FREIGHT TECHNOLOGIES, INC. Reverse Split
On March 3, 2023, the board of directors of Freight Technologies (the "Board") approved a 10:1 reverse split of its ordinary shares. Freight Technologies Inc.'s ordinary shares will begin trading on a split adjusted basis on or around March 24, 2023.
As a result of the reverse share split, each ten (10) pre-split shares of Freight Technologies Inc. shares will automatically combine into one (1) ordinary share without any action on the part of the holders, and the number of outstanding ordinary shares will be reduced from 29,452,712 to 2,945,271 ordinary shares. Freight Technologies Inc.'s ordinary shares will continue to trade on the NASDAQ Capital Market under the symbol "FRGT" but will trade under a new CUSIP number (G51413113). The reverse split is intended to increase the market price per share of its ordinary shares to allow Freight Technologies Inc. to maintain its NASDAQ Capital Market listing.
No fractional shares will be issued as a result of the reverse share split. Shareholders who otherwise would be entitled to a fractional share because they hold a number of ordinary shares not evenly divisible by the one (1) for 10 reverse split ratio, will automatically be entitled to receive an additional fractional share of Freight Technologies Inc. ordinary shares to round up to the next whole share if they were to hold a fractional share equal to one-half or more. Shareholders who hold a fractional share equal to less than one-half will have the fractional share cancelled.
The reverse share split will not be submitted to a vote of Freight Technologies Inc.'s ordinary shareholders and a vote was not required under the laws of the BVI.
Freight Technologies Inc.'s transfer agent, Transhare Securities Transfer and Registrar will act as the exchange agent. Adjustments made to ordinary shares represented by physical stock certificates can be made upon surrender of the certificate to the transfer agent. Please contact Transhare Securities Transfer and Registrar for further information at (303) 662-1112.
Exhibits
Financial Statements and Exhibits
Exhibits
| Exhibit No. | Description | |
| 3.1 | Amended and Restated Memorandum and Articles of Association. |
Attachments
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- Original Document
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Disclaimer
Freight Technologies Inc. published this content on 06 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 March 2023 20:54:02 UTC.
