Business
Freight Technologies, Inc. Awarded Whirlpool Contract
Freight Technologies Inc. to Provide Logistics services to Whirlpool through its Fr8App's Platform HOUSTON, March 30, 2023 (GLOBE NEWSWIRE) -- Freight
About this update from Freight Technologies, Inc.
[{"type":"text","content":"Freight Technologies Inc. to Provide Logistics services to Whirlpool through its Fr8App's Platform\nHOUSTON, March 30, 2023 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (Nasdaq: FRGT) (“Fr8Tech''), a technology company whose custom-developed Fr8App, an industry-leading freight-matching platform powered by AI and machine-learning and offers a real-time portal for B2B cross-border shipping and domestic shipping within the USMCA region, secured a contract with Whirlpool Mexico for domestic logistics shipping services. Rafael Flores, Sr. Manager Logistics of Whirlpool Mexico: “Aligned with Whirlpool's vision of improving life at home and being closer to our consumers, in the logistics area we are looking for new strategic solutions such as Fr8App linked to our commitment to sustainable practices by eliminating the use of paper tracking and the good service they have so far presented to our customers. We are confident that this is the beginning of a great relationship.” “Fr8App's commitment to innovative logistics solutions has been recognized with a major milestone – securing participation on our platform by one of the world's largest home appliance manufacturers, Whirlpool. This significant accomplishment reinforces our position as a trusted logistics partner and paves the way for a promising future with a key industry player. Our team is dedicated to delivering high-quality services supported by the best technologies and that prioritize efficiency and sustainability for all of our clients. We look forward to continuing to exceed their expectations.” – Javier Selgas, CEO of Fr8Tech. Fr8Tech ordinary shares underwent a 10 to:1 reverse share split to regain Nasdaq compliance with trading post-split beginning as of market open on March 24, 2023. The number of outstanding ordinary shares immediately following the reverse split was 3,271,386. The adjusted capital value of the company, based on shares outstanding following the reverse split and the share price as of close of market on March 28, 2023 of $1.460, was approximately $4.8 million, a 92.7% discount to independent analyst’s target price for the company’s ordinary shares of $20 per share on a split-adjusted basis. This implies a potential upside of over 12X on the closing price of March 28, 2023 of $1.460. The adjusted capital value of the company based on the closing pric...