Freight Technologies Announces Debt Settlement Agreement, Significantly Reducing Outstanding Promissory Notes and Convertible Notes
Houston, Sept.03, 2024 - Freight Technologies, Inc.(Nasdaq: FRGT, Fr8Tech or the Company), a technology company revolutionizing the freight industry with its advanced freight-matching platform, Fr8App, powered by AI and machine-learning, has announced a significant agreement with Freight Opportunities LLC.This agreement aims to extinguish $906K of outstanding promissory notes and accumulated interest, as well as the remaining balance of Convertible Notes held on Freight Technologies’ June 30, 2024 balance sheet, totaling $220K.In addition, it is important to note that Freight Opportunities will continue to be an equity investor in the Company.
This debt settlement agreement is expected to have a substantial impact on the Shareholders of Freight Technologies.By extinguishing the outstanding promissory notes and accumulated interest, the Company’s balance sheet will experience significant relief, resulting in enhanced financial stability.This reduction in debt highlights the Company’s commitment to optimizing its financial position and solidifying its standing within the industry.
In context with the overall progress, this latest development marks another significant milestone for Freight Technologies.Since the Company’s debut on the Nasdaq as Fr8Tech, it has continually strived to revolutionize the freight industry by leveraging technology-driven solutions.The release of Fr8App, its industry-leading freight-matching platform, has provided businesses with a real-time portal for efficient cross-border and domestic shipping within the USMCA region.By incorporating AI and machine-learning capabilities, Fr8App proves to be an invaluable tool for simplifying and streamlining freight operations.
The news of the debt settlement agreement signifies Freight Technologies’ commitment to prioritizing its financial health.With millions of outstanding shares in the market, this development is sure to generate a positive response among shareholders, as the reduction in debt directly impacts the Company’s overall financial stability.As a result, shareholders can expect enhanced value and potentially increased confidence in the Company’s future prospects.
Given the recent news and its effect on Freight Technologies, it is essential to consider the current market conditions.The Company’s current stock price, which stands at $, reflects the market’s reaction to the announcement.Shareholders and investors alike will closely monitor the implementation and outcome of the debt settlement agreement, as it has the potential to shape the Company’s trajectory moving forward.
In conclusion, Freight Technologies’ debt settlement agreement with Freight Opportunities LLC serves as a testament to the Company’s commitment to financial well-being and stability.By extinguishing outstanding promissory notes and accumulated interest, the agreement significantly enhances Freight Technologies’ balance sheet, allowing for optimized operations and future growth.Shareholders can look forward to increased value and confidence in the Company’s continued success as Fr8Tech continues to revolutionize the freight industry with its cutting-edge technology solutions.
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