Freight Technologies, Inc. has announced a significant corporate move by approving a one-for-ten reverse share split of its ordinary shares. This decision, made by the board of directors on October 8, 2026, aims to increase the per-share trading price to meet the $1.00 minimum bid price requirement for continued listing on the Nasdaq.
The reverse split will take effect on October 19, 2026, reducing the number of outstanding shares from approximately 16.8 million to about 1.68 million. The company’s ordinary shares will continue to trade under the symbol "FRGT" but will have a new CUSIP number (G51413170).
Freight Technologies, Inc. specializes in logistics management and offers a range of technology-driven solutions for the supply chain ecosystem. The company’s portfolio includes innovative platforms like Fr8App for cross-border shipping and Fleet Rocket, a Transportation Management System for logistics operators.
In the filing, the company states, "The reverse share split is intended to increase the per share trading price of the Ordinary Shares to satisfy the $1.00 minimum bid price requirement for continued listing on the Nasdaq." This strategic move is particularly relevant in the current market environment, where companies in the arrangement of transportation of freight and cargo sector are facing various challenges.
The reverse share split will not affect the total number of authorized shares of the company. Importantly, no fractional shares will be issued as a result of this split. Shareholders holding a number of shares that does not evenly divide by ten will receive additional shares to round up to the next whole number if they hold a fractional share of one-half or more. However, those with fractional shares of less than one-half will have those shares canceled.
Freight Technologies has positioned itself as a technology leader in the logistics space, leveraging AI and machine learning to enhance supply chain operations. This reverse split may influence investor perceptions and the company's market strategy moving forward.
As the company prepares for the split, it has designated Transhare Corporation as the exchange agent. Shareholders seeking more information can contact Transhare directly.
The move comes amid ongoing pressures in the logistics industry, where companies are increasingly focused on optimizing operations and maintaining compliance with exchange requirements. Competitors in the arrangement of transportation of freight and cargo sector may also need to evaluate their strategies in light of Freight Technologies' recent actions.
Looking ahead, the company has not specified any additional steps following the reverse split, but it remains committed to enhancing its market position and operational efficiency.