Welcome to our dedicated page for Freight Tech news (Ticker: FRGT), a resource for investors and traders seeking the latest updates and insights on Freight Tech stock.
Freight Technologies Inc (Nasdaq: FRGT) delivers AI-powered logistics solutions through platforms like Fr8App and Fr8Fleet, transforming supply chain management. This page provides centralized access to official company announcements and news coverage, offering stakeholders timely insights into strategic developments.
Investors and industry professionals will find verified updates including earnings reports, technology innovations, and strategic partnerships. Our curated news collection simplifies tracking FRGT's progress in enhancing digital freight efficiency through machine learning and real-time tracking systems.
Content spans operational milestones, product launches, and market expansion initiatives, carefully selected to support informed decision-making. Bookmark this page for streamlined access to FRGT's evolving role in modernizing global logistics through integrated technology solutions.
Freight Technologies (Nasdaq: FRGT) announced on May 24, 2024, that it received a notification from Nasdaq on May 22, 2024, regarding non-compliance with the minimum bid price requirement. The company's stock closed below $1.00 for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2). FRGT has until November 18, 2024, to regain compliance, potentially through a reverse stock split. If the stock price remains above $1.00 for 10 consecutive business days within this period, compliance will be restored. If FRGT fails to comply, it may seek an additional 180-day extension, subject to meeting specific criteria. The company is evaluating its options but has not yet made a decision.
Freight Technologies, Inc. (Nasdaq: FRGT) reported annual revenue of $17.1 million for fiscal year 2023, marking a 34% year-over-year decline from 2022. Despite the revenue decrease, the company managed to increase its cash flow from operations by $2.7 million by enhancing working capital and reducing operating expenses. Fr8Tech saw a 48% growth in its Fr8Fleet dedicated services, reaching $3.6 million for the year. The CEO highlighted the challenges faced by the freight industry due to disruptions caused by the COVID-19 pandemic and emphasized the company's focus on core markets, data-driven solutions, and strategic partnerships. Fr8Tech reaffirmed its revenue guidance for 2024 at $25-30 million, citing positive economic conditions, growing demand for dedicated carrier services, enhancements to Fr8App, and upcoming product offerings as key drivers for future growth.
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