Freight Technologies has secured up to $20 million in convertible debt financing to acquire TRUMP.

BlockBeats News, May 2nd, Freight Technologies (Nasdaq: FRGT) announced that it has entered into an agreement with an institutional investor to raise up to $20 million through a convertible bond offering, to be used to purchase the official Trump meme coin, TRUMP.

According to the financing agreement, Freight Technologies plans to issue $1 million in convertible notes in the first round of financing, with the possibility of an additional $19 million in financing in the future under specific conditions. The company had previously purchased approximately $8 million worth of FET tokens.