MICT (NASDAQ: MICT) today announced that it has appointed special legal counsel, Warshaw Burstein LLP, The Christian Levine Law Group and Greenberg Taurig LLP, together with an extensive team of expert advisors, to investigate the suspected market manipulation and naked short selling of the company’s stock and take appropriate action in the event of unlawful activity. “As stated in previous recent announcements, the board has ongoing concerns about the significant disconnect between our share price and the group’s strong financial position and profitability since the acquisition of Tingo Mobile,” said MICT CEO Darren Mercer. “Having completed extensive due diligence on Tingo Mobile, through several leading globally recognized professional advisors, and subsequently appointing Deloitte as our group auditor, there seems no logical reason as to why the company’s performance and other attributes are not reflected in the share price. In particular it makes no sense that our market capitalization, which currently stands at around $175 million, is at a significant discount to the combined cash balance of MICT and Tingo Mobile at Sept. 30, 2022, of $314 million. Moreover with MICT’s shares trading on a profit before-tax price earnings multiple of less than 0.30, which on a fully diluted basis equates to approximately 0.85, and notwithstanding that we have announced we expect to deliver a significant improvement in 2023, which would amplify the disconnect even further, the board is unaware of any other company listed on any major stock exchange in the world that would trade on such a low rating. The magnitude of this disconnect has prompted us to take decisive action, including through the appointment of experienced securities legal counsel and other special advisors, to fully investigate our concerns and take appropriate action.”
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About MICT Inc.
On Nov. 30, 2022, MICT acquired 100% of Tingo Mobile Limited, which 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. Tingo Mobile is seeking to expand its operations across select markets in Africa and certain other parts of the world. Tingo Mobile’s strategic plan is to become an eminent global fintech and agri-fintech business delivering social upliftment and financial inclusion to millions of SME farmers and businesses.
MICT is a financial technology business principally focused on the growth and development of a suite of consumer fintech services across approximately 130 cities in China, with planned expansion into additional markets. MICT has developed highly scalable proprietary platforms for insurance products (“B2B,” “B2B2C” and “B2C”) and financial services/products (“B2C”), the technology for which is highly adaptable for other applications and markets. MICT has acquired and holds the requisite license and approvals with the Hong Kong Securities and Futures Commission to deal in securities and provide securities advisory and asset management services. MICT also has memberships/registrations with the Hong Kong Stock Exchange and the requisite Hong Kong and China Direct clearing companies. MICT’s financial services business and first financial services product, the Magpie Invest app, is able to trade securities on Nasdaq, NYSE, TMX, HKSE, China Stock Connect, LSE, the Frankfurt Stock Exchange and the Paris Stock Exchange.
Tingo Mobile offers its comprehensive platform service through use of smartphones – ‘device as a service’ (using GSM technology) — to empower a marketplace to enable subscribers/farmers within and outside of the agricultural sector to manage their commercial activities of growing and selling their production to market participants both domestically and internationally. The ecosystem provides a ‘one-stop shop’ solution to enable such subscribers to manage everything from airtime top ups, bill pay services for utilities and other service providers, access to insurance services and micro finance to support their value chain from ‘seed to sale’. As of Sept. 30, 2022, Tingo Mobile had approximately 9.3 million subscribers using its mobile phones and Nwassa platform, subsequent to which it has entered into a number of trade agreements with parties that are contracted to deliver an additional 22 million or more new subscribers. Nwassa is Africa’s leading digital agriculture ecosystem that empowers rural farmers and agri-businesses by using proprietary technology to enable access to markets in which they operate. Farm produce can be shipped from farms across Africa to any part of the world, in both retail and wholesale quantities. Nwassa’s payment gateway also has an escrow structure that creates trust between buyers and sellers. Tingo Mobile’s system provides real-time pricing, straight from the farms, eliminating middlemen. Tingo Mobile’s users pay for produce bought using available pricing on its platform.
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