Freight Technologies, Inc., a technology company whose custom-developed Fr8App, an industry-leading freight-matching platform powered by AI and machine-learning, offers a real-time portal for B2B cross-border shipping and domestic shipping within the USMCA region, has been named BeatBox Beverages number one carrier for cross-border shipments. BeatBox benefits from Fr8App’s exceptional communication and frequent updates, which improve the shipping process and offer unmatched levels of service and professionalism.
Rita Garza, BeatBox Operations Manager said, “In just one month of service, BeatBox has experienced a significant improvement in our cross border shipping process, thanks to Fr8App’s efficient and reliable services. Fr8App has been an invaluable resource in helping with BeatBox’s logistics needs, and their ability to assist with cross-border shipments during the night shift has been particularly impressive. In fact, BeatBox is already considering using Fr8App for their third shift in addition to our day-time shifts. Fr8App has been easy to work with and the tools they have available to us, such as Fr8Radar for tracking our shipments, have been a great value-add for our company. The team at BeatBox is thrilled with the results and looks forward to a deep and long term relationship with Fr8App “
Javier Selgas, CEO of Fr8Tech said, “At Fr8Tech, we are committed to providing our clients with the best possible service and solutions for their shipping needs. Our business relationship with BeatBox Beverages is a testament to the power of our technology and the expertise of our team. We look forward to continuing to exceed their expectations with our innovative solutions and exceptional customer service.” Javier Selgas continued, “BeatBox is one of our new Shipper clients as alluded to in an earlier press release addressing the volume of new Shipper clients we signed up during the month of March 2023 and follows exciting news we already announced on our relationships with such companies as Whirlpool de Mexico, SRL de CV, and Kimberly Clark de Mexico. SAB de CV.”
Because Fr8Tech did not qualify for a six-month extension to comply with Nasdaq share price requirements, Fr8Tech ordinary shares underwent a 10 to 1 reverse share split to regain Nasdaq compliance with trading post-split beginning as of market open on March 24, 2023. The number of outstanding ordinary shares on April 17, 2023 was 3,277,513. The adjusted capital value of the company, based on ordinary shares outstanding following the reverse split and the share price as of close of market on April 17, 2023 of $2.380, was approximately $7.8 million, a 88.1% discount to independent analyst’s target price for the company’s ordinary shares of $20 per share on a split-adjusted basis. The adjusted capital value of the company based on the closing price on April 17, 2023 of $7.8 million amounts to approximately 30.1% of TTM revenues for the year-ended December 31, 2022 of $25.9 million, and is 21.7% of company guidance of $36 million for total 2023 revenues. Both discount percentages are figures that the company believes to be significant discounts to market comparable shares.