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.”
To view the full press release, visit https://ibn.fm/0H30D
About Tingo Inc.
Tingo, through its wholly owned subsidiary, Tingo Mobile, 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 Mobile’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 Mobile is seeking to expand its operations across select markets in Africa. Tingo Mobile’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 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.
NOTE TO INVESTORS: The latest news and updates relating to IWBB are available in the company’s newsroom at https://ibn.fm/TMNA
About InvestorWire
InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent.
As part of its service, InvestorWire provides coverage of noteworthy announcements. To further expand visibility of achievements being made throughout a multitude of sectors, InvestorWire’s syndication partners have extended the digital coverage to include individual broadcasts on financial websites and platforms visited by millions of investors daily.
For more information, please visit https://www.investorwire.com
Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer
InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.investorwire.com
[email protected]
InvestorWire is part of the InvestorBrandNetwork