Freight Technologies (FRGT) has released an update.
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Freight Technologies, known as Fr8Tech, has initiated a 1-for-25 reverse stock split to consolidate its shares and meet the Nasdaq’s minimum bid price requirement, reducing the number of outstanding shares from approximately 35.8 million to 1.43 million. The reverse split will take effect on September 25, 2024, and is aimed at increasing the trading price of Fr8Tech’s shares. Shareholders will not receive fractional shares but will be rounded up or down to the nearest whole number.
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