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Freight Technologies | 6-K: Report of foreign private issuer [Rules 13a-16 and 15d-16]

SEC announcement ·  Jun 6 20:26
Summary by Futu AI
Freight Technologies, Inc. has successfully entered into a term note purchase agreement with Freight Opportunities, LLC on June 4, 2024. Under the agreement, Freight Technologies will receive a term loan of $125,000 with an annual interest rate of 8%, which is subject to daily resets. The loan, which is set for a one-year period, can be prepaid by the company at any time without incurring penalties, and any prepayment will include accrued interest up to the date of repayment. The proceeds from this loan are intended to support the company's core operations and working capital needs. Freight Technologies plans to invest in technology development, customer acquisition, and carrier additions to its platform. The company has recently expanded its Fr8Radar service with 15 new GPS...Show More
Freight Technologies, Inc. has successfully entered into a term note purchase agreement with Freight Opportunities, LLC on June 4, 2024. Under the agreement, Freight Technologies will receive a term loan of $125,000 with an annual interest rate of 8%, which is subject to daily resets. The loan, which is set for a one-year period, can be prepaid by the company at any time without incurring penalties, and any prepayment will include accrued interest up to the date of repayment. The proceeds from this loan are intended to support the company's core operations and working capital needs. Freight Technologies plans to invest in technology development, customer acquisition, and carrier additions to its platform. The company has recently expanded its Fr8Radar service with 15 new GPS providers and is growing its Fr8Fleet dedicated capacity services, which is popular among large enterprise customers in Mexico. The investment has already resulted in new customer acquisitions, including notable firms such as Grupo Solave, Argos Electrica, Aqua-Aid Inc, and AR Brokers LLC. The terms of the loan are considered favorable for Freight Technologies, providing a relatively low cost of capital. The full details of the Term Note Purchase Agreement and the Term Note are available in the exhibits filed with the SEC.

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