Tingo Group (NASDAQ: TIO), a profitable, multinational fintech, agrifintech, food-processing and commodity-trading company, has received a request for information from the NASDAQ Stock Market. According to the announcement, a temporary suspension of trading in the TIO securities imposed by the Securities & Exchange Commission (“SEC”) on Nov. 14, 2023, was scheduled to expire at 11:59 pm EST on Nov. 28, 2023. However, NASDAQ notified Tingo Group management that the exchange will continue to keep the company’s securities halted pending review of the requested information. “The company intends to make its response to NASDAQ’s information request within the next three to four business days and will fully cooperate with NASDAQ to assist them in completing their review as quickly as possible, with the goal of achieving the resumption of trading in the company’s securities at the earliest opportunity,” the company stated in the press release.
To view the full press release, visit https://ibn.fm/WtdJS
About Tingo Group Inc.
Tingo Group is a global fintech, agrifintech, food processing and commodity trading group of companies with operations in Africa, Southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is a leading agrifintech company operating in Africa, with a comprehensive portfolio of innovative products, including a “device as a service” smartphone and a value-added service platform. As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing these farmers with access to services that include, among others, the Nwassa “seed-to-sale” marketplace platform, insurance, microfinance, and mobile phone and data top-up. Tingo Group’s other Tingo business verticals include TingoPay, a SuperApp in partnership with Visa, offering a wide range of business-to-consumer (“B2C”) and business-to-business (“B2B”) services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food-processing business that processes raw foods into finished products such as rice, groundnut oil, nut products, wheat, millet and maize; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Centre. In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China along with Magpie Securities, a regulated finance services fintech business operating out of Hong Kong and Singapore, which, as relatively small businesses within the company, are currently in the process of being reviewed and repositioned. For more information, visit the company’s website at www.TingoGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to TIO are available in the company’s newsroom at https://ibn.fm/TIO
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