Freight Technologies, Inc. announced a one for twenty-five reverse split of its issued and outstanding ordinary shares. This means that each twenty-five pre-split shares will combine into one share without any action needed from shareholders. The number of outstanding shares will be reduced from 35,844,999 to 1,433,800. The company’s shares will continue trading on the Nasdaq under the symbol “FRGT” but with a new CUSIP number.
No fractional shares will be issued as a result of the reverse split. Shareholders who would be entitled to a fractional share will receive an additional fractional share to round up to the next whole share if they hold a fractional share less than one-half. Fractional shares equal to less than one-half will be canceled.
The reverse stock split aims to increase the per-share trading price to meet the $1.00 minimum bid price requirement for continued listing on the Nasdaq. Following the split, the company will have about 1.43 million ordinary shares issued and outstanding. The total authorized shares of the company will not be affected by the reverse split.
The company’s transfer agent, Transhare Corporation, will act as the exchange agent for further information.
Freight Technologies, Inc. or Fr8Tech, is a technology company offering various platform solutions powered by AI and machine learning to optimize the supply chain process. Their solutions include Fr8App for seamless B2B cross-border shipping, Fr8Now for less-than-truckload shipping, Fr8Fleet for dedicated capacity service in Mexico, and Waavely for ocean freight booking. These products aim to improve matching and operation efficiency through innovative technologies like live pricing, real-time tracking, and digital freight marketplace.
This press release includes forward-looking statements, cautioning readers not to rely on them as predictions of future events, as actual results may differ. The company faces risks such as the impact of the COVID-19 pandemic, changes in laws or regulations, economic factors, and uncertainties related to financial projections and business growth.
In conclusion, Freight Technologies, Inc. has undergone a reverse stock split to increase per-share trading price and meet listing requirements. The company continues to offer innovative solutions to optimize the supply chain process and address challenges in the industry. Shareholders should stay informed about these developments and the potential impact on the company’s performance moving forward.