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HOUSTON - Freight Technologies, Inc. (NASDAQ:FRGT), known as Fr8Tech, a logistics technology firm with a market capitalization of $6.5 million, announced Monday the appointment of two new independent directors to its board. Leilei Nie and Andres Gonzalez join following the resignations of Paul Freudenthaler and William Samuels, which were not due to any disputes or disagreements. Freudenthaler will continue his association with the board as its secretary. According to InvestingPro data, the company faces significant operational challenges, with its stock down over 97% in the past year.
CEO Javier Selgas welcomed the new members, expressing his anticipation for their contributions to the company’s growth. He also thanked the departing members for their service and wished them well. The appointments come at a crucial time as InvestingPro analysis shows the company generated $17.6 million in revenue over the last twelve months, though operating with challenging financials including negative gross profit margins.
Leilei Nie brings over 17 years of experience in financial services and fintech to Fr8Tech’s board. She has recently been leading project management at X Star Technology in Singapore and has a history of senior roles at notable firms like Fidelity Fund Management and Accenture (NYSE:ACN), focusing on financial services in Greater China. Nie holds an MBA from China Europe Business School and a Bachelor’s degree in Computing from the National University of Singapore.
Andres Gonzalez, with a background in real estate investment and development in Mexico, currently serves as the CEO of Futura Reserva. His experience includes overseeing large-scale projects and creating business units for Capital Natural. Gonzalez has also held senior management roles at Grupo MRP and Promologistics, managing asset portfolios valued at over $1 billion. He has served as an independent board member of Terra Energy and is an active participant in organizations such as Young Presidents Organization. Gonzalez’s educational credentials include an MBA from Egade Business School and further studies at Columbia Business School, Kellogg (NYSE:K) School of Management, and Babson College.
Fr8Tech specializes in AI and machine learning-powered solutions to optimize and automate supply chain processes. Its product portfolio includes the Fr8App platform, Fr8Now, Fr8Fleet, Waavely, and Fleet Rocket, addressing various aspects of the supply chain ecosystem. The company is headquartered in Houston, Texas.
This news is based on a press release statement and does not include any forward-looking statements. Factors that could affect the company’s future performance are detailed in Fr8Tech’s filings with the Securities Exchange Commission.
In other recent news, Freight Technologies, Inc. has introduced Fleet Rocket, a new Transportation Management System aimed at enhancing logistics operations for brokers and shippers. This system promises streamlined logistics management and improved operational efficiency, featuring real-time tracking and seamless cross-border logistics tools. Additionally, Freight Technologies has announced a 20% workforce reduction as part of its strategic shift toward technology, aiming to improve operational efficiencies and align resources with its technological goals. The company recently completed a $3 million private placement of Series A4 preferred shares, with proceeds intended for strategic growth initiatives and working capital.
Furthermore, Freight Technologies has amended its corporate governance structure by lowering the quorum requirement for shareholder meetings from 50% to one-third. This change is intended to facilitate decision-making processes and streamline shareholder meetings. The company is also facing a delisting risk from the NASDAQ Capital Market due to not meeting the minimum stockholders’ equity requirement of $2.5 million. Freight Technologies has 45 days to submit a compliance plan to NASDAQ, which could lead to an extension of up to 180 days to meet the requirements.
Lastly, Freight Technologies has renewed a multi-year logistics services agreement with Kimberly-Clark (NYSE:KMB) de México, showcasing its continued expansion and adoption of innovative solutions. CEO Javier Selgas has expressed confidence in the company’s strategic direction, emphasizing the importance of technological advancements and operational efficiency. Investors are advised to monitor further announcements and filings for updates on the company’s compliance status and strategic initiatives.
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