Hudson Capital Inc. (NASDAQ: HUSN) (Hudson Capital) moves forward
in its process to merge with Freight App, Inc. (Fr8App).
“We continue to be very excited to merge with Fr8App,” stated
Warren Wang, Chairman and CEO of Hudson Capital. “As a leader in
logistics technology, Fr8App continues to launch new solutions, add
shipper relationships, increase its carrier base, and improve its
financial performance. By providing compelling solutions to carrier
and shipper partners with a focus on US-Mexico cross-border
shipping, Fr8App is positioned to capture increasing share of its
large market opportunity.”
CEO of Fr8App Javier Selgas said, “In 2021, we reported record
levels of revenue, loads carried, average miles, shipper and
carrier count. We are working diligently with Hudson to close the
merger and look forward to being part of a public company, which
will enhance our opportunity to grow our business.”
On January 20, 2022, in anticipation of the upcoming merger,
Hudson Capital filed with the Securities and Exchange Commission
(the “SEC”) a Form 6-K containing unaudited pro forma condensed
combined financial information, Fr8App’s audited financial
statements for the fiscal years ended December 31, 2020 and 2019,
and unaudited financial statements for the six months ended June
30, 2021. The closing of the merger remains subject to customary
closing conditions as well as regulatory approval.
About Freight App, Inc.Freight App, Inc.
(Fr8App), formerly known as FreightHub, Inc., makes shipping
simple, transparent, and efficient. A transportation logistics
technology platform company, Fr8App focuses on truckload freight
for domestic and cross-border markets in Mexico, the US and Canada.
As an innovative digital freight marketplace, broker,
transportation management system (TMS) and public API, Fr8App uses
its proprietary technology platform to connect carriers and
shippers that significantly improves matching and operation
efficiency via innovative technologies such as live pricing and
real-time tracking.
About Hudson Capital Inc.Incorporated in 2014,
Hudson Capital Inc. (formerly known as China Internet Nationwide
Financial Services Inc. (NASDAQ: HUSN)) commenced its business by
providing financial advisory services to small and medium size
companies. The traditional business segments include commercial
payment advisory, intermediary bank loan advisory and international
corporate financing advisory services which help clients to meet
their commercial payment and investment needs. For more
information, about Hudson Capital, please see the documents filed
by Hudson Capital with the SEC at www.sec.gov.
In connection with the proposed merger, Hudson Capital has filed
on a Form 6-K on December 14, 2021 and December 30, 2021.
Forward Looking StatementsThis press release
includes “forward-looking statements” within the meaning of the
“safe harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. Hudson Capital’s and Fr8App’s actual
results may differ from their expectations, estimates, and
projections and, consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” and similar
expressions (or the negative versions of such words or expressions)
are intended to identify such forward-looking statements. These
forward-looking statements include, without limitation, Hudson
Capital’s and Fr8App’s expectations with respect to future
performance and anticipated financial impacts of the proposed
acquisition, the satisfaction of the closing conditions to the
proposed acquisition, and the timing of the completion of the
proposed acquisition.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from those discussed in the forward-looking statements.
Most of these factors are outside Hudson Capital’s and Fr8App’s
control and are difficult to predict. Factors that may cause such
differences include, but are not limited to: (1) the occurrence of
any event, change, or other circumstances that could give rise to
the termination of the definitive merger agreement (the
“Agreement”); (2) the outcome of any legal proceedings that may be
instituted against Hudson Capital or Fr8App following the
announcement of the Agreement and the transactions contemplated
therein; (3) the inability to complete the proposed acquisition,
including due to failure to obtain regulatory approval by Nasdaq,
or satisfy other conditions to closing in the Agreement; (4) the
occurrence of any event, change, or other circumstance that could
give rise to the termination of the Agreement or could otherwise
cause the transaction to fail to close; (5) the impact of COVID-19
pandemic on Fr8App’s business and/or the ability of the parties to
complete the proposed acquisition; (6) the inability to obtain or
maintain the listing of Hudson Capital’s ordinary shares on Nasdaq
following the proposed merger; (7) the risk that the proposed
acquisition disrupts current plans and operations as a result of
the announcement and consummation of the proposed merger; (8) the
ability to recognize the anticipated benefits of the proposed
merger, which may be affected by, among other things, competition,
the ability of Fr8App to grow and manage growth profitably, and
retain its key employees; (9) costs related to the proposed merger;
(10) changes in applicable laws or regulations; (11) the
possibility that Hudson Capital or Fr8App may be adversely affected
by other economic, business, and/or competitive factors; (12) risks
relating to the uncertainty of the projected financial information
with respect to Fr8App; (13) risks related to the organic and
inorganic growth of Fr8App’s business and the timing of expected
business milestones; and (14) other risks and uncertainties
indicated from time to time in the filings with the SEC. Hudson
Capital cautions that the foregoing list of factors is not
exclusive. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated or
anticipated by such forward-looking statements. Hudson Capital and
Fr8App caution readers not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
Hudson Capital and Fr8App do not undertake or accept any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in their
expectations or any change in events, conditions, or circumstances
on which any such statement is based.
No Offer or SolicitationThis press release
shall not constitute a solicitation of a proxy, consent, or
authorization with respect to any securities or in respect of the
proposed merger. This press release shall also not constitute an
offer to sell or the solicitation of an offer to buy any
securities, nor shall there be any sale of securities in any states
or jurisdictions in which such offer, solicitation, or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended, or an exemption therefrom.
Fr8App Contact:Kirsten Chapman, LHA Investor
Relations, fr8app@lhai.com, 415.433.3777
Hudson Capital Contact:Hon Man Yun, Chief
Financial Officer, man@hudsoncapitalusa.com, (852) 98047102
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