasdaq listing rule.
In pre-market activity, HUBC shares were trading at $0.31, down 42.20% on the Nasdaq.
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