Mount Rainier Acquisition Corp. (RNER) Shareholders Approve HUB Cyber Security Deal

Mount Rainier Acquisition Corp. (NASDAQ:RNER) announced this afternoon that its shareholders approved its combination with confidential computing developer HUB Cyber Security Israel at a special meeting held earlier today.

The meeting was originally scheduled for December 30 before getting pushed to today to give shareholders additional time to consider reversing redemption requests. RNER’s public stockholders holding 2,660,436 shares of common stock elected to redeem their public shares in connection with the approval of the business combination. These redemptions were in addition to the 14,535,798 shares that were tendered for redemption in connection with the special meeting held on December 21, leaving the SPAC with just 53,766 shares.

The parties expect to close the deal in late January 2023, subject to the satisfaction of certain customary closing conditions. HUB Security has applied for the listing of its ordinary shares and warrants on The Nasdaq Capital Market under the proposed symbols “HUBC” and “HUBCW,” respectively.

Mount Rainier announced its $1.2 billion deal with HUB Cyber Security in March 2022. The Tel Aviv-based company, founded by veterans of Israeli intelligence units, develops and markets computing solutions and services that aim to disrupt cybersecurity for enterprises and governments worldwide.

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.