MICT (NASDAQ: MICT) previously announced that it is scheduled to complete the acquisition of the operating business and assets of Tingo (OTC: TMNA) by Nov. 30, 2022. This will be achieved through the acquisition of 100% of Tingo’s sole operating subsidiary, Tingo Mobile Limited. In return, MICT is issuing 19.9% of its common stock to Tingo, together with Series A Preferred Stock and Series B Preferred Stock, each of which are convertible into shares of MICT’s common stock upon satisfaction of certain conditions. “The acquisition of Tingo Mobile will not only make MICT significantly profitable from Q4 2022 onwards,” said MICT’s CEO Darren Mercer, “it also provides us with a robust balance sheet that allows us to implement several strategic initiatives, including a considerable stock buyback program, which we are considering at the current time. As stated previously, there is a substantial disconnect between our current share price and the true value of the company. We therefore believe a sizeable share repurchase program will create a significant increase in value for our shareholders.”
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About Tingo Inc.
Tingo is the leading agri-fintech company operating in Africa, with a marketplace platform that empowers social upliftment through mobile, technology and financial access for rural farming communities. Tingo’s novel “device-as-a-service” model allows it to add market leading applications to enable customers to trade, buy top ups, pay bills, access insurance and lending services. With 9.3 million existing customers, Tingo is seeking to expand its operations across select markets in Africa. Tingo’s strategic plan is to become the eminent pan-African agri-fintech business delivering social upliftment and financial inclusion to millions of SME farmers and women-led businesses. For more information about the company, visit www.TingoInc.com.
NOTE TO INVESTORS: The latest news and updates relating to TMNA are available in the company’s newsroom at https://ccw.fm/TMNA
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