Freight Technologies Completes $3 Million Private Placement Offering of Convertible Preferred Stock

Core Viewpoint - Freight Technologies, Inc. has successfully raised $3.0 million through a private placement of Series A4 preferred shares, which will be utilized for working capital and strategic growth initiatives [1][2][5] Group 1: Offering Details - The Offering consisted of 1,540,832 Series A4 preferred shares with a par value of$0.0001 per share [1] - The net cash proceeds from the Offering amounted to approximately $2.9 million after deducting fees and expenses [2] - The Company is required to file a registration statement with the SEC for the ordinary shares that can be issued upon conversion of the preferred shares by March 30, 2025 [4] Group 2: Preferred Shares Conversion - Each preferred share is immediately convertible into ordinary shares at the option of the shareholder without additional payment [3] - The conversion price is determined by the greater of the lowest daily VWAP of the ordinary shares in the preceding seven trading days or the Series A4 Conversion Price Floor [3] Group 3: Company Overview - Freight Technologies is a logistics management innovation company that offers technology-driven solutions to optimize the supply chain [5] - The Company's portfolio includes platforms such as Fr8App for cross-border shipping, Fr8Now for less-than-truckload shipping, Fr8Fleet for dedicated capacity services, and Waavely for ocean freight management [5] - The Company is headquartered in Monterrey, Mexico and focuses on enhancing operational efficiency through AI and machine learning technologies [5]