Cash Position
The company has 2.7 months of cash left based on the quarterly cash burn of $1.88 M and estimated current cash of $1.68 M
Commentary on Financial Condition
Fr8Tech is facing significant financial challenges, with an accumulated deficit of approximately $44.9 million and a working capital deficit of -$1.3 million as of December 31, 2024. The company has been relying on a combination of debt and equity financing to meet its cash needs, including a revolving line of credit and convertible notes, which have mostly been converted to equity. Despite efforts to reduce costs and optimize operations, Fr8Tech's liquidity condition raises substantial doubt about its ability to continue as a going concern over the next twelve months. If additional capital is not raised, the company may need to scale back operations or divest assets., Filed At: 2025-04-14
Former Symbols
Nasdaq Compliance
Date
Deficiency
Market
Status
Notes
Jan 13, 2025
Equity
NCM
OPEN
Freight Technologies, Inc. received a Nasdaq deficiency notice on January 13, 2024, for not meeting the minimum stockholders' equity requirement of $2,500,000, with a reported deficit of ($32,356) as of June 30, 2024. The company has 45 days to submit a compliance plan, which could extend the deadline by up to 180 days if accepted, and their shares continue to trade on Nasdaq under the symbol "FRGT" as of the Filed At date of 2025-01-17.
Previous Splits
Date
Split
9/25/2024
25 to 1
2/5/2024
10 to 1
3/24/2023
10 to 1
2/15/2022
2.2 to 1
10/29/2020
5 to 1
Shelf
Title | Raisable Amt | Offering Amt | Amt Sold Last 12 Mos | Float | 60 Day High | Price to Exceed Baby Shelf | Float Value | Exp Date | Effective date | |
|---|---|---|---|---|---|---|---|---|---|---|
September 2022 SHELF | -$1,640,311.00 | $15.00 M | 3210075 | 2.26 M | 2.08 | 33.13 | 4.71 M | 9/27/2025 | 9/27/2022 |
ATM
Warrants
Title | Registered | Remaining Warrants | Ex Price | Cost Basis | Total Warrants | Owners | Bank | Price Protection | Details | Exercisable Date | Expiration Date | Filed Date | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
June 2023 - Warrants | Not Registered | 3,000 | $100.00 | - | 3,000 | N/A | N/A | - | - | Jun 30, 2023 | |||
January 2023 - Convertible Note | Not Registered | 26,119 | $3,750.00 | - | 26,119 | N/A | Full Ratchet | - | - | Jan 3, 2023 | |||
February 2022 -Series C Warrants | Registered | - | $0.00 | - | 10,294 | ATW | Alternate Cashless | - | - | Feb 9, 2022 | |||
February 2022 -Series D Warrants | Registered | - | $0.00 | - | 14,168 | ATW | Alternate Cashless | - | - | Feb 9, 2022 | |||
February 2022 -Series A Warrants | Registered | - | $0.00 | - | 7,758 | ATW | Alternate Cashless | - | - | Feb 9, 2022 | |||
February 2022 -Series B Warrants | Registered | - | $0.00 | - | 15,826 | ATW | Alternate Cashless | - | - | Feb 9, 2022 |
Convertibles
Title | Registered | Shares Remaining | Cv Price | $ Amt Remaining | Total $ Amt | Owners | Bank | Price Protection | Details | Convertible Date | Maturity Date | Filed Date | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
February 2025 - Series A4 Preferred Shares | Not Registered | 2,500,000 | $1.20 | $3,000,000.00 | $3,000,000.00 | n/a | Variable Rate | Conversion Price shall be the greater of (i) the lowest daily VWAP (as defined in the Amended and Restated M&A) of the Ordinary Shares in the seven (7) consecutive Trading Day (as defined in the Amended and Restated M&A) period immediately preceding the date of the conversion of the applicable Preferred Share and (ii) the Series A4 Conversion Price Floor (as defined in the Amended and Restated M&A). | Feb 3, 2025 | - | Feb 3, 2025 | ||
December 2023 -Series A-4 Convertible Preferred | Not Registered | 35,541 | $100.00 | $3,554,065.00 | $3,554,065.00 | N/A | N/A | - | - | Dec 20, 2023 | |||
June 2023 -Series A-4 Preferred | Not Registered | 8,805 | $397.50 | $3,500,000.00 | $3,500,000.00 | N/A | N/A | - | - | Jun 30, 2023 | |||
January 2023 - Convertible Note | Not Registered | 1,108 | $397.50 | $440,440.00 | $11,010,989.00 | N/A | Full Ratchet | - | - | Jan 3, 2023 | |||
September 2022 - Series A2 Preferred | Registered | 1,950 | $3,500.00 | $6,823,800.00 | $6,823,800.00 | N/A | N/A | - | - | Sep 15, 2022 | |||
September 2022 - Series A1A Preferred Shares | Registered | 2,666 | $3,500.00 | $9,331,819.00 | $9,331,819.00 | N/A | N/A | - | - | Sep 15, 2022 | |||
February 2022 - Series B Preferred Shares | Registered | 6,968 | $3,500.00 | $24,386,506.00 | $24,386,506.00 | ATW | N/A | - | - | Feb 9, 2022 |
Completed Offerings
Title | Offering Amt | Shr Amt | Share Price | Warrants | Bank | Owners | Date | Type | |
|---|---|---|---|---|---|---|---|---|---|
PRIVATE PLACEMENT, CONVERTIBLE NOTE (1st Tranche of up to $20M) | $1.00 M | - | - | - | - | - | Apr 30, 2025 | 8-K | |
SHARE ISSUANCE FOR ACQUISITION (PREFERRED SHARES) | - | 2.31 M | - | - | - | - | Apr 1, 2025 | 8-K | |
PRIVATE PLACEMENT, CONVERTIBLE PREFERRED | $3.00 M | 2.50 M | $1.20 | 0.00 | n/a | n/a | Feb 3, 2025 | ||
ATM USED | $1.52 M | - | - | - | AGP | - | Jun 24, 2024 | ||
PRIVATE PLACEMENT | $1.02 M | 10.20 k | $100.00 | 1.00 k | - | Freight Opportunities | Dec 18, 2023 | 6-K | |
PRIVATE PLACEMENT | $1.00 M | 2.52 k | $397.50 | 14.65 k | - | - | Dec 5, 2023 | 6-K | |
PRIVATE PLACEMENT | $1.81 M | 3.15 k | $575.00 | 11.47 k | - | Freight Opportunities | Jan 3, 2023 | 6-K | |
REGISTERED OFFERING (RDO) | $1.00 M | 1.00 k | $1,000.00 | 0.00 | - | - | Oct 27, 2022 | 6-K | |
REGISTERED OFFERING (RDO) | $999.50 k | 90.88 | $11,000.00 | 0.00 | - | - | Dec 29, 2021 | 6-K | |
PRIVATE PLACEMENT | $2.35 M | 214.08 | $11,000.00 | - | - | - | Dec 16, 2021 | 6-K | |
REGISTERED OFFERING (RDO) | $2.70 M | 232.72 | $11,600.00 | 0.00 | None | - | Sep 28, 2021 | 6-K | |
PRIVATE PLACEMENT | $2.70 M | 232.72 | $11,600.00 | 0.00 | - | - | Sep 16, 2021 | 6-K | |
REGISTERED OFFERING (RDO) | $1.60 M | 129.28 | $12,375.00 | 0.00 | Chardan | - | Jul 29, 2020 | 6-K | |
REGISTERED OFFERING (RDO) | $3.70 M | 158.28 | $23,375.00 | 0.00 | Chardan | - | Jun 19, 2020 | 6-K |