NetworkNewsBreaks – Tingo Inc. (TMNA) Announces
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Posted On: 11/09/2022 4:28:37 PM
NetworkNewsBreaks – Tingo Inc. (TMNA) Announces Filing of Definitive Information Statement to Merge with MICT
Tingo (OTC: TMNA), a leading agri-fintech business in Africa, has filed a Definitive Information Statement with the U.S. Securities and Exchange Commission (“SEC”). The statement outlines the completion of the merger between Tingo Mobile PLC, a wholly owned Tingo subsidiary, with MICT Inc., a NASDAQ-traded financial technology company; the merger should be complete by the end of this month. Once the merger is finalized, MICT will issue Tingo shares of its common stock equal to 19.9% of MICT’s outstanding shares along with Series A and Series B convertible preferred stock. According to the announcement, MICT does plan to seek both shareholder and NASDAQ approval of the conversion of the preferred stock into MICT common stock. The transaction will give Tingo ownership of 75% of MICT’s outstanding shares. The company noted that the merger should create a highly profitable fintech and agri-fintech company, with annualized revenues projected to reach more than $1 billion. The filing and mailing of the information statement puts the merger of our company and MICT on course to be completed in the current month,” said Tingo Mobile CEO Dozy Mmobuosi in the press release. “We are excited to join forces with MICT to accelerate the expansion of our business throughout Africa and other regions, as well as dollarize Tingo Mobile’s agri-fintech platform, Nwassa and TingoPay. In addition, the merger of Tingo Mobile with a NASDAQ-listed company will enable us to have greater visibility in global financial markets, as well as provide us improved acquisition prospects in the agri-fintech space.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Tingo (OTC: TMNA), a leading agri-fintech business in Africa, has filed a Definitive Information Statement with the U.S. Securities and Exchange Commission (“SEC”). The statement outlines the completion of the merger between Tingo Mobile PLC, a wholly owned Tingo subsidiary, with MICT Inc., a NASDAQ-traded financial technology company; the merger should be complete by the end of this month. Once the merger is finalized, MICT will issue Tingo shares of its common stock equal to 19.9% of MICT’s outstanding shares along with Series A and Series B convertible preferred stock. According to the announcement, MICT does plan to seek both shareholder and NASDAQ approval of the conversion of the preferred stock into MICT common stock. The transaction will give Tingo ownership of 75% of MICT’s outstanding shares. The company noted that the merger should create a highly profitable fintech and agri-fintech company, with annualized revenues projected to reach more than $1 billion. The filing and mailing of the information statement puts the merger of our company and MICT on course to be completed in the current month,” said Tingo Mobile CEO Dozy Mmobuosi in the press release. “We are excited to join forces with MICT to accelerate the expansion of our business throughout Africa and other regions, as well as dollarize Tingo Mobile’s agri-fintech platform, Nwassa and TingoPay. In addition, the merger of Tingo Mobile with a NASDAQ-listed company will enable us to have greater visibility in global financial markets, as well as provide us improved acquisition prospects in the agri-fintech space.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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