Freight Technologies, Inc. Announces Conversion of $3.55M Convertible Debt to Equity
28 December 2023 - 12:35AM
via IBN –
Freight Technologies,
Inc. (Nasdaq: FRGT) (“Fr8Tech” and/or “Company”), a
technology company whose custom-developed Fr8App, an
industry-leading freight-matching platform powered by AI and
machine-learning that offers a real-time portal for B2B
cross-border shipping and domestic shipping within the USMCA
region, today announces conversion by investors of convertible debt
to equity.
Investors in the Company’s convertible notes have converted
approximately $3.55 million in convertible notes into equity in the
form of preferred shares.
CEO Javier Selgas commented: “The conversion is very positive
news for the Company. The amount converted is a relevant amount
that will help the Company continue being listed in good standing
with the Nasdaq insofar as required minimum capital amounts for
continued listing as of the end of our 2023 calendar year. We
believe it is also a strong indicator of the significant support
that a group of our investors continue to demonstrate in the
Company’s strategic direction. We continue to take steps towards
improving our technology and offering our solutions to niche target
markets across North America.”
About Fr8AppFr8App is a freight forwarding
matching platform that uses innovative technology to connect
shippers and carriers with available loads and trucks. With a focus
on user experience and real-time data, Fr8App is making it easier
than ever for businesses to manage their logistics operations and
streamline their supply chain. For more information, please
visit: Fr8App
About Freight Technologies Inc.
Freight Technologies (Nasdaq: FRGT) (“Fr8Tech") is a technology
company developing solutions to optimize and automate the supply
chain process. Its wholly owned subsidiary, Freight App, Inc.
(“Fr8App”), is a B2B cross-border shipping marketplace in the USMCA
region powered by AI and machine learning. Focused on making
shipping transparent and efficient, Fr8App provides carriers with
increased growth opportunities and shippers with flexibility,
visibility and simplicity for the once complex process of
international over-the-road (“OTR”) shipping. Fr8App uses its
proprietary technology platform to connect carriers and shippers
and significantly improve matching and operation efficiency via
innovative technologies such as live pricing and real-time
tracking, digital freight marketplace, broker, transportation
management, fleet management and committed capacity solutions. The
company is headquartered in Houston, Texas. For more information,
please visit: fr8technologies.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Freight
Technologies' and Fr8App’s actual results may differ from their
expectations, estimates and projections and, consequently, readers
should not rely on these forward-looking statements as predictions
of future events. Words such as “expect,” “estimate,” “project,”
“budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,”
“will,” “could,” “should,” “believes,” “predicts,” “potential,”
“continue” and similar expressions (or the negative versions of
such words or expressions) are intended to identify such
forward-looking statements. These forward-looking statements
include, without limitation, Freight Technologies’ and Fr8App’s
expectations with respect to future performance and anticipated
financial impacts of its acquisition of Fr8App.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from those discussed in the forward-looking statements.
Most of these factors are outside Freight Technologies’ and
Fr8App’s control and are difficult to predict. Factors that may
cause such differences include, but are not limited to: (1) the
impact of the COVID-19 pandemic on Fr8App’s business; (2) the
inability to obtain or maintain the listing of Freight
Technologies’ ordinary shares on Nasdaq; (3) the ability to
recognize the anticipated benefits of the merger, which may be
affected by, among other things, competition and the ability of
Fr8App to grow, manage growth profitably and retain its key
employees; (4) costs related to the merger; (5) changes in
applicable laws or regulations; (6) the possibility that Freight
Technologies or Fr8App may be adversely affected by other economic,
business and/or competitive factors; (7) risks relating to the
uncertainty of the projected financial information with respect to
Fr8App; (8) risks related to the organic and inorganic growth of
Fr8App’s business and the timing of expected business milestones;
and (9) other risks and uncertainties identified, including those
under “Risk Factors,” to be filed in Freight Technologies' other
filings with the SEC. Freight Technologies cautions that the
foregoing list of factors is not exclusive. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those indicated or anticipated by such forward-looking
statements. Freight Technologies and Fr8App caution readers not to
place undue reliance upon any forward-looking statements, which
speak only as of the date made. Freight Technologies and Fr8App do
not undertake or accept any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
to reflect any change in their expectations or any change in
events, conditions or circumstances on which any such statement is
based.
Fr8Tech
Contact:investors@fr8technologies.com
Corporate CommunicationsIBN
(InvestorBrandNetwork)Los Angeles,
Californiawww.InvestorBrandNetwork.com310.299.1717
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