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Item 8.01. Other Events.
As previous disclosed on January 13, 2024, Freight Technologies, Inc. (the “Company”) was notified by the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) that the Company no longer satisfied the minimum $2,500,000 stockholders’ equity requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(b) (the “Equity Rule”). The Company thereafter timely submitted a plan for the Staff’s review and requested an extension to regain compliance with the Equity Rule, through April 14, 2025.
As disclosed on February 3, 2025, on that date the Company completed the sale of 1,540,832 Series A4 preferred shares to a purchaser for $2,970,000 in net proceeds. As disclosed on April 1, 2025, on March 31, 2025, the Company also completed the sale of 2,311,248 Series A4 preferred shares of the Company to a purchaser for a total purchase price of approximately $5,200,000 paid via 11,300,000 FET Tokens. As a result of these transactions, and as of the date of this filing, the Company believes it has stockholders’ equity of at least $2,500,000.
The Company must await Nasdaq’s formal confirmation that it has evidenced compliance with the Equity Rule. Furthermore, if deemed compliant, Nasdaq will continue to monitor the Company to ensure its ongoing compliance with the Equity Rule and, if at the time of filing of the Company’s next periodic financial statements the Company does not evidence compliance with the Equity Rule, the Company may be subject to delisting from Nasdaq.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: April 14, 2025 | Freight Technologies, Inc. | |
| /s/ Javier Selgas | ||
| Name: | Javier Selgas | |
| Title: | Chief Executive Officer | |