Freight Technologies, Inc. Obtains and Renews Additional Funding
Fr8Tech increases convertible Note facility by $3.3 million to $9.9 million and renews $5.0 million secured lending facility.
Este comunicado se publicó en inglés y se reproduce sin traducir. Es una divulgación de una emisora listada en Nasdaq: el texto en inglés es el documento de referencia, y una traducción sin carácter oficial diría menos, no más.
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, announces an increase in its convertible note facility by $3.3 million to $9.9 million in addition to renewing its collateralized lending facility for $5.0 million. Fr8Tech, agreed to amend its Loan and Security Agreement with Capital Foundry on April 25, 2023 and extend it through to 2025. The amendment will maintain the revolving line of credit at $5.0 million and includes additional types of collateral in line with Fr8Tech’s anticipated growth.
“It has been great to see Fr8Tech evolve since we first started working with them in 2019, especially its accelerated growth in the past eighteen months,” stated John Fox, Capital Foundry’s Chief Credit Officer. “We look forward to the results we believe the company can achieve with this additional liquidity to continue to support its ambitious growth plans.”
“Capital Foundry has been a wonderful financial ally,” stated Paul Freudenthaler, Fr8Tech’s Chief Financial Officer. “They have worked with us hand in hand and have been instrumental in helping us expand our offerings, particularly to the larger shipper clients. In addition to extending the Capital Foundry facility through early 2025, we were also able to increase our convertible loan facility to provide us with additional dry powder to continue funding our organic growth initiatives. We have the additional liquidity facilities in place and flexibility to finance collateral in all three USMCA countries as we ramp up the activity on our platform and our sales efforts in mid-2023 in what has been an admittedly difficult market so far this year. Each of the facilities will help provide us with the ability to continue to execute on our business plan.”