Business
Freight Technologies Enters into Securities Purchase Agreement with Fetch Compute to Acquire Tokens in One of the Largest Decentralized Artificial Intelligence Computing Networks
- Creates asset diversification in addition to a crypto treasury and platform for Freight Technologies to introduce crypto to the Over-the-Road (OTR) carrier
About this update from Freight Technologies, Inc.
[{"type":"text","content":"- Creates asset diversification in addition to a crypto treasury and platform for Freight Technologies to introduce crypto to the Over-the-Road (OTR) carrier and logistics markets - - Freight Technologies and Fetch.AI to collaborate on a development partnership to further blockchain and AI technologies in the logistics space - HOUSTON, April 01, 2025 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (Nasdaq: FRGT; “Fr8Tech” or the “Company”), a logistics management innovation company, offering a diverse portfolio of technology-driven solutions, announced today it has entered into a Securities Purchase Agreement (the “Agreement”) for the acquisition of $5.2 million of FET Tokens from Fetch Compute, Inc. (“Fetch Compute”), in exchange for 2,311,248 Series A4 preferred shares of the Company, par value $0.0001 per share (“Preferred Shares”). The foregoing description does not purport to be complete and is qualified in its entirety by reference to the full text of the Company's current report on Form 8-K dated April 1, 2025, announcing the execution of the Agreement. FET Tokens are the cryptocurrency that power Fetch.ai, a decentralized machine learning platform that aligns with Fr8Tech’s vision for scalable and secure AI solutions in the OTR carrier and logistics markets. Acquiring FET Tokens allows Fr8Tech to begin actively participating in Fetch.ai’s decentralized AI ecosystem, expanding its competitive advantage in the logistics industry. “On the heels of the launch of our AI Tendering Bot, an innovative solution designed to automate and streamline the load tendering process for shippers and freight brokers, today’s token acquisition announcement brings further breadth and depth to Fr8Tech’s commitment to logistics innovation, while simultaneously strengthening and diversifying our balance sheet,” said Javier Selgas, the Chief Executive Officer of Fr8Tech. “With a FET Token treasury in place and by leveraging Fetch.ai’s empowered decentralized digital economy, our ultimate goal is to empower clients with real-time visibility and greater supply chain transparency to handle different activities inside the decentralized economy, whether it's improving supply chain logistics, maintaining solid record-keeping systems, executing computational tasks, or enabling transactional interactions.” About Freight Technologies Inc. Freight Technolog...