Freight Technologies (NASDAQ:FRGT) got a hefty upward boost in Thursday’s trading after making a major new logistics deal with a well-known producer of durable goods and home appliances. Whirlpool (NYSE:WHR) Mexico will now use Freight Technology systems, a move that saw Freight jump over 15% at the time of writing.
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Whirlpool Mexico will turn to Freight for “domestic logistics shipping services,” including Mexico and the entire USMCA region. That’s Mexico, but also the United States and Canada. Among other things, Whirlpool Mexico will use Freight’s proprietary Fr8App to get rid of paper tracking systems altogether. Further, Freight can offer the Fr8Now system, which offers less-than-truckload (LTL) services throughout Mexico by using freight-matching systems.
This isn’t the only big step Freight has taken in recent memory. Not long ago, it faced removal from the NASDAQ rolls entirely. However, it brought itself back into compliance with NASDAQ rules and removed any risk of removal by staging a 10-for-1 reverse share split. With the split, Freight brought itself down to just over 3.27 million outstanding shares.
A look at the last five days in trading for Freight shows how remarkably volatile this stock is. While it didn’t move much in absolute terms—never more than a few cents in any one direction—the stock’s share price is so low that even the smallest move is enormous percentage-wise.
