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.
Fr8Tech announced an increase in its convertible note facility from $6.6 million to $9.9 million, raising an additional $3.3 million. The company also renewed its secured lending facility of $5.0 million, which has been extended through 2025.
These financial measures aim to enhance liquidity and support Fr8Tech's growth ambitions amid a challenging market environment. Capital Foundry expressed confidence in Fr8Tech's growth trajectory, indicating strong collaboration since 2019. The funds will facilitate the company's operations in the USMCA region and assist in expanding its Fr8App platform, a freight-matching technology powered by AI.
Fr8Tech is committed to optimizing supply chain processes and enhancing efficiency for carriers and shippers.
Fr8Tech has been named the top carrier for BeatBox Beverages in cross-border shipments, owing to its efficient communication and tracking capabilities. The collaboration is already yielding positive results, with BeatBox reporting significant improvements in logistics. Rita Garza, BeatBox Operations Manager, praised Fr8App’s tools, like Fr8Radar, for enhancing their shipping process. CEO Javier Selgas highlighted the importance of this partnership as a testament to their innovative technology. However, Fr8Tech recently executed a 10-to-1 reverse stock split due to compliance issues with Nasdaq, bringing the outstanding shares to 3,277,513 and a market cap of approximately $7.8 million, which is significantly below analysts’ target price of $20 per share. This market capitalization is about 30.1% of the company's total revenue for 2022.
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