Fr8Tech Simplifies Capital Structure by Retiring Legacy Preferred Shares and Clearing 2023 Warrants
Freight Technologies' one-for-ten reverse share split takes effect today, with FRGT trading split-adjusted on Nasdaq. The company exchanged all 1,666,837 Series A4 preferred shares and 3,190,000 Series C preferred shares for rights to ordinary shares, and all remaining 2023 convertible-note warrants have been exercised, removing the issuance overhang. Post-split, the Series A4 Rights convert into 3,245,332 ordinary shares at $1.87 and Series C Rights into 3,190,000 shares at $1.00, subject to a 9.99% ownership cap.
Key figures
- Reverse split ratio
- 1:10
- Series c exchange price
- 1
- Series a4 exchange price
- 1.87
- Beneficial ownership limit
- 9.99%
- Series c preferred exchanged
- 3190000
- Series a4 preferred exchanged
- 1666837
- Series c rights ordinary shares
- 3190000
- Series a4 rights ordinary shares
- 3245332
AI analysis
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