Fr8Tech Regains Compliance with Nasdaq’s Minimum Bid Price Listing Rule
February 21 2024 - 5:30AM
Freight Technologies, Inc. (Nasdaq: FRGT) (“Fr8Tech’’), a
technology company whose custom-developed, industry-leading Fr8App
freight-matching platform offers a real-time portal for B2B
cross-border and domestic shipping within the USMCA region,
previously announced that it received written notification on
August 21, 2023, from The Nasdaq Stock Market LLC that it did not
comply with the minimum bid price requirement for continued listing
on the Nasdaq Capital Market pursuant to the Nasdaq Listing Rule
5550(a)(2) because the closing bid price for the Company's ordinary
shares had fallen below $1.00 per share for 30 consecutive business
days.
On February 20, 2024, the
Company received notification from The Nasdaq Stock Market LLC that
its staff had determined that for the last 10 consecutive business
days, from February 5 through February 16, 2024, the closing
bid price of the Company’s ordinary shares had been at $1.00 per
share or greater. Accordingly, the Company has regained compliance
with Listing Rule 5550(a)(2), and this matter is now closed.
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 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, if it should
recur; (2) the inability to obtain or maintain the listing of
Freight Technologies’ ordinary shares on Nasdaq; (3) changes in
applicable laws or regulations; (4) the possibility that Freight
Technologies or Fr8App may be adversely affected by other economic,
business and/or competitive factors; (5) risks relating to the
uncertainty of the projected financial information with respect to
Fr8App; (6) risks related to the organic and inorganic growth of
Fr8App’s business and the timing of expected business milestones;
and (7) 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 Communications
IBN (InvestorBrandNetwork)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
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