Mount Rainier Acquisition Corp (NASDAQ:RNER) announced in an 8-K this morning that it is pushing its vote to complete its combination with HUB Cyber Security that was originally scheduled for December 30.
The special meeting is now set to occur at 10 am ET January 4 and the redemption deadline has been reset to December 30 to give shareholders additional time to consider reversing redemption requests.
A number of SPACs are working to massage their final vote and redemptions situation towards the end of the calendar year as redemption rates have been high. The five SPACs that have thus far released the results of their completion votes this month had an average redemption rate of about 96.3%.
Those still in the Announced or Searching columns that have held votes of one kind or another so far in December have seen about 87.2% of shares redeemed. One way or the other, this transaction’s $50 million minimum cash condition is fully covered by the $50 million PIPE that Mount Rainier arranged at announcement.
Tel Aviv-based HUB Security was founded by veterans of Israeli intelligence units to develop and market computing solutions and services to disrupt cybersecurity for enterprises and governments. It announced its $1.3 billion combination with Mount Rainier in March.
HUB reported about $34.6 million in revenue for the first half of 2022 with a net loss of -$18.4 million. It said this was mostly attributable to SPAC transaction costs and it expects to be profitable on an adjusted EBITDA basis in full year 2022.
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