Freight Technologies Announces Adjournment of Annual Meeting of Stockholders

Rhea-AI Summary

Freight Technologies (FRGT) announced the adjournment of its 2024 Annual Meeting of Stockholders from December 12 to Friday, December 13, 2024, at 1pm Monterrey time. The postponement was necessary due to insufficient quorum, with only 44.67% of the company's common stock shares represented at the meeting, either in person, virtually, or by proxy.

The meeting was originally scheduled to consider proposals outlined in the Notice dated October 28, 2024. During the adjournment period, the company and Broadridge Financial Solutions will continue accepting votes from stockholders. Previously submitted proxies remain valid for the adjourned meeting. Shareholders registered as of October 24, 2024, are eligible to participate.

Positive

• None.

Negative

• Failed to achieve quorum at Annual Meeting, indicating potential shareholder engagement issues
• Only 44.67% of shares were represented, showing low stockholder participation

HOUSTON, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (Nasdaq: FRGT, “Fr8Tech” or the “Company”), a logistics management innovation company, offering a diverse portfolio of technology-driven solutions that address distinct challenges within the supply chain ecosystem, today announced that the Company has adjourned its 2024 Annual Meeting of Stockholders (the "Annual Meeting"), originally scheduled to be held on December 12, 2024, to Friday, December 13, 2024 at 1pm, Monterrey, Mexico time, in order to provide stockholders additional time within which to vote on all proposals.

The Annual Meeting was convened to consider proposals (the “Proposals”) presented in the Notice of 2024 Annual General Meeting of Members dated October 28, 2024, which is also available on the Company’s website at https://fr8technologies.com. At that time, there were not present in person, virtually or by proxy, a sufficient number of shares of the Company's common stock to constitute a quorum, leading to adjournment.   At the time the Annual Meeting was adjourned, proxies had been submitted by holders representing 44.67% of the shares of the Company's common stock issued and outstanding on the record date and entitled to vote at the Annual Meeting.

During the period of adjournment, the Company and its proxy agent, Broadridge Financial Solutions, will continue to receive votes from the Company's stockholders with respect to the proposals set forth in the Proxy Statement.

Proxies which have been received will remain valid for the adjourned Annual Meeting. Holders of the Company’s ordinary shares whose names are on the register of members of the Company at the close of business on October 24, 2024 are entitled to attend the adjourned Annual Meeting. Shareholders who have not yet cast their votes are encouraged to do so by voting online as described in proxy instructions delivered in connection with the Annual Meeting.

About Freight Technologies Inc.

Freight Technologies (Nasdaq: FRGT) (“Fr8Tech") is a technology company offering a diverse portfolio of proprietary platform solutions powered by AI and machine learning to optimize and automate the supply chain process. Focused on addressing the distinct challenges within the supply chain ecosystem, the Company’s portfolio of solutions includes the Fr8App platform for seamless OTR B2B cross-border shipping across the USMCA region; Fr8Now, a specialized service for less-than-truckload (LTL) shipping; Fr8Fleet, a dedicated capacity service for enterprise clients in Mexico; and Waavely, a digital platform for efficient ocean freight booking and management of container shipments between North America and ports worldwide. Together, each product is interconnected within a unified platform to connect carriers and shippers and significantly improve matching and operation efficiency via innovative technologies such as live pricing and real-time tracking, digital freight marketplace, brokerage support, transportation management, fleet management, and committed capacity solutions. The company is headquartered in Houston, Texas. For more information, please visit fr8technologies.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Fr8Tech’s and Fr8App Inc.’s actual results may differ from their expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements.

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Fr8Tech’s and Fr8App Inc.’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability to obtain or maintain the listing of Fr8Tech’s ordinary shares on Nasdaq; (2) changes in applicable laws or regulations; (3) the possibility that Fr8Tech or Fr8App Inc. may be adversely affected by other economic, business and/or competitive factors; (4) risks relating to the uncertainty of the projected financial information with respect to Fr8App Inc.; (5) risks related to the organic and inorganic growth of Fr8App Inc.’s business and the timing of expected business milestones; and (6) other risks and uncertainties identified, including those under “Risk Factors,” to be filed in Fr8Tech other filings with the Securities Exchange Commission.

Fr8Tech cautions that the foregoing list of factors is not exclusive. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Fr8Tech and Fr8App Inc. caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Fr8Tech and Fr8App Inc. do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based.

FAQ

Why was Freight Technologies (FRGT) Annual Meeting adjourned on December 12, 2024?

The meeting was adjourned due to insufficient quorum, with only 44.67% of shares represented, falling short of the required number of shares needed to conduct the meeting.

When is the rescheduled FRGT Annual Meeting?

The adjourned Annual Meeting is rescheduled for Friday, December 13, 2024, at 1pm Monterrey, Mexico time.

What percentage of FRGT shares were represented at the December 12 meeting?

44.67% of the company's common stock shares were represented at the meeting, either in person, virtually, or by proxy.

Who is eligible to vote at the adjourned FRGT Annual Meeting?

Shareholders whose names were on the company's register of members as of October 24, 2024, are eligible to vote at the adjourned Annual Meeting.

Are previously submitted FRGT proxy votes still valid for the adjourned meeting?

Yes, proxies that have already been submitted remain valid for the adjourned Annual Meeting.