Freight Technologies reports headcount restructuring, 20% reduction in workforce

Freight Technologies (FRGT) announced significant updates in its strategic evolution as a technology-centric enterprise. Fr8Tech continues to advance its transformational focus on technological innovation to enhance and expand current operations with its valued customers, as it builds upon the commercialization of its Transportation Management System software, scheduled to formally launch later this month. Fr8Tech’s TMS serves as an in-house digital command center for logistics teams, enabling them to oversee and optimize the movement of goods with enhanced precision. It allows companies to track shipments in real-time, select the most suitable carriers, administer delivery routes, communicate with drivers, manage documentation, and integrate with both inventory and billing systems. By automating these processes and delivering actionable insights, our TMS can significantly reduce costs and risks, improve decision-making and operational efficiency, and elevate overall supply chain management performance. As part of this transformation, the Company has conducted a comprehensive, organization-wide analysis to determine the appropriate team size and structure. Following this review, the Company has completed a headcount restructuring process aimed at streamlining operations and reducing costs. This includes a 20% reduction in workforce across the Company to create operational efficiencies and align resources to support our technology-driven objectives. Other recent developments further underscore Fr8Tech’s dedication to this strategic direction. Earlier this year, the Company successfully completed a $3M private placement offering of convertible preferred stock, bolstering its financial position to support ongoing software development. Additionally, Fr8Tech has renewed a multi-year logistics services agreement with Kimberly-Clark de Mexico and other large enterprise customers, reflecting continued expansion and adoption of our innovative and cost-effective solutions.