Freight Technologies, Inc. (Nasdaq: FRGT) announced it has entered into exchange agreements with holders of its Series A4 and Series C Preferred Shares, converting those securities into rights to receive ordinary shares. The company also confirmed that all remaining ordinary share warrants issued in connection with its 2023 convertible note financing have been exercised.

Under the exchange agreements, dated October 18, 2026, holders exchanged 1,666,837 Series A4 preferred shares, representing all outstanding Series A4 shares, and 3,190,000 Series C preferred shares for rights to receive ordinary shares without additional consideration.

The transactions coincide with the company's one-for-ten reverse share split, with ordinary shares beginning to trade on a split-adjusted basis on the Nasdaq market. On a post-split basis, the Series A4 rights are exercisable for 3,245,332 ordinary shares at an exchange price of $1.87 per share, while the Series C rights are exercisable for 3,190,000 ordinary shares at an exchange price of $1.00 per share. Both are subject to a 9.99% beneficial ownership limitation.

With the 2023 warrants fully exercised, the company stated it has eliminated what it described as a significant overhang of potential ordinary share issuances.

"By retiring legacy preferred securities and closing out the last of our 2023 warrants, we are presenting investors with a cleaner, more transparent equity profile," said Javier Selgas, Chief Executive Officer of Freight Technologies.

Chief Financial Officer Don Quinby said the moves "remove a meaningful overhang on our ordinary shares and give current and prospective shareholders a clearer view of our ownership base."

Separately, Fr8Tech said it recently transferred a portion of its brokerage operations to a partner called Sendengo, which now operates that business using Fr8Tech's Fleet Rocket platform and pays the company a recurring, volume-based software fee.

Additional information on the exchange agreements was filed with the U.S. Securities and Exchange Commission on October 19, 2026, in a Form 6-K report.