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HOUSTON - Freight Technologies, Inc. (NASDAQ:FRGT) announced Monday that Reckitt Benckiser de México, a global health, hygiene and nutrition company, has become a client of its logistics management platform. The company, currently valued at $16.8 million in market capitalization, is expected to see revenue growth of 3.6% this fiscal year, according to InvestingPro data.
The addition of Reckitt Benckiser represents Fr8Tech’s continued expansion of its customer base to include multinational corporations seeking logistics solutions in North America.
"We are proud to count Reckitt Benckiser de México among our clients," said Javier Selgas, CEO of Fr8Tech, in a press release statement.
Fr8Tech provides technology solutions for supply chain management, with a focus on cross-border shipping across the USMCA region. The company’s platform includes real-time data tools and integrated communication features designed to improve visibility and streamline logistics operations.
The Houston-based company offers multiple logistics solutions including Fr8App for cross-border shipping, Fr8Now for less-than-truckload shipping, Fr8Fleet for enterprise clients in Mexico, Waavely for ocean freight management, and Fleet Rocket, a transportation management system.
Freight Technologies trades on the Nasdaq under the ticker FRGT and describes itself as a technology company offering AI and machine learning-powered solutions to optimize supply chain processes. Based on InvestingPro Fair Value analysis, the stock currently appears undervalued despite recent market challenges.
In other recent news, Freight Technologies, Inc. announced that it has regained compliance with the Nasdaq Capital Market’s minimum stockholders’ equity requirement. This follows the company’s previous deficiency notice, which stated non-compliance with Nasdaq Listing Rule 5550(b)(1). Freight Technologies reported stockholders’ equity of $6,159,098 as of the recent reporting period, surpassing the required $2.5 million. Additionally, the company amended its Memorandum and Articles of Association to adjust the conversion terms of its Series A4 preferred shares, aiding in compliance with Nasdaq’s equity rules. Furthermore, Freight Technologies announced a one-for-four reverse stock split of its ordinary shares, which will reduce the number of outstanding shares from approximately 9.1 million to about 2.2 million. In another development, the company issued convertible notes valued at $1 million for the purchase of Official Trump tokens, increasing its digital asset holdings. The firm also integrated its Fr8App platform with Bayer Crop Science’s Transportation Management System, aiming to enhance logistics and supply chain efficiency. These recent developments reflect Freight Technologies’ strategic moves to strengthen its financial position and technological capabilities.
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