Israeli technology firm HUB Cyber Security (NASDAQ: HUBC) shares fell nearly 20% on Tuesday in the wake of a significant rally last week.
Shares of HUB, which went public through a SPAC deal on March 1, recently changed hands at $1.79 around 10:45 PM ET. The stock opened at $2.09, falling to a late morning low of $1.76.
HUB shares fell 12% on Monday, despite John C. Rogers, a former US deputy assistant secretary of defense, joining its security advisory board. The stock had made significant gains since March 14, boosted by announcements that it had sold shares to PIPE investors at $10 a share.
HUB went public on March 1 following a SPAC merger with Mount Rainier Acquisition Corp. Shares of the combined company ended the first session 68% lower at $1.59 a share.
Based in Tel Aviv, HUB is a provider of cyber security solutions and services. HUB and Mount Rainier announced plans to merge in March 2022, with the deal valuing the combined company at about $1.2 billion.
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