Tingo Group Inc. (NASDAQ: TIO), a global fintech and agri-fintech group of companies with operations in Africa, southeast Asia and the Middle East, announced that it has received a notification letter from NASDAQ that its stock has been under a minimum bid price of $1 for a period of 30 days. As a result, the company has 180 calendar days to achieve a closing bid price of at least $1 per share for a minimum of 10 consecutive trading days to regain compliance with the NASDAQ exchange. The announcement noted that an additional 180-day period may be granted to regain compliance if certain guidelines are met. “Following the announcement on March 31, 2023, of our financial results for the year ended Dec. 31, 2022, and the filing of our Form 10-K and Auditor Report from Deloitte, which evidenced we became significantly profitable from the date of the completion of our acquisition of Tingo Mobile Limited on November 30, 2022, we confidently believe NASDAQ compliance will be regained imminently,” said MICT CEO Darren Mercer in the press release. “As the position stands today, our bid price has closed at higher than $1 for the past eight consecutive trading days. With the company’s Pro Forma Consolidated Revenues for 2022 amounting to $1.152 billion and its Pro Forma Consolidated Operating Income for 2022 amounting to more than $550 million, the previously mentioned substantial disconnect between our stock price and financial performance remains clear.”
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About Tingo Group Inc.
Tingo Group is a global fintech and agri-fintech group of companies with operations in Africa, southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is the leading agri-fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a “device as a service” smartphone and preloaded platform product. 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 the farmers with access to services including, 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 that offers a wide range of B2C and 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, pasta and noodles; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center. In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China, with 130-plus offices located in China’s cities and major town, and Magpie Securities, a regulated finance services fintech business operating out of Hong Kong and Singapore. For more information, visit the company’s website at www.TingoGroup.com.
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