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Freight Technologies | 6-K: Report of foreign private issuer [Rules 13a-16 and 15d-16]

SEC announcement ·  Jan 29 16:54
Summary by Moomoo AI
Freight Technologies, Inc. has announced a 10:1 reverse stock split approved by its board of directors on January 22, 2024. The reverse split will take effect on February 5, 2024, with the company's ordinary shares trading on a split-adjusted basis from that date. The adjustment will reduce the number of outstanding ordinary shares from 24,429,159 to 2,442,916. This corporate action aims to elevate the market price per share to maintain Freight Technologies' listing on the NASDAQ Capital Market. The company's shares will continue trading under the ticker 'FRGT' but will have a new CUSIP number. Shareholders will not receive fractional shares; instead, holdings not evenly divisible by 10 will be rounded up to the nearest whole share if the fractional share is one-half or more, or cancelled if less than one-half. Transhare Securities Transfer and Registrar is appointed as the exchange agent for the reverse split, and shareholders with physical stock certificates can contact them for adjustments.
Freight Technologies, Inc. has announced a 10:1 reverse stock split approved by its board of directors on January 22, 2024. The reverse split will take effect on February 5, 2024, with the company's ordinary shares trading on a split-adjusted basis from that date. The adjustment will reduce the number of outstanding ordinary shares from 24,429,159 to 2,442,916. This corporate action aims to elevate the market price per share to maintain Freight Technologies' listing on the NASDAQ Capital Market. The company's shares will continue trading under the ticker 'FRGT' but will have a new CUSIP number. Shareholders will not receive fractional shares; instead, holdings not evenly divisible by 10 will be rounded up to the nearest whole share if the fractional share is one-half or more, or cancelled if less than one-half. Transhare Securities Transfer and Registrar is appointed as the exchange agent for the reverse split, and shareholders with physical stock certificates can contact them for adjustments.
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