Positioned for Remarkable Growth, the Acquisition by Cuentas Propels the Share Price of CUEN stock to $10, Marking an Astounding 760% Surge from the Previous Trading Day's Value.
MIAMI BEACH, FL, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Cuentas, Inc. (Nasdaq: CUEN & CUENW), the foremost developer of fully integrated cybersecurity, telecommunications, and financial applications for the unbanked and underbanked Hispanic market, is elated to announce its recognition in CSO magazine's esteemed annual roundup of top cybersecurity acquisitions for 2023. A link to the report can be found here (source CSO): Top cybersecurity M&A deals for 2023
CSO, a prominent news portal with a focus on cybersecurity, has featured the impending acquisition of WHEN Group (OTC Pink: WHEN) by Cuentas. This transaction is noteworthy for the financial dynamics involved as it sets CUEN $10 per share value, placing WHEN Group's market capitalization at an impressive $150 million as of its last trading day.
The contemporary landscape of heightened cyber threats has propelled Chief Information Security Officers (CISOs) into the limelight, and Cuentas' innovative solutions empower them to provide enhanced cybersecurity, fortifying digital ecosystems with confidence and efficiency. In response to the surging frequency and sophistication of cyberattacks, organizations worldwide are acknowledging the urgent need to bolster their defenses, with a remarkable 65% of forward-thinking enterprises committing to increased cybersecurity investments in 2023.
WHEN Group's advanced threat screening technology, leveraging pattern recognition and AI, reinforces Cuentas' commitment to innovative solutions. This technology is designed to defend critical communications and financial infrastructure against attacks and compromise, aligning with the growing demand for robust security measures.
Gartner's latest forecast predicts a 14% year-over-year increase in global spending on security and risk management, reaching $215 billion in the coming year. Organizations are allocating an increasing share of their technology budgets to cybersecurity, with 8% dedicated to it in 2023 compared to 5% in 2019. This emphasizes the critical need for organizations to enhance their cybersecurity programs amid escalating cyber risks in a dynamic operating environment.
Cuentas anticipates completing the transaction through a share exchange, subject to Nasdaq and shareholder approval and other specified conditions, with WHEN Group becoming a majority-owned subsidiary of Cuentas.
Mr. Arik Maimon, CEO of Cuentas, expressed his excitement about the recognition by CSO magazine: "I'm thrilled to announce that Cuentas, Inc. has secured a spot in CSO magazine's top cybersecurity M&A deals for 2023. This feature highlights our imminent acquisition of WHEN Group, solidifying our position in the $215 billion global security market, our culmination of a potential multi-million-dollar enterprise and significant forward leap in the industry. Pending approvals, we are committed to a seamless integration that enhances our capabilities and reinforces our leadership in cybersecurity. This recognition underscores our dedication to innovation and meeting market demands, signaling an exciting chapter for Cuentas, Inc."
Cuentas remains dedicated to delivering strategic technology solutions within sectors that provide essential services to the public, revolutionizing the way people envision, construct, and interact with the spaces that shape everyday life.
Cuentas, Inc. (Nasdaq: CUEN & CUENW) is creating an alternative financial ecosystem for the growing global population who do not have access to traditional financial alternatives. The Company’s proprietary technologies help to integrate FinTech (Financial Technology), e-finance and e-commerce services into solutions that deliver next generation digital financial services to the unbanked, under-banked and underserved populations nationally in the USA. The Cuentas Platform integrates Cuentas Mobile, the Company’s Telecommunications solution, with its core financial services offerings to help entire communities enter the modern financial marketplace. Cuentas has launched its General Purpose Reloadable (GPR) Card, which includes a digital wallet, discounts for purchases at major physical and online retailers, rewards, and the ability to purchase digital content. In Q1 of 2023 Cuentas launched Cuentas Casa, an alternative housing development initiative that secured a 10-year supply agreement for a patented, sustainable building system that will provide the bridge between its technology solutions and the affordable housing market. Cuentas has made investments to date in affordable housing projects for over 450 apartments. LINK: https://cuentas.com AND https://cuentasmobile.com
This news release contains "forward-looking statements," as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. These forward-looking statements involve substantial uncertainties and risks and are based upon our current expectations, estimates and projections and reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including, but not limited to, Nasdaq and shareholder approval of the proposed transaction, our ability to manage our research and development programs that are based on novel technologies, our ability to successfully integrate WHEN operations and product offerings, the sufficiency of working capital to realize our business plans and our ability to raise additional capital, market acceptance, the going concern qualification in our financial statements, our ability to retain key employees, our competitors developing better or cheaper alternatives to our products, risks relating to legal proceedings against us and the risks and uncertainties discussed under the heading "RISK FACTORS" in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and in our other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update any forward-looking statement for any reason.