FRGT - Freight Technologies pops higher on receiving Whirlpool contract

2023-03-30 09:03:08 ET

• Freight Technologies ( NASDAQ: FRGT ) secured a contract with Whirlpool ( WHR ) Mexico for domestic logistics shipping services.
• "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," Sr. Manager Logistics of Whirlpool Mexico commented.
• Last week, the company regained Nasdaq compliance through a 10 to:1 reverse share split .
• The adjusted capital value of the company based on the closing price on Mar. 28, 2023 of $4.7M equals to ~18.5% of TTM revenues for the year-ended Dec. 31, 2022 of $25.9M, and is 13.3% of company guidance of $36M for total 2023 revenues.
• Shares trading 27.4% higher premarket.

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