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Freight Technologies, Inc. (NASDAQ:FRGT) entered into a securities purchase agreement with an accredited investor on August 6, issuing 12,540,000 series B preferred shares and 126,005 series A4 preferred shares for a total purchase price of $500,000. The company reported net cash proceeds of approximately $485,000 after deducting transfer agent and legal fees.
According to a statement in a recent SEC filing, each preferred share is immediately convertible at the investor’s option into ordinary shares of the company, with no additional payment required. The offering was conducted under exemptions from registration provided by Section 4(a)(2) of the Securities Act of 1933 and Rule 506(b) of Regulation D, relying on the investor’s status as an accredited investor and the absence of general solicitation.
The transaction was executed pursuant to the company’s amended and restated memorandum and articles of association filed on June 27, 2025. The securities purchase agreement is included as an exhibit to the 8-K filing.
Freight Technologies, Inc. is incorporated in the British Virgin Islands and its ordinary shares are listed on The Nasdaq Stock Market LLC under the symbol FRGT. This information is based on a press release statement contained in the company’s SEC filing.
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