Hudson Capital merges with Freight App, Inc.


NEW YORK, December 14, 2021 (GLOBE NEWSWIRE) – Hudson Capital Inc. (NASDAQ: HUSN) (Hudson Capital) has announced that it has entered into a new merger agreement to acquire 100% of Freight App, Inc. (Fr8App) as 100% direct subsidiary. Simultaneously, Hudson Capital terminated the agreement and merger plan signed on October 10, 2020 with Fr8App and other parties.

Warren Wang, Chairman and CEO of Hudson Capital, said, “Fr8App is a leader in transportation technology with a focus on cross-border shipping between the United States and Mexico that provides compelling solutions to carrier partners. and senders. Over the past year, Fr8App has developed its market-leading set of solutions, broadened its relationships with shippers, broadened its carrier base and significantly improved the financial performance of the company. Based on the significant growth of the logistics market in North America, and for Fr8App in particular, we are delighted to continue to support Fr8App and prepare the ground for the next phase of its evolution.

Javier Selgas, CEO of Fr8App, said: “During 2021 we have achieved many operational and financial milestones. We are excited to take advantage of the privileges of being part of a public company and enhance our position to capitalize on many growth opportunities. “

About Freight App, Inc.
Freight App, Inc. (Fr8App), formerly known as FreightHub, Inc., makes shipping simple, seamless, and efficient. A transportation logistics technology platform company, Fr8App focuses on comprehensive freight for domestic and cross-border markets in Mexico, United States and Canada. As an innovative digital freight market, broker, transportation management system (TMS), and public API, Fr8App uses its proprietary technology platform to connect carriers and shippers, dramatically improving matching and efficiency. operations through 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)) began its operations providing financial advisory services to small and medium-sized businesses. Traditional business segments include commercial payment advice, intermediary bank loan advice, and international corporate finance advisory services that help clients meet their trade and investment payment needs. For more information on 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 intends to file relevant documents with the Securities and Exchange Commission (the “SEC”), including a registration statement on Form S-4 (the “Form S-4 ”) which was filed with the SEC on November 12, 2020, as amended December 31, 2020, February 8, 2021, May 18, 2021, June 22, 2021, August 4, 2021, September 1, 2021 , October 1, 2021 and November 5, 2021, includes and serves as a proxy / prospectus statement for the shareholders of Hudson Capital and a prospectus for the shareholders of Fr8App. Immediately after the SEC’s effective declaration of Form S-4, Hudson Capital will send the proxy statement / final prospectus and proxy card to each shareholder entitled to vote at the special meeting on the merger and other proposals set out in the power of attorney. declaration. HUDSON CAPITAL SHAREHOLDERS ARE URGED TO READ THESE DOCUMENTS (INCLUDING ANY CHANGES OR SUPPLEMENTS INCLUDING) AND ANY OTHER DOCUMENTS RELEVANT TO THE MERGER THAT HUDSON CAPITAL FILES WITH THE SEC WHEN THE INFORMATION BECOMES AVAILABLE AS THEY CONTAIN IMPORTANT FREIGHTAPP AND FUSION. The Management Proxy Circular / Final Prospectus and other relevant documents relating to the Merger (when available), as well as any other documents filed by Hudson Capital with the SEC, may be obtained free of charge from the website of the SEC (www.sec.gov).

Participants in the call for tenders
Hudson Capital and its directors and officers may be considered participants in the solicitation of proxies from the shareholders of Hudson Capital with respect to the merger. A list of the names of such directors and officers and a description of their interests in Hudson Capital are included in the prospectus / proxy statement for the proposed merger and are available at www.sec.gov. Additional information regarding the interests of such participants will be contained in the prospectus / proxy statement for the proposed merger when it becomes available. Information about the directors and officers of Hudson Capital and their ownership of Hudson Capital common stock is set out in Hudson Capital’s annual report on Form 20-F filed with the Securities and Exchange Commission on May 5, 2021. These documents can be obtained free of charge from the sources listed above.

Fr8App and its directors and officers may also be considered participants in the solicitation of proxies from the shareholders of Hudson Capital in connection with the proposed merger. A list of the names of such directors and officers and information regarding their interests in the proposed merger is included in the prospectus / proxy statement for the proposed merger and is available at www.sec.gov.

Forward-looking statements
This 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. Actual results of Hudson Capital and Fr8App may differ from their expectations, estimates and projections and, therefore, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “anticipate”, “anticipate”, “intend to”, “plan”, “can”, “can”, “Could”, “should,” “believe”, “predict”, “potential”, “continue” and similar expressions (or negative versions of such words or phrases) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the expectations of Hudson Capital and Fr8App with respect to the future performance and anticipated financial impacts of the proposed acquisition, the satisfaction of the closing conditions of the proposed acquisition and the timetable for completing the proposed acquisition. .

These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are beyond the control of Hudson Capital and Fr8App 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 circumstance that could result in the termination of the Definitive Merger Agreement (the “Agreement”); (2) the outcome of any legal proceedings which may be brought against Hudson Capital or Fr8App following the announcement of the Agreement and the transactions contemplated therein; (3) the inability to complete the proposed acquisition, in particular due to the failure to obtain the approval of the shareholders of Hudson Capital and the shareholders of Fr8App, of certain regulatory approvals or to meet other closing conditions of the Agreement; (4) the occurrence of any event, change or other circumstance which could result in the termination of the Agreement or could otherwise prevent the closing of the transaction; (5) the impact of the 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 the common shares of Hudson Capital on the Nasdaq as a result of the proposed merger; (7) the risk that the proposed acquisition will disrupt current plans and operations following the announcement and completion of the proposed merger; (8) the ability to recognize the anticipated benefits of the proposed merger, which may be affected, among other things, by competition, the ability of Fr8App to grow and manage its growth profitably, and to retain its key employees; (9) costs associated with the proposed merger; (10) changes in applicable laws or regulations; (11) the possibility that Hudson Capital or Fr8App will be adversely affected by other economic, commercial and / or competitive factors; (12) the risks associated with the uncertainty of the forecast financial information concerning Fr8App; (13) risks related to the organic and inorganic growth of Fr8App’s activity and the calendar of expected commercial milestones; and (14) other risks and uncertainties indicated from time to time in the prospectus / proxy statement on Form S-4, relating to the proposed merger, including those referred to under “Risk Factors”, which must be filed by Hudson Capital and with Hudson Other documents filed by Capital with the SEC. Hudson Capital cautions that the above list of factors is not exclusive. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results could differ materially from those indicated or anticipated by these forward-looking statements. Hudson Capital and Fr8App caution readers not to place undue reliance on forward-looking statements, which speak only as of the date posted. Hudson Capital and Fr8App do not undertake or accept any obligation or commitment to publicly post any updates or revisions to forward-looking statements to reflect any change in their expectations or any change in the events, conditions or circumstances upon which such statement is based.

No offer or solicitation
This press release does not constitute a solicitation of any proxy, consent or authorization with respect to any security or with respect to the proposed merger. This press release also does not constitute an offer to sell or the solicitation of an offer to buy any securities, and there will be no sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be illegal before registration. or qualification under securities laws of such jurisdiction. No offer of securities will 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.

Contact Fr8App:
Kirsten Chapman, LHA Investor Relations, [email protected], 415.433.3777

Contact for Hudson Capital:
Hon Man Yun, CFO, [email protected], (852) 98047102

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