Tingo (OTC: TMNA), a leading agri-fintech business in Africa, has filed a Definitive Information Statement with the U.S. Securities and Exchange Commission (“SEC”). The statement outlines the completion of the merger between Tingo Mobile PLC, a wholly owned Tingo subsidiary, with MICT Inc., a NASDAQ-traded financial technology company; the merger should be complete by the end of this month. Once the merger is finalized, MICT will issue Tingo shares of its common stock equal to 19.9% of MICT’s outstanding shares along with Series A and Series B convertible preferred stock. According to the announcement, MICT does plan to seek both shareholder and NASDAQ approval of the conversion of the preferred stock into MICT common stock. The transaction will give Tingo ownership of 75% of MICT’s outstanding shares. The company noted that the merger should create a highly profitable fintech and agri-fintech company, with annualized revenues projected to reach more than $1 billion. The filing and mailing of the information statement puts the merger of our company and MICT on course to be completed in the current month,” said Tingo Mobile CEO Dozy Mmobuosi in the press release. “We are excited to join forces with MICT to accelerate the expansion of our business throughout Africa and other regions, as well as dollarize Tingo Mobile’s agri-fintech platform, Nwassa and TingoPay. In addition, the merger of Tingo Mobile with a NASDAQ-listed company will enable us to have greater visibility in global financial markets, as well as provide us improved acquisition prospects in the agri-fintech space.”
To view the full press release, visit https://ibn.fm/2wr1f
About Tingo Inc.
Tingo 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, and access insurance and lending services. With 9.3 million existing customers, Tingo is seeking to expand its operations across select markets in Africa. Tingo’s strategic plan is to become the eminent Pan-African agri-fintech business delivering social upliftment and financial inclusion to millions of SME farmers and women-led businesses. Tingo, including its subsidiary 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. For more information, visit the company’s website at www.TingoGroup.com.
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