Summary by Moomoo AI
Freight Technologies, Inc. (Fr8Tech), a logistics management innovation company, has announced a 1-for-25 reverse stock split of its issued and outstanding ordinary shares. The reverse split, approved by the board of directors, is set to take effect on September 25, 2024, with the aim of increasing the market price per share to maintain the company's Nasdaq listing. As a result, the number of outstanding ordinary shares will decrease from 35,844,999 to 1,433,800. The company's shares will continue to trade on the Nasdaq under the ticker symbol 'FRGT' but with a new CUSIP number. No fractional shares will be issued; shareholders who would receive a fractional share will either be rounded up to the next whole share or have their fractional share cancelled, depending on the size of the fraction. The reverse split will not change the total number of authorized ordinary shares of Fr8Tech. Transhare Corporation has been appointed as the exchange agent for the reverse split.
