Hudson Capital Reports Full Year 2021 Results

Rhea-AI Summary

Hudson Capital (NASDAQ: HUSN) has announced its financial results for 2021, included in its Form 20-F filing with the SEC. The company underwent a transformation this year, acquiring Freight App, Inc. in February. This acquisition is expected to bring significant growth opportunities. In March, Hudson Capital also sold non-core assets to simplify operations. CFO Paul Freudenthaler highlighted the filing as critical for registering shares related to the Fr8App merger, anticipated within 60 days. The press release also addresses potential risks and uncertainties affecting future performance.

Positive

• Acquired Freight App, Inc. in February 2022, enhancing growth potential.
• Sold non-core assets in March 2022, streamlining operations.

Negative

• Risks associated with the impact of COVID-19 on Fr8App’s business.
• Potential challenges in maintaining Nasdaq listing.
• Uncertainty regarding the benefits of the merger.
• Costs related to the merger may impact financial performance.
• Risks related to organic and inorganic growth of Fr8App.

HOUSTON, April 29, 2022 (GLOBE NEWSWIRE) -- Hudson Capital, Inc. (NASDAQ: HUSN) reported full year 2021 financial results for the period ended December 31, 2021. Hudson Capital filed a Form 20-F with the SEC. 

Javier Selgas, CEO of Hudson Capital and Fr8App, said, “2022 has been a transformational year for us as a public company. In February, we acquired Freight App, Inc. (Fr8App), a well-run North American transportation logistics technology platform company with significant growth opportunities. Following that, at the end of March, we sold our non-core, non-performing assets thereby simplifying the business and bringing it renewed focus.

The 20-F SEC filing reports Hudson Capital, Inc.’s audited financial statements and results of operations for Hudson Capital, Inc., for the years ended December 31, 2021, 2020 and 2019, exclusive of Fr8App. Since the merger with Fr8App occurred on February 15, 2022, only filings following that date will include Fr8App results. 

Paul Freudenthaler, CFO of Hudson Capital and Fr8App, said, “Completing the Hudson Capital 20-F filing is the foundation to registering the shares related to the Fr8App merger, which we anticipate to occur within 60 days following the 20-F filing. We are excited about the progress we are making and continue improving our position to drive shareholder value in 2022 and beyond.”

About Hudson Capital, Inc. and Freight App, Inc.
Freight App, Inc. (Fr8App), a North American transportation logistics technology platform company focused on US-Mexico cross-border shipping, is a wholly-owned subsidiary of Hudson Capital, Inc. (NASDAQ: HUSN) headquartered in Houston, Texas. Fr8App, focusing on truckload freight for domestic and cross-border markets in Mexico, the US and Canada, makes shipping simple, transparent, and efficient. Fr8App uses its proprietary technology 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, broker, transportation management, fleet management, and committed capacity solutions.

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. Hudson Capital’s and Fr8App’s actual results may differ from their expectations, estimates, and projections and, consequently, you 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 include, without limitation, Hudson Capital’s and Fr8App’s expectations with respect to future performance and anticipated financial impacts of the acquisition.

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 Hudson Capital’s and Fr8App’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the impact of COVID-19 pandemic on Fr8App’s business; (2) the inability to obtain or maintain the listing of Hudson Capital’s ordinary shares on Nasdaq; (3) the risk that the acquisition disrupts current plans and operations as a result of the announcement and consummation of the merger; (4) the ability to recognize the anticipated benefits of the merger, which may be affected by, among other things, competition, the ability of Fr8App to grow and manage growth profitably, and retain its key employees; (5) costs related to the merger; (6) changes in applicable laws or regulations; (7) the possibility that Hudson Capital or Fr8App may be adversely affected by other economic, business, and/or competitive factors; (8) risks relating to the uncertainty of the projected financial information with respect to Fr8App; (9) risks related to the organic and inorganic growth of Fr8App’s business and the timing of expected business milestones; and (10) other risks and uncertainties identified, including those under “Risk Factors”, to be filed by in Hudson Capital’s other filings with the SEC. Hudson Capital 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. Hudson Capital and Fr8App caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Hudson Capital and Fr8App 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.

Fr8App Contact:
Kirsten Chapman, LHA Investor Relations, fr8app@lhai.com, 415.433.3777 

FAQ

What are the financial results of Hudson Capital for 2021?

Hudson Capital reported its 2021 financial results in its Form 20-F filing with the SEC.

What acquisition did Hudson Capital make in 2022?

Hudson Capital acquired Freight App, Inc. in February 2022.

When will Hudson Capital register shares related to the Fr8App merger?

The registration of shares related to the Fr8App merger is anticipated within 60 days following the 20-F filing.

What risks does Hudson Capital face after acquiring Fr8App?

Hudson Capital faces risks such as COVID-19 impacts, maintaining Nasdaq listing, and challenges in realizing merger benefits.

What was sold by Hudson Capital in March 2022?

In March 2022, Hudson Capital sold its non-core, non-performing assets to simplify its business.