Freight Technologies, Inc. (NASDAQ:FRGT, Fr8Tech or Company))))), a technology company developing solutions to optimize and automate the supply chain process and providing its Fr8App platform for B2B cross-border shipping in the USMCA region, Fr8now for LTL shipping services in Mexico and Fr8Fleet for dedicated capacity to enterprise companies in Mexico, previously announced that it received written notification on October 26, 2022, from The Nasdaq Stock Market LLC that it no longer complied with the minimum bid price requirement for continued listing on the Nasdaq Capital Market pursuant to the Nasdaq Listing Rule 5550(a)(2).
The closing bid price for the Company’s ordinary shares had fallen below $1.00 per share for 30 consecutive business days and accordingly, the Company no longer complied with the minimum bid price requirement for continued listing on the Nasdaq Capital Market pursuant to the Nasdaq Listing Rule 5550(a)(2). However the Nasdaq Listing Rules also provided the Company a compliance period of 180 calendar days (i.e. by April 24, 2023) in which to regain compliance. In order to regain compliance, the Company effected a 10: 1 reverse split of its ordinary shares, which began trading on a split adjusted basis on March 24, 2023.
On April 11, 2023, the Company received notification from The Nasdaq Stock Market LLC that its Staff had determined that for the last 11 consecutive business days, from March 24 through April 10, 2023, the closing bid price of the Company’s ordinary shares had been at $1.00 per share or greater. Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2), and this matter is now closed.
