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Latest Tingo Stock News | OTC:TMNA | Benzinga

Tingo Inc is an Agri-Fintech company offering a comprehensive platform service through the use of smartphones (using GSM technology) to empower a marketplace to enable subscribers/farmers within and outside of the agricultural sector to manage their commercial activities. 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 microfinance to support their value chain from 'seed to sale'.

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MICT Revises Merger Terms With Tingo

Tingo Inc

Tingo

<ul>
	<li>MICT, Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MICT#NASDAQ">MICT</a>) forged a new merger agreement with&nbsp;Tingo Inc&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/TMNA#OTC">TMNA</a>) to acquire 100% of the operating&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/22/10/g29182798/mict-enters-into-new-merger-agreement-to-acquire-100-of-operating-business-and-assets-of-tingo-inc" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">business and assets of Tingo</a>.</li>
	<li>Tingo is a Fintech and Agri-Fintech business on the African Continent.</li>
	<li>In May, the companies agreed to merge and consolidate their operations to create a Fintech and Agri-Fintech company serving the African and Asian markets with a&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/22/05/g27106468/tingo-and-mict-announce-execution-of-definitive-merger-agreement" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">global expansion strategy</a>.</li>
	<li>MICT expects the new merger structure to lead to a number of significant and immediate benefits.</li>
	<li>The purchase consideration involves shares of MICT (representing 19.9% of its outstanding shares), shares of a newly-formed Series A Convertible Preferred Stock convertible into an additional 20.1% of the stock, and shares of a newly-formed Series B Convertible Preferred Stock convertible into an extra 35% of the stock.</li>
	<li>Tingo would own 75% of MICT&#39;s common stock after the transaction.</li>
	<li>The new merger structure will help expedite the launch of Tingo&#39;s food-produce export business benefiting from several high-margin and material export contracts that will shift a substantial part of Tingo&#39;s revenues directly into U.S. dollars.&nbsp;</li>
	<li>The transaction also accelerates the development and launch of Tingo&#39;s commodity platform and commodity trading business.</li>
	<li>In the first half of 2022, Tingo&#39;s operating business reported revenue of $525.7 million, gross profit of $317.4 million, and net income before tax of $298.4 million.&nbsp;</li>
	<li>Tingo&#39;s operating business results for the fourth quarter and second half of 2022 will likely benefit significantly from several new business streams.</li>
	<li>Price Action:&nbsp;MICT shares traded higher by 3.19% at $0.6298 on the last check Friday.</li>
</ul>

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Latest Tingo Stock News | OTC:TMNA | Benzinga

Friday, October 07, 2022

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