Freight Technologies announces adjournment of annual meeting

Freight Technologies, Inc. (NASDAQ:FRGT), a company specializing in management consulting services whose stock has shown significant volatility with an 8% gain over the past week despite an 87% decline over the last six months, announced today the adjournment of its 2024 Annual General Meeting of Members due to a lack of quorum. The meeting, originally scheduled for today at 1:00 p.m. Monterrey, Mexico time, was set to take place at Hidalgo 2035, Interior M18, Colonia Obispado, Monterrey, NL MX 64060.

The adjournment follows the company's failure to meet the quorum requirement outlined in its amended and restated memorandum and articles of association. As per Article 7.12, a minimum presence of 50% of the votes of the shares entitled to vote is necessary to commence the meeting. However, only approximately 44.67% of the voting shares were represented, falling short of the requirement.

The company's Ordinary Shares, which trade under the ticker symbol FRGT, had a total of 2,005,074 shares issued and outstanding as of the record date of October 24, 2024. With a current market capitalization of approximately $290 million and trading at $1.77 per share, the meeting saw the presence of 892,791 Ordinary Shares in person or by proxy. According to InvestingPro, the company currently trades near its Fair Value.

In other recent news, Freight Technologies, also known as Fr8Tech, has successfully regained compliance with the Nasdaq's minimum bid price requirement. This achievement follows the company's announcement of a one-for-twenty-five reverse stock split aimed at meeting this requirement. In financial highlights, Fr8Tech reported a 6.6% increase in revenue for the first half of 2024, totaling $8.1 million, alongside a 40% rise in gross profits year-over-year.

Further developments include Fr8Tech's recent partnership with Bayer (OTC:BAYRY) CropScience LP to provide truckload services for the 2025 season across six essential cross-border lanes in the United States. The company also expanded its collaboration with Amazon (NASDAQ:AMZN) Mexico to include U.S.-Mexico cross-border shipping operations. These partnerships are expected to enhance the respective companies' supply chain efficiencies.

In other company news, Fr8Tech resolved outstanding promissory notes and convertible notes with Freight Opportunities LLC, strengthening its balance sheet. The company has also launched its Transportation Management System (TMS), a digital command center for logistics teams.

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