Hub Cyber Security Ltd. HUBC shares are trading higher on Friday.

The company has reached an agreement with AGP to reduce its $5.7 million convertible note obligations by 70%, signaling a significant reduction in its overall debt.

This effort is part of Hub Cyber Security’s broader strategy to bolster its balance sheet and position itself for long-term success.

In addition, the company has secured an additional $1 million investment from a private investor who has previously committed a total of $10 million to the company.

This capital infusion will support the company’s growth and key initiatives heading into the end of the year. HUB Security is also in the process of refinancing another $7.5 million of debt into a long-term settlement, further strengthening its financial foundation.

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Also, the company stated that Renah Persofsky will join its Board of Directors, replacing Lior Lurye. Persofsky has served on multiple boards of both Nasdaq-listed and unlisted private companies and brings vast business experience.

“As we move forward, HUB Security remains steadfast in its mission to deliver exceptional value to our stakeholders, drive innovation in Secured Data Fabric solutions, and expand our leadership in the global cybersecurity landscape,” said Noah Hershcoviz, CEO of HUB Cyber Security.

Price Action: HUBC shares are trading higher by 4.29% to $0.5397 at last check Friday.

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