Freight Technologies (NASDAQ:FRGT) is trending, and FRGT stock is soaring over 20% today. The company signed a deal with Whirlpool’s (NYSE:WHR) Mexico division.
Freight Technologies’ products improve the functioning of supply chains, while Whirlpool is a very large company that makes and markets appliances, focusing on laundry and kitchen offerings.
More About the Deal
Under the agreement, Whirlpool Mexico will use Freight Technologies’ Fr8App “for domestic logistics shipping services.” According to FRGT, Fr8App is “powered by AI and machine-learning.”
Whirlpool Mexico reported that the system will enable it to stop utilizing “paper tracking.”
The companies did not disclose the value or the length of the deal.
Additional Information About FRGT Stock
Freight, which also calls itself FR8technologies, reports that its Freight Matching Platform enables shippers to choose the best drivers for each load, while its Fr8Now system allows shippers to easily utilize less-than-truckload carriers in Mexico. Finally, it provides a “digital platform for enterprise customers to handle dedicated truck services and operations.”
Freight says that its systems utilize AI and analytics, and it specializes in facilitating cross-border shipping within North America. Founded in 2015, Freight Technologies’ headquarters are located near Houston. The company reportedly has 72 employees and had revenue of $21.5 million last year.
On March 23, it carried out a 10-for-1 reverse stock split to comply with a Nasdaq rule requiring companies’ share prices to be above $1.
The market capitalization of FRGT stock is just over $5 million.
What Investors Should Watch
Investors who own or are interested in buying FRGT should watch to see if the company announces any more major deals with large customers. And, of course, they should keep an eye on the company’s revenue growth in future quarters.
On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.