Summary by Moomoo AI
Freight Technologies, Inc. (Fr8Tech), a technology company specializing in AI-powered freight-matching, announced the extinguishment of $1.1 million in debt through an agreement with Freight Opportunities LLC. The agreement, disclosed in a Form 6-K filed with the SEC for September 2024, involves the cancellation of outstanding promissory notes and convertible notes. As of August 29, 2024, the amount owed under these notes was $1,314,903.50. The cancellation is aimed at preserving the company's cash and is seen as a positive reflection of the increased pro forma valuation of Fr8Tech's ordinary shares. CEO Javier Selgas expressed optimism about the company's long-term prospects and its ability to innovate in the logistics industry. CFO Don Quinby highlighted the transaction's benefits, including strengthening the balance sheet and freeing up cash for investment. Freight Opportunities LLC remains an equity investor in Fr8Tech, endorsing the company's technology and management team. The company's core product, Fr8App, is a B2B cross-border shipping marketplace in the USMCA region.
