Freight Technologies Secures $5M Note Facility
Ticker: FRGT · Form: 6-K · Filed: Jun 6, 2024 · CIK: 1687542
Sentiment: neutral
Topics: financing, debt, funding
Related Tickers: FTII
TL;DR
FTII just got a $5M note facility from Freight Opportunities, drawing $1M initially. More cash incoming!
AI Summary
On June 4, 2024, Freight Technologies, Inc. entered into a Term Note Purchase Agreement with Freight Opportunities, LLC. This agreement allows the company to borrow up to $5 million. The initial draw was $1 million, with the remaining $4 million available for future draws.
Why It Matters
This financing provides Freight Technologies with additional capital to support its operations and growth initiatives.
Risk Assessment
Risk Level: medium — The company is relying on debt financing, which introduces financial risk and obligations.
Key Numbers
- $5.0M — Note Purchase Facility (Total potential funding available from Freight Opportunities, LLC.)
- $1.0M — Initial Draw (Amount drawn by Freight Technologies on June 4, 2024.)
Key Players & Entities
- Freight Technologies, Inc. (company) — Registrant
- Freight Opportunities, LLC (company) — Lender
- Javier Selgas (person) — Chief Executive Officer
- $5 million (dollar_amount) — Total note purchase agreement amount
- $1 million (dollar_amount) — Initial draw amount
- June 4, 2024 (date) — Date of Term Note Purchase Agreement
FAQ
What is the total amount available under the Term Note Purchase Agreement?
The Term Note Purchase Agreement allows Freight Technologies, Inc. to borrow up to $5 million.
Who is the lender in this agreement?
The lender is Freight Opportunities, LLC.
When was the Term Note Purchase Agreement entered into?
The agreement was entered into on June 4, 2024.
How much was initially drawn under the agreement?
Freight Technologies, Inc. initially drew $1 million under the agreement.
What is the remaining amount available for future draws?
The remaining amount available for future draws is $4 million ($5 million total facility - $1 million initial draw).
Filing Stats: 550 words · 2 min read · ~2 pages · Grade level 12.1 · Accepted 2024-06-06 08:22:42
Key Financial Figures
- $125,000 — provide the Company with a term loan of $125,000 (the “Term Loan”). The Term
Filing Documents
- form6-k.htm (6-K) — 21KB
- ex10-1.htm (EX-10.1) — 144KB
- ex10-2.htm (EX-10.2) — 64KB
- 0001493152-24-022862.txt ( ) — 231KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: June 6, 2024 FREIGHT TECHNOLOGIES, INC. By: /s/ Javier Selgas Name: Javier Selgas Title: Chief Financial Officer