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Freight Technologies, Inc. (NASDAQ:FRGT) announced Monday that it has regained compliance with Nasdaq Capital Market’s minimum stockholders’ equity requirement. According to a statement based on a recent SEC filing, the company received confirmation from the Nasdaq Listing Qualifications Staff that the matter is now closed.
The company had previously disclosed in January that it received a deficiency notice from Nasdaq, which stated that Freight Technologies was not in compliance with Nasdaq Listing Rule 5550(b)(1). This rule requires listed companies to maintain a minimum of $2,500,000 in stockholders’ equity.
On June 30, the company received a letter from Nasdaq staff confirming compliance after reviewing Freight Technologies’ Form 10-Q, which was filed on May 16. The filing reported stockholders’ equity of $6,159,098 as of the reporting period.
Freight Technologies’ ordinary shares continue to trade on The Nasdaq Stock Market LLC under the symbol FRGT. The company is incorporated in the British Virgin Islands and is based in The Woodlands, Texas.
This information is based on a press release statement included in the company’s SEC filing.
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