NetworkNewsBreaks – MICT Inc. (NASDAQ: MICT) Iss
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Posted On: 11/30/2022 5:36:40 PM
NetworkNewsBreaks – MICT Inc. (NASDAQ: MICT) Issues Update on Acquisition of Tingo Inc. (TMNA)
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.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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.”
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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