Freight Technologies (NASDAQ: FRGT), a technology company offering its custom-developed Fr8App, has announced a reverse share split. The move is designed to increase the market price per share of the company’s ordinary share, thereby resulting in Freight Technologies regaining compliance with NASDAQ’s minimum bid price requirement and maintaining its NASDAQ Capital Market listing. FRGT board of directors approved the 10:1 reverse split on March 3, 2023; the split will be effective on or around March 24, 2023. According to the announcement, the company’s ordinary shares will continue to trade on NASDAQ under the symbol FRGT but will trade under a new CUSIP number: G514113113. Fr8App is an industry-leading freight-matching platform powered by AI and machine-learning that offers a real-time portal for B2B cross-border and domestic shipping within the USMCA region. “Freight Technologies is on a mission to first disrupt then revolutionize cross-border shipping and domestic shipping within the United States-Mexico-Canada region,” said Freight Technologies CEO Javier Selgas in the press release. “Maintaining NASDAQ listing is important for both the company and the shareholders. We anticipate these actions will maintain our NASDAQ listing as evermore shippers and carriers continue to turn to Freight Technologies for our unique streamlined solutions in cross border shipping and logistics.”
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About Freight Technologies Inc.
Freight Technologies is a technology company developing solutions to optimize and automate the supply chain process. Its wholly owned subsidiary Freight App Inc. (“Fr8App”) is a business-to-business, cross-border shipping marketplace in the USMCA region powered by artificial intelligence (“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. For more information about the company, please visit www.FR8Technologies.com.
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