Mount Rainier Acquisition

What Mount Rainier Acquisition does

Mount Rainier Acquisition Corp. was a blank check special purpose acquisition company (SPAC) incorporated in Delaware in 2021, sponsored by DC Rainier SPV LLC (managed by Dominion Capital LLC), and led by Chairman and CEO Matthew Kearney. The company's stated mandate was to identify and consummate an initial business combination with an established, technology-focused business with an enterprise value of approximately $500 million to $2.0 billion, although it was not formally restricted to a particular industry or geography. It had no operating products or proprietary technology; its sole asset during its public life was the $172.5 million in IPO proceeds held in a trust account, which earned interest and could be used to fund an acquisition or returned to shareholders.

The SPAC closed its IPO on October 7, 2021, offering 17,250,000 units at $10.00 per unit (including the full underwriters' over-allotment exercise), and listed on the NASDAQ Global Market under tickers RNERU (units), RNER (common stock), and RNERW (warrants). A.G.P./Alliance Global Partners acted as sole book-running manager and Brookline Capital Markets as co-manager. The company's go-to-market activity was limited to investor relations, SEC filings, and press releases around deal milestones.

On March 23, 2022, Mount Rainier entered into a definitive business combination agreement with HUB Cyber Security (Israel) Ltd., a developer of Confidential Computing cybersecurity solutions, alongside a $50 million PIPE. The transaction implied a combined enterprise value of approximately $1.28 billion. Mount Rainier stockholders approved the deal on January 4, 2023, the SEC declared the F-4 registration statement effective on December 8, 2022, and the business combination closed on February 28, 2023, with the combined company trading on Nasdaq under ticker HUBC from March 1, 2023. Following the merger, Mount Rainier ceased to exist as an independent public entity and operates as a wholly-owned subsidiary of HUB Cyber Security Ltd.

Name

Mount Rainier Acquisition

Legal name

Mount Rainier Acquisition Corp.

Website

https://rainieracquisitioncorp.com

Company type

Public

Founded year

2021

Operating status

Acquired

Headcount range

1–10 employees

Short description

Mount Rainier Acquisition Corp. was a Delaware-incorporated blank check SPAC sponsored by DC Rainier SPV LLC (managed by Dominion Capital LLC) that raised $172.5 million in its October 2021 IPO on Nasdaq under RNERU. It completed its sole business combination with HUB Cyber Security in February 2023 and now operates as a wholly-owned subsidiary of HUB.

Ownership category

akta.pro rank

Product category

Special Purpose Acquisition Vehicle (SPAC)

akta.pro primary industry

Mid-Market Buyout (FSANABAB)

akta.pro secondary industries

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL), Buy-Side Search & Acquisition Advisory (FSAEAIAD)

Keywords

• Blank check company
• Special purpose acquisition
• Business combination
• Initial public offering
• Public market listing

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Others

Revenue model

1. SPAC Trust Interest: As a SPAC, Mount Rainier held cash in a trust account from its IPO proceeds ($172.5 million) which earns interest. The company used these funds to complete the business combination with HUB Cyber Security.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Mount Rainier Acquisition Corp was a blank check company (SPAC) formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses. The company intended to focus on established, technology-focused businesses with aggregate enterprise values of approximately $500 million to $2.0 billion that would benefit from access to public markets and the operational and strategic expertise of its management team. It completed its business combination with HUB Cyber Security (Israel) Ltd. in February 2023.

Product overview

Mount Rainier Acquisition Corp is a blank check company (SPAC) formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses. The company does not offer products or services itself—it is a special purpose acquisition company that completed a business combination with HUB Cyber Security (Israel) Ltd in February 2023. Following the merger, HUB Cyber Security became the operating entity, with its ordinary shares trading on Nasdaq under the ticker symbol "HUBC" and warrants under "HUBCW" and "HUBCZ".

Differentiator

Problem solved

Functional benefit

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• Latham & Watkins LLPcoreImplementation/ SI/ Consulting Partner · 23 March 2022Serving as legal advisor to HUB Cyber Security for the business combination transaction.
• Loeb & Loeb LLPcoreImplementation/ SI/ Consulting Partner · 23 March 2022Serving as legal advisor to Mount Rainier Acquisition Corp. for the business combination.
• Sullivan & Worcester LLPcoreImplementation/ SI/ Consulting Partner · 23 March 2022Serving as legal advisor (Tel Aviv office) to Mount Rainier Acquisition Corp. for the business combination.
• Brookline Capital Markets (Arcadia Securities, LLC)minorChannel Partner/ Reseller/ Distributor · 4 October 2021Acted as co-manager for Mount Rainier's initial public offering of 17,250,000 units at $10.00 per unit.

Scale indicators2 records

Recent moves7 records

Expansion highlights3 records

Direct peers

• Decarbonization Plus Acquisition Corp: Tech/clean-energy focused SPAC of comparable IPO size and timeline, sharing Mount Rainier's blank-check structure and advisor-driven execution model.
• Switchback Energy Acquisition Corp: SPAC that merged with ChargePoint (EV charging), comparable in target valuation, IPO size, and capital markets advisor structure to Mount Rainier.
• Dragoneer Growth Opportunities Corp II: Dragoneer-sponsored SPAC focused on growth-stage technology companies, with comparable deal-screening criteria and sponsor reputation for tech M&A.
• Altimeter Growth Corp: Tech-focused SPAC sponsored by Altimeter Capital that merged with Grab Holdings. Closely comparable to Mount Rainier in targeting technology businesses and the $500M-$2B+ enterprise value range.
• Churchill Capital Corp: Michael Klein-affiliated SPAC platform with multiple series, focused on large-cap business combinations. Comparable structure, sponsor model, and capital-markets execution approach.
• Cohn Robbins Holdings Corp: SPAC sponsored by Cohn Robbins and Donald Cohn targeting established businesses, closely aligned with Mount Rainier's thesis of taking high-quality companies public.
• Spartan Acquisition Corp III: Mid-market SPAC sponsor with comparable IPO size and tech/industrial focus, executing similar business-combination mandates to Mount Rainier.
• Social Capital Hedosophia: Chamath Palihapitiya-affiliated SPAC platform that took multiple tech companies public (Virgin Galactic, Opendoor, SoFi). Directly comparable technology-target SPAC with similar valuation band.

Broad incumbents

• Pershing Square Tontine Holdings: Bill Ackman-sponsored SPAC — the largest of its kind — operating in the same capital-markets and business-combination space, though at substantially greater scale than Mount Rainier.
• Gores Group (Gores Holdings series of SPACs): Gores has sponsored multiple publicly listed SPACs targeting mid- and large-cap businesses, directly analogous to Mount Rainier's blank-check mandate and PE-affiliated sponsor model. Comparable in target valuation range and sponsor structure.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat2 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mount Rainier Acquisition