Freight Technologies, Inc. (NASDAQ: FRGT), saw its shares slip early Wednesday afternoon.
The technology company developing solutions to optimize and automate the supply chain process and providing its Fr8App platform for B2B cross-border shipping in the NAFTA region, announced that it received written notification last week from The NASDAQ Stock Market LLC that it no longer complies with the minimum bid price requirement for continued listing on the Nasdaq Capital Market pursuant to the Nasdaq Listing Rule 5550(a)(2).
The closing bid price for the Company's ordinary shares had fallen below $1.00 per share for 30 consecutive business days and accordingly, the Company no longer complies with the minimum bid price requirement for continued listing on the NASDAQ Capital Market.
However, the NASDAQ Listing Rules also provide the Company a compliance period of 180 calendar days (i.e. by April 24, 2023) in which to regain compliance. If the Company chooses to implement a reverse stock split, it must complete the split no later than 10 business days prior to April 24, 2023 (i.e. April 10, 2023).
If at any time during this 180-day period, the closing bid price of the Company's ordinary shares is at least $1.00 for a minimum of 10 consecutive business days, the Company will be provided with written confirmation of compliance and the matter will be closed.
FRGT shares lost seven cents, or 18.8%, to 30 cents Wednesday.
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