Freight Technologies, Inc.
For the period ended Dec 31, 2025. Filed May 14, 2026.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2025 · Filed May 14, 2026
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 20-F
(Mark one)
| ☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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OR
For the fiscal year ended December 31,2025
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from __________ to _________
OR
| ☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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Date of event requiring this shell company report __________
Commission file number001-38172
Freight Technologies, Inc.
(Exact name of the Registrant as specified in its charter)
Not Applicable
(Translation of Registrant’s name into English)
British Virgin Islands
(Jurisdiction of incorporation or organization)
2001 Timberloch Place, Suite 500
The Woodlands, TX
(Address of principal executive offices)
Mr. Javier Selgas, Chief Executive Officer
2001 Timberloch Place, Suite 500
**The Woodlands, TX
Telephone:(773) 905-5076
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered |
|---|---|---|
| Ordinary Shares, no par value | FRGT | The Nasdaq Stock Market LLC |
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
(Title of Class)
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
(Title of Class)
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:1,660,627 Ordinary Shares with no par value as of December 31, 2025.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
| ☐ Yes | ☒ No |
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
| ☐ Yes | ☒ No |
Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
| ☒ Yes | ☐ No |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
| ☒ Yes | ☐ No |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large Accelerated filer ☐ | Accelerated filer ☐ | Non-accelerated filer ☒ |
|---|---|---|
| Emerging Growth Company ☐ | ||
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
| U.S. GAAP | ☒ | International Financial Reporting Standards as issued | Other | ☐ | |
|---|---|---|---|---|---|
| by the International Accounting Standards Board | ☐ | ||||
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
| ☐ Item 17 | ☐ Item 18 |
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
| ☐ Yes | ☒ No |
(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
| ☐ Yes | ☐ No |
FREIGHT TECHNOLOGIES, INC.
Annual Report on Form 20-F
Year Ended December 31, 2025
TABLE OF CONTENTS
| Page | ||
|---|---|---|
| PART I | ||
| Item 1. | Identity of Directors, Senior Management and Advisers | 3 |
| Item 2. | Offer Statistics and Expected Timetable | 3 |
| Item 3. | Key Information | 3 |
| 3.A. | [Reserved] | 3 |
| 3.B. | Capitalization and Indebtedness | 3 |
| 3.C. | Reasons for the Offer and Use of Proceeds | 3 |
| 3.D. | Risk Factors | 3 |
| Item 4. | Information on the Company | 26 |
| 4.A. | History and Development of the Company | 26 |
| 4.B. | Business Overview | 28 |
| 4.C. | Organizational Structure | 40 |
| 4.D. | Property, Plants and Equipment | 40 |
| Item 4A. | Unresolved Staff Comments | 41 |
| Item 5. | Operating and Financial Review and Prospects | 41 |
| 5.A. | Operating Results | 41 |
| 5.B. | Liquidity and Capital Resources | 47 |
| 5.C. | Research and Development, Patents and Licenses, etc. | 49 |
| 5.D. | Trend Information | 50 |
| 5.E. | Critical Accounting Estimates | 50 |
| Item 6. | Directors, Senior Management and Employees | 51 |
| 6.A. | Directors and Senior Management | 51 |
| 6.B. | Compensation | 52 |
| 6.C. | Board Practices | 55 |
| 6.D. | Employees | 56 |
| 6.E. | Share Ownership | 56 |
| 6.F. | Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation | 59 |
| Item 7. | Major Shareholders and Related Party Transactions | 59 |
| 7.A. | Major Shareholders | 59 |
| 7.B. | Related Party Transactions | 61 |
| 7.C. | Interests of Experts and Counsel | 61 |
| Item 8. | Financial Information | 61 |
| 8.A. | Consolidated Statements and Other Financial Information | 61 |
| 8.B. | Significant Changes | 61 |
| Item 9. | The Offer and Listing | 61 |
| 9.A. | Offer and Listing Details | 61 |
| 9.B. | Plan of Distribution | 61 |
| 9.C. | Markets | 61 |
| 9.D. | Selling Shareholders | 61 |
| 9.E. | Dilution | 61 |
| 9.F. | Expenses of the Issue | 61 |
| Item 10. | Additional Information | 62 |
| 10.A. | Share Capital | 62 |
| 10.B. | Memorandum and Articles of Association | 62 |
| 10.C. | Material Contracts | 64 |
| 10.D. | Exchange Controls | 64 |
| 10.E. | Taxation | 65 |
| 10.F. | Dividends and Paying Agents | 70 |
| 10.G. | Statements by Experts | 70 |
| 10.H. | Documents on Display | 70 |
| 10.I. | Subsidiary Information | 71 |
| Item 11. | Quantitative and Qualitative Disclosures About Market Risk | 71 |
