Freight Technologies, Inc. Awarded Whirlpool Contract

Freight Technologies, Inc. (Nasdaq: FRGT) (“Fr8Tech”), a technology company whose custom-developed Fr8App, an industry-leading freight-matching platform powered by AI and machine-learning and offers a real-time portal for B2B cross-border shipping and domestic shipping within the USMCA region, secured a contract with Whirlpool Mexico for domestic logistics shipping services.

Rafael Flores, Sr. Manager Logistics of Whirlpool Mexico “Aligned with Whirlpool’s vision of improving life at home and being closer to our consumers, in the logistics area we are looking for new strategic solutions such as Fr8App linked to our commitment to sustainable practices by eliminating the use of paper tracking and the good service they have so far presented to our customers. We are confident that this is the beginning of a great relationship.”

“Fr8App’s commitment to innovative logistics solutions has been recognized with a major milestone – securing participation on our platform by one of the world’s largest home appliance manufacturers, Whirlpool. This significant accomplishment reinforces our position as a trusted logistics partner and paves the way for a promising future with a key industry player. Our team is dedicated to delivering high-quality services supported by the best technologies and that prioritize efficiency and sustainability for all of our clients. We look forward to continuing to exceed their expectations.” – Javier Selgas, CEO of Fr8Tech.

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 immediately following the reverse split was 3,271,386. The adjusted capital value of the company, based on shares outstanding following the reverse split and the share price as of close of market on March 28, 2023 of $1.460, was approximately $4.8 million, a 92.7% discount to independent analyst’s target price for the company’s ordinary shares of $20 per share on a split-adjusted basis. This implies a potential upside of over 12X on the closing price of March 28, 2023 of $1.460. The adjusted capital value of the company based on the closing price on March 28, 2023 of $4.7 million amounts to approximately 18.5% of TTM revenues for the year-ended December 31, 2022 of $25.9 million, and is 13.3% 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.

About Whirlpool Corporation

Whirlpool Corporation (NYSE: WHR) is committed to being the best global kitchen and laundry company, in constant pursuit of improving life at home. In an increasingly digital world, the company is driving purposeful innovation to meet the evolving needs of consumers through its iconic brand portfolio, including Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, JennAir, Indesit, Yummly and InSinkErator. In 2022, the company reported approximately $20 billion in annual sales, 61,000 employees and 56 manufacturing and technology research centers. Additional information about the company can be found at WhirlpoolCorp.com