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Freight Technologies Announces Deal to Acquire JAK Solar
Globenewswire· 2025-12-16 14:00
Core Viewpoint - Freight Technologies, Inc. has announced a share purchase agreement to acquire JAK Solar Loans 1 Limited, which will enhance its asset base and financial flexibility through long-duration, recurring cash flows from residential solar loans [1][3][4]. Group 1: Acquisition Details - The acquisition of JAK Solar will provide Freight Technologies with a portfolio of 62 active U.S.-based residential solar loans, with an aggregate outstanding principal and interest of approximately $1.85 million and a weighted average maturity of 9.6 years as of November 30, 2025 [2][7]. - The transaction is expected to strengthen Freight Technologies' balance sheet, improve operating cash flows, and enhance overall financial flexibility while adhering to its disciplined capital allocation framework [3][4]. Group 2: Financial Performance - For the year ended December 31, 2024, JAK Solar generated unaudited gross cash receipts of approximately $314,810, and for the nine months ended September 30, 2025, the figure was approximately $246,587, with limited historical write-offs [4]. - The platform is designed to support additional assets over time, including other residential energy efficiency and home improvement financings [4]. Group 3: Company Strategy - Freight Technologies continues to execute its strategy of leveraging technology, data, and intelligent systems to enhance operational efficiency and long-term value creation [5].