- Hudson Capital Inc. (NASDAQ: HUSN) has acquired 100% of Freight App, Inc. (Fr8App). These are the details.
Hudson Capital Inc. (NASDAQ: HUSN) has acquired 100% of Freight App, Inc. (Fr8App) as a wholly-owned subsidiary yesterday. As part of the transaction, Hudson appointed Fr8App’s leadership to replace Hudson’s retiring board, CEO Warren Wang, and CFO Man Yun and adopted Fr8App’s U.S. Headquarters in Houston, Texas.
Effective today, Hudson Capital, named Javier Selgas as CEO and Paul Freudenthaler as CFO. And the newly appointed Board of Directors includes Selgas and independent directors Nicholas Adler, Marc Urbach, and William Samuels.
KEY QUOTES:
“This merger is a culmination of nearly two years of dedicated work and investment. I want to thank Mr. Wang and Mr. Yun for their involvement in this process and to also thank the former board of directors for their service. We are grateful for their contributions and are excited to now be a part of a US-headquartered, publicly listed company.”
“We believe, Fr8App, a U.S.-headquartered, North American company, is fast becoming a leader in transportation logistics technology with a focus on US-Mexico cross-border shipping. Fr8App grew revenue by 119% in 2020 and based on preliminary results, by 134% in 2021 over the prior year. Fr8App offerings provide compelling solutions to carrier and shipper partners and to logistics industry needs in general in a freight market that is second only in size to the US domestic fleet market.”
– Javier Selgas
“Confident in Fr8App’s long-term growth, Fr8App shareholders invested over $20 million in the company over the past 18 months. Over the next several quarters, we expect to simplify our capital structure. As a public company, we plan to capitalize on a number of growth opportunities which may include developing additional technology and/or acquiring complementary offerings to our present suite of solutions.”
– Paul Freudenthaler
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