through IBN , Freight Technologies, Inc. (Nasdaq: FRGT) (“Fr8Tech” and/or the “Company”), a technology company whose custom-developed Fr8App is an industry-leading freight-matching platform powered by AI and machine-learning as a real-time portal for B2B Provides. USMCA, cross-border shipping and domestic shipping within the region, today announces the conversion of convertible debt into equity by investors.
Investors in the company’s convertible notes have converted approximately $3.55 million in convertible notes into equity in the form of preferred shares.
CEO Javier Selgas commented: “The change is very positive news for the company. The converted amount is a relevant amount that will help the Company remain listed in good standing with Nasdaq as the minimum capital amount required for continued listing by the end of our 2023 calendar year. We believe it is also a strong indicator of the significant support that our group of investors continues to demonstrate towards the strategic direction of the Company. “We will continue to take steps to improve our technology and introduce our solutions to specific target markets across North America.”
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