| Item 12. | Description of Securities Other Than Equity Securities | 71 |
| 12.A. | Debt Securities | 71 |
| 12.B. | Warrants and Rights | 71 |
| 12.C. | Other Securities | 71 |
| 12.D. | American Depositary Shares | 71 |
| PART II | ||
|---|---|---|
| Item 13. | Defaults, Dividend Arrearages and Delinquencies | 71 |
| Item 14. | Material Modifications to the Rights of Security Holders and Use of Proceeds | 71 |
| Item 15. | Controls and Procedures | 72 |
| Item 16. | [Reserved] | 74 |
| Item 16A. | Audit Committee Financial Expert | 74 |
| Item 16B. | Code of Ethics | 74 |
| Item 16C. | Principal Accountant Fees and Services | 74 |
| Item 16D. | Exemptions from the Listing Standards for Audit Committees | 75 |
| Item 16E. | Purchases of Equity Securities by the Issuer and Affiliated Purchasers | 75 |
| Item 16F. | Change in Registrant’s Certifying Accountant | 75 |
| Item 16G. | Corporate Governance | 76 |
| Item 16H. | Mine Safety Disclosure | 76 |
| Item 16I. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 77 |
| Item 16J. | Insider Trading Policies | 77 |
| Item 16K. | Cybersecurity | 77 |
| PART III | ||
|---|---|---|
| Item 17. | Financial Statements | 77 |
| Item 18. | Financial Statements | 77 |
| Item 19. | Exhibits | 78 |
CERTAIN INFORMATION
As used in this Annual Report on Form 20-F (this “Annual Report”), unless otherwise indicated or the context otherwise requires, references to:
| ● | “3PL” refers to third party logistics services, a term used to describe services that help merchants manage their supply chain. Common 3PL services include freight services, warehouse and inventory management, order fulfillment, shipping coordination, retail distribution, exchanges, and returns; |
|---|---|
| ● | “AI” refers to artificial intelligence; |
| ● | “Amended Memorandum and Articles” refer to the amended and restated memorandum and articles of association in force on the date of this Annual Report; |
| ● | “BVI” refers to the British Virgin Islands; |
| ● | “BVI Act” refers to the BVI Business Companies Act (As Revised); |
| ● | “Fr8App” refers to Freight App, Inc., our primary operating subsidiary and where applicable, the brand name of our platform focused on FTL; |
| ● | “FTL” refers to full truckload freight. FTL freight is used for shipments that require taking up the space available on an entire truck. With FTL, a single shipper’s goods are the only freight moving on an individual truck. FTL can be provided on a variety of trucks depending on the underlying goods being transported, i.e., a dry van, refrigerated, flatbeds and others; |
| ● | “LTL” refers to less than truckload freight. LTL is used for shipments when multiple shippers’ freight is on the same trailer rather than having a single company’s freight exclusively on an individual trailer. Several LTL shipments are combined into one truck to fill it as near to capacity as possible, the trailer is transported over a longer haul distance and is then unpacked and disaggregated at the destination. LTL is especially appropriate for the needs of small businesses that may require frequent, smaller volume shipments and are not able to economically make use of a full trailer; |
| ● | “Merger” refers to the consummation of that certain merger agreement, dated December 13, 2021, and as amended on December 29, 2021 by and among Hudson Capital, Inc., Hudson Capital Merger Sub I, Inc., a Delaware corporation and wholly-owned subsidiary of Hudson Capital Inc. (“Merger Sub I”), Fr8App and ATW Master Fund II, L.P., as the representative of the stockholders of Fr8App whereby Merger Sub I merged with and into Fr8App, with Fr8App surviving the Merger and continuing as a direct wholly-owned subsidiary of the Company. The Merger closed on February 14, 2022 and the separate corporate existence of Merger Sub I and its Certificate of Incorporation and by-laws then in effect ceased, and the organizational documents of Fr8App after the Merger is in the form as agreed by the Company and Fr8App; |
| ● | “shares” or “ordinary shares” refers to our ordinary shares, no par value; |
| ● | “U.S.” means the United States of America; |
| ● | “U.S. GAAP” refers to generally accepted accounting principles in the United States; |
| ● | “we,” “us,” “Company,” “our,” “Fr8Tech,” or “FRGT” refers to Freight Technologies, Inc., (formerly known as Hudson Capital, Inc. “Hudson”, or “HUSN”) and, in the context of describing our operations and consolidated financial information, after the Merger, Freight App, Inc. and Freight App de México S.A De C.V.; |
| ● | “$,” “dollars,” “US$” or “U.S. dollars” refers to the legal currency of the United States and “MXN” refers to the legal currency of Mexico; and |
