- Freight Technologies is an emerging growth company whose unique solutions suite is designed to optimize and automate the supply chain process and provide a platform for B2B cross-border shipping in North America
- The company recently filed Form F-1 with the SEC registering more than 19 million ordinary shares for resale by selling shareholders identified in the registration statement
- CEO Javier Selgas hailed the milestone as a move that positions the company to continue to work with the capital markets to foster company growth
- The filing comes amid favorable market reports that evidence resurgence of the truck freight market in North America
Emerging growth company Freight Technologies (NASDAQ: FRGT), often abbreviated as Fr8Tech, recently filed a Form F-1 with the Securities and Exchange Commission (“SEC”) in compliance with the Securities Exchange Act of 1933.
A registration statement form, the F-1 is filed by companies incorporated in other jurisdictions (non-US companies) to register additional or existing securities for sale to the investing public. The filing is intended to provide investors with essential data such as a prospectus summary, planned use of proceeds from the sale of the securities, risk factors, financial data, management, and business overview, just to mention a few (https://ibn.fm/ieXOx).
In the recently filed Form F-1, Fr8Tech, a British Virgin Islands-incorporated technology company developing supply chain optimization and automation solutions and providing its Fr8App platform for B2B cross-border shipping, registered more than 19 million ordinary shares for resale by selling shareholders identified in the form.
“All of the ordinary shares, when sold, will be sold by these selling shareholders. The selling shareholders may sell their ordinary shares from time to time at prevailing market prices. We will not receive any proceeds from the sale of the ordinary shares by the selling shareholders or from the conversion of the preferred shares into ordinary shares,” an excerpt from the amended Form F-1 reads (https://ibn.fm/Kutao).
“We are incredibly proud of our team, and thank them for their work and dedication to deliver our F-1 registration, which positions us to be able to continue to grow as a public company. Delivering our registration statement puts us in a position to continue to work with the capital markets to foster the growth of our company,” Fr8Tech CEO Javier Selgas commented (https://ibn.fm/BXtOi).
The efforts to grow the company are timely considering the prevailing trends in the North American freight transportation market. According to Statista, the U.S. trucking industry generated $732.3 billion in revenue in 2020 (https://ibn.fm/ehAME), contributing $168.32 billion to the U.S. GDP (https://ibn.fm/PXAjf). And although the sector was affected by the COVID-19 pandemic, as evidenced by the fact that the 2020 figures were a drop from 2019 numbers, the industry is still expected to maintain an annualized market size growth rate of 2.7% between 2017 and 2022 (https://ibn.fm/oaKVO).
In Mexico, the road freight market, valued at $81.99 billion in 2021, is expected to reach a valuation of $131.61 billion by 2027, representing a 9.91% CAGR (https://ibn.fm/ScFvB). At the same time, data from the U.S. Bureau of Transportation Statistics show that the cross-border North American truck freight market grew to $827.9 billion in 2021 (https://ibn.fm/S9BRa) from $772 billion in 2020 and $695 billion in 2019 (https://ibn.fm/05FRH).
Fr8Tech, which is snugly positioned to benefit from this growth, expects the market to continue growing at rates at least equal to the historical values, according to the recent filing.
Through Fr8App, a B2B marketplace powered by artificial intelligence (“AI”) and machine learning (“ML”), Fr8Tech simplifies cross-border shipping and daily carrier operations. The Fr8App offers one of the foremost connected and intelligent freight platforms for cross-border shipping in the North American Free Trade Agreement (“NAFTA”) region.
At its core, Fr8Tech is guided by the goal to modernize logistic operations by leveraging technology infrastructure that not only enhances efficiency and experiences for their shippers and carriers but also combines everything in a single control center, optimizes logistics, makes fleets more efficient, and reduces transportation costs.
For more information, visit the company’s website at www.Fr8Technologies.com.
NOTE TO INVESTORS: The latest news and updates relating to FRGT are available in the company’s newsroom at https://ibn.fm/FRGT
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