NetworkNewsBreaks – Tingo Inc. (TMNA) Operating Business, Assets Acquisition by MICT Completed
Tingo (OTC: TMNA), a leading agri-fintech business in Africa, has been acquired by MICT Inc. (NASDAQ: MICT); the transaction was completed today. According to the announcement, the agreement includes 100% ownership of Tingo Inc.’s operating business and assets, specifically its subsidiary, Tingo Mobile Limited; 100% consolidation of Tingo Mobile’s revenues and income; 100% consolidation of Tingo Mobile’s balance sheet; and the opportunity to “globalize and dollarize an already established rapidly growing and highly scalable fintech and agri-fintech business.” The transaction included MICT 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 certain conditions being satisfied. MICT officials noted that the company had acquired what it believes is one of the world’s most exciting agri-fintech and fintech businesses, a business that is already highly profitable and that has delivered a number of major trade deals. “We are delighted to complete our merger with MICT, fulfilling our longstanding ambitions of achieving a NASDAQ listing for Tingo Mobile,” said Tingo Mobile founder Dozy Mmobuosi in the press release. “Today’s merger is enabling us to accelerate upon our ambitious global expansion strategy, which in turn is already beginning to dollarize our business, a trend that is expected to continue and grow throughout 2023 and beyond. With sizeable new opportunities in both Africa and southeast Asia already well advanced, being part of the MICT group strengthens the infrastructure and framework to support such rapid global expansion. The mutual benefits brought to each party by this transaction are already making material differences to the enlarged group. I remain very excited about the abundance of opportunities we have for Tingo Mobile and MICT, both in our immediate and long-term future.”
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Tingo (OTC: TMNA), a leading agri-fintech business in Africa, has been acquired by MICT Inc. (NASDAQ: MICT); the transaction was completed today. According to the announcement, the agreement includes 100% ownership of Tingo Inc.’s operating business and assets, specifically its subsidiary, Tingo Mobile Limited; 100% consolidation of Tingo Mobile’s revenues and income; 100% consolidation of Tingo Mobile’s balance sheet; and the opportunity to “globalize and dollarize an already established rapidly growing and highly scalable fintech and agri-fintech business.” The transaction included MICT 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 certain conditions being satisfied. MICT officials noted that the company had acquired what it believes is one of the world’s most exciting agri-fintech and fintech businesses, a business that is already highly profitable and that has delivered a number of major trade deals. “We are delighted to complete our merger with MICT, fulfilling our longstanding ambitions of achieving a NASDAQ listing for Tingo Mobile,” said Tingo Mobile founder Dozy Mmobuosi in the press release. “Today’s merger is enabling us to accelerate upon our ambitious global expansion strategy, which in turn is already beginning to dollarize our business, a trend that is expected to continue and grow throughout 2023 and beyond. With sizeable new opportunities in both Africa and southeast Asia already well advanced, being part of the MICT group strengthens the infrastructure and framework to support such rapid global expansion. The mutual benefits brought to each party by this transaction are already making material differences to the enlarged group. I remain very excited about the abundance of opportunities we have for Tingo Mobile and MICT, both in our immediate and long-term future.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