| ● | all discrepancies in any table between the amounts identified as total amounts and the sum of the amounts listed therein are due to rounding. |
On December 4, 2024, the Company determined that it no longer qualified as a Foreign Private Issuer (“FPI”), and filed a Form 10-K for fiscal year 2024. Subsequently in 2025, the Company filed a Form 10-Q for its first and second quarters ending March 31, 2025, and June 30, 2025, respectively. On September 22, 2025, the Company determined that it satisfied the definition of a FPI as of June 30, 2025, according to Rule 405 of the Securities Act of 1933, as amended (the “Securities Act”) and Rule 3b-4 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
i
Specifically, the Company determined that:
| ● | Both a majority of its executive officers and a majority of its board of directors are non-U.S. citizens and reside outside the United States; |
|---|---|
| ● | A majority of the Company’s assets are located outside the United States; and, |
| ● | The Company’s business is principally administered outside the United States. |
Unless otherwise noted, the share and per share information in this report have been adjusted to give effect to a one-for-five (1-for-5) reverse share split of the authorized and issued and outstanding ordinary shares, which became effective as of December 15, 2025 (the “December 2025 Reverse Split”); a one-for-four (1-for-4) reverse share split of the authorized and issued and outstanding ordinary shares, which became effective as of May 27, 2025 (the “May 2025 Reverse Split”); a one-for-twenty-five (1-for-25) reverse share split of the authorized and issued and outstanding ordinary shares, which became effective as of September 25, 2024 (the “September 2024 Reverse Split”); a one-for-ten (1-for-10) reverse share split of the authorized and issued and outstanding ordinary share, which became effective as of February 5, 2024 ( the “February 2024 Reverse Split”); and a one-for-ten (1-for-10) reverse share split of the authorized and issued and outstanding ordinary share, which became effective as of On March 24, 2023 (the “March 2023 Reverse Split”, together with the December 2025 Reverse Split, the May 2025 Reverse Split, the September 2024 Reverse Split, and the “February 2024 Reverse Split, the “Reverse Splits”).
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Annual Report contains or may contain forward-looking statements as defined in Section 27A of the Securities Act, and Section 21E of the Exchange Act, that involve significant risks and uncertainties. All statements other than statements of historical facts are forward-looking statements. These forward-looking statements include information about our possible or assumed future results of operations or our performance. These statements involve known and unknown risks, uncertainties and other factors, including those listed under Item 3.D. “Risk Factors,” Item 5.A. “Operating Results,” and elsewhere in this Annual Report that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.
In some cases, these forward-looking statements can be identified by words and phrases such as “may,” “will,” “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “should,” “seeks,” “future,” “continue,” “plan,” “target,” “predict,” “potential,” or the negative form of these words and phrases or other comparable expressions. The forward-looking statements included in this Annual Report relate to, among other things:
| ● | growth strategies; |
| ● | future business development, results of operations and financial condition; |
| ● | any statement concerning the attraction and retention of highly qualified personnel; |
| ● | our ability to attract and retain users and customers and generate revenue and profit from our customers; |
| ● | any statements concerning Fr8Tech’s financial performance; |
| ● | any statements regarding expectations concerning Fr8Tech’s relationships and actions with third parties; and |
| ● | future regulatory, judicial and legislative changes in Fr8Tech’s industry. |
The forward-looking statements contained in this Annual Report speak only as of the date of this Annual Report or, if obtained from third-party studies or reports, the date of the corresponding study or report, and are expressly qualified in their entirety by the cautionary statements in this Annual Report. Since we operate in an emerging and evolving environment and new risk factors and uncertainties emerge from time to time, you should not rely upon forward-looking statements as predictions of future events. Except as otherwise required by the securities laws of the United States, we undertake no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this Annual Report or to reflect the occurrence of unanticipated events.
ii
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.