Freight Technologies CEO issues letter to shareholders

Freight Technologies released an open letter from CEO Javier Selgas addressing concerns regarding recent fluctuations in stock values. Highlights of the letter include: “…In recent times, we’ve received inquiries about the downward trajectory of our stock…It is my and our management team’s opinion that the market’s valuation of our stock falls short of our company’s actual worth…external factors have continued to exert downward pressure on our stock price…It’s important to emphasize our unwavering commitment to success, as exemplified by my and our company CFO’s investment in FRGT underlining our steadfast faith in the company…I have also heard concerns about possible illegal transacting on our Ordinary Shares. Rest assured, we will utilize all available means to combat any illicit trading practices affecting our stock, if any. Allow me to share some recent highlights that underscore our commitment to growth: 29% Quarter-over-Quarter Revenue Growth…During this upcoming quarter, we expect an additional quarter/quarter performance with at least an 8% improvement (32% annualized). We will continue to work to make that even higher growth during the final quarter of the calendar year…93% Year-over-Year Margin Increase…We anticipate our third-quarter margins to continue to demonstrate improvement on a y/y and a q/q basis…$9.9M in additional funding secured during 2023…We believe the funding we presently have in place is sufficient to get us to break-even performance on an EBITDA basis before the end of calendar 2024…Coverage from one of the top stock analysts in this space, who continues to publish analyses that include target prices for our Ordinary Shares well above our present trading price…Operational Success:…the successful launch of our LTL offering, which has garnered a positive response from customers and industry experts alike…We have successfully expanded into new markets, creating additional revenue streams and diversifying our customer base, starting operations in El Paso, TX, and increasing the number of lanes going from/to Canada…Sustainability Initiatives…Increased the number of our Fr8Fleet capacity…the establishment of a dedicated Artificial Intelligence department…By harnessing the power of AI, we aim to develop cutting-edge functionalities and tools that will enhance efficiency and internal control, optimize logistics, and unlock unprecedented insights within the supply chain industry…We have completed numerous strategic integrations with GPS providers…Joined AMACARGA:..the expansion of our customer base, which now includes prominent enterprise entities such as Kimberly Clark, Samsung, Whirlpool, Beat Box, and several other industry leaders…We plan to file our six-month financials later this fall and will provide a broad-based update at that time. Javier Selgas, CEO and Board Member”.