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HUB Cyber Security : Immediate Report for General Material Information -October 06, 2023 at 05:20 am EDT | MarketScreener
On September 28, 2023, the Company completed a non-recourse loan transaction pursuant to a loan agreement (the "Loan Agreement") with Qpoint Technologies Ltd., an Israeli company ("Qpoint"), of which the Company holds 46.52% of the outstanding shares and the effective control. Pursuant to the Loan Agreement, (i) Qpoint agreed to lend to the Company an amount equal to NIS 3.5 million (approximately $900,000) and to extend the date by which the Company is required to pay Qpoint an amount equal to NIS 6.5 million (approximately $1.7 million) in outstanding obligations from August 15, 2023 to February 28, 2024 (the "Repayment Date") and (ii) the Company agreed to pay Qpoint a loan installation fee of NIS 300,000 (approximately $80,000) (the "Loan").
The Loan will bear interest at an annual rate of 11% until paid in full, provided that in the event the payments under the Loan as set forth in the Loan Agreement are not timely made, the Loan will bear interest at an annual rate of 15% until paid in full.
Pursuant to the Loan Agreement, the parties also agreed that for a period of nine months following the date of repayment of the Loan, the parties will not take any action in furtherance of the (i) appointment of a new chief executive officer in Qpoint, (ii) distribution of dividends by Qpoint, (iii) receipt of credit or investments by Qpoint, or (iv) issuance or pledge of shares by Qpoint or its subsidiaries.
In order to guarantee Qpoint's rights under the Loan Agreement, the Company agreed to pledge in favor of Qpoint all of the shares the Company holds in Qpoint (46.52% of its outstanding share capital) and their jointly held subsidiaries: Aginix Engineering & Project Management Ltd. (49.94% of its outstanding share capital), Sensecom Consulting & Project Management Ltd. (49.94% of its outstanding share capital) and Integral Tele- management Services Ltd. (49.94% of its outstanding share capital), each an Israeli company. If the Company fails to repay the Loan by the Repayment Date, then Qpoint may foreclose on the shares. If the Loan is timely repaid, the foregoing pledges on the shares will be canceled.
The foregoing is a summary description of certain terms of the Loan Agreement and, by its nature, is incomplete. A translated copy of the Loan Agreement will be filed as an exhibit to the Company's Annual Report on Form 20-F. The foregoing description of the Loan Agreement is qualified in its entirety by reference to such Loan Agreement, when available. The Loan Agreement contains customary representations, warranties and covenants that the parties made to, solely for the benefit of, each other in the context of all of the terms and conditions of the Loan Agreement and in the context of the specific relationship between the parties thereto.
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