Annuncio • Feb 22
Tingo Group to File Form 25 to Voluntarily Delist its Common Stock from the Nasdaq Stock Market Tingo Group, Inc. (‘Tingo’ or the ‘Company’) announced that the Company intends to voluntarily terminate the listing of its common stock on the Nasdaq Stock Market (‘Nasdaq’). As previously disclosed by the Company: On November 13, 2023, the Company was notified by Nasdaq that it was not in compliance with Nasdaq Listing Rule 5550(a)(2), the minimum bid price rule, because its common stock failed to achieve a closing bid price of $1.00 or more for 30 consecutive business days. The Notification Letter provided that the Company had 180 days, or until May 13, 2024, to regain compliance, by maintaining a closing bid price of at least $1.00 per share for a minimum of 10 business days. On December 26, 2023, the Company filed a Form 8-K in connection with the action filed against the Company by the U.S. Securities and Exchange Commission (the ‘SEC’) on December 18, 2023. The Form 8-K disclosed that the Company’s previously issued financial statements for the year ended December 31, 2022, and the Forms 10-Q for the periods ended March 31, June 30, and September 30, 2023, should no longer be relied upon pending further investigation into the allegations made by the SEC (the ‘Investigation’). As a result of this disclosure, the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the Commission. On January 12, 2024, the Company was notified by Nasdaq that it was not in compliance with its audit committee requirements as set forth in Listing Rule 5605, which stipulates that an audit committee must have at least three members, each of whom must be an independent director. The Company’s audit committee reduced to two members on December 20, 2023, following the resignation of Mr. Jamal Khurshid. Having carefully considered the above non-compliance matters together with other factors, and consulted with Nasdaq, the Company’s Board of Directors (the ‘Board’) has decided it is in shareholders’ best interests to file Form 25 and voluntarily delist from Nasdaq. The Board believes that such a step will allow the Company to better focus its efforts and resources towards the Investigation and the protection of shareholder value. Once the investigation has been completed, and any appropriate actions taken, the Company will consider reapplying for a listing on Nasdaq or another major stock exchange. Annuncio • Jan 18
Tingo Group, Inc. Receives Non Compliance Notice from Nasdaq On January 12, 2024, Tingo Group, Inc. was notified (the Notification Letter") by the Nasdaq Listing Qualifications ("Nasdaq") that it is not in compliance with the Nasdaq's audit committee requirements as set in Listing Rule 5605, which stipulates that an audit committee must have at least three members, each of whom must be an independent director. The non-compliance has arisen due to the resignation of Mr. Jamal Khurshid from the Company's Board of Directors and audit committee on December 20, 2023. The Notification Letter, consistent with Listing Rule 5605(c)(4), states that Nasdaq will provide the Company a cure period in order to regain compliance, which is defined as follows: (i) until the earlier of the Company's next annual shareholders' meeting or December 20, 2024; or (ii) if the next annual shareholders' meeting is held before June 17, 2024, then the Company must evidence compliance no later than June 17, 2024. The Company will be included in this list of all non-compliant Nasdaq companies commencing five business days from the date of this letter. The Company plans to appoint a third independent director to its audit committee within the cure period and will inform Nasdaq as required. Annuncio • Dec 29
Tingo Group, Inc. Announces Board Resignations On December 22, 2023, Jamie Khurshid tendered his resignation as a member of the board of directors (the “Board”) of Tingo Group, Inc. (the “Company”), effective immediately. Having only been appointed to the Company’s Board on September 18, 2023, Mr. Khurshid resigned pending the defense of the complaint made by the SEC on December 18, 2023. Also on December 22, 2023, C. Derek Campbell tendered his resignation as a member of the Board of the Company, effective immediately. Having only been appointed to the Company’s Board on October 2, 2023, Mr. Campbell, based upon his long-standing other professional commitments, was advised to step down from the Company’s Board pending the defense of the complaint made by the SEC on December 18, 2023. Annuncio • Dec 07
Tingo Group, Inc., Annual General Meeting, Dec 29, 2023 Tingo Group, Inc., Annual General Meeting, Dec 29, 2023, at 08:00 US Eastern Standard Time. Agenda: To consider and approve the election of Director; to consider and approve the ratification of Brightman Almagor Zohar and company a certified public accountant of company; to consider and approve the equity incentive plan; to consider the compensation of named executive officers; and and to consider and approve any other matters. Annuncio • Nov 17
Tingo Group, Inc. announced delayed 10-Q filing On 11/15/2023, Tingo Group, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: US$0.11 (vs US$0.059 loss in 3Q 2022) Third quarter 2023 results: EPS: US$0.11 (up from US$0.059 loss in 3Q 2022). Revenue: US$586.2m (up US$572.5m from 3Q 2022). Net income: US$20.7m (up US$28.4m from 3Q 2022). Profit margin: 3.5% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Annuncio • Nov 11
Tingo Group, Inc. to Report Q3, 2023 Results on Nov 14, 2023 Tingo Group, Inc. announced that they will report Q3, 2023 results at 9:30 AM, US Eastern Standard Time on Nov 14, 2023 Annuncio • Sep 01
Tingo Group, Inc. Reports Impairment Charges for the Second Quarter Ended June 30, 2023 Tingo Group, Inc. reported impairment charges for the second quarter ended June 30, 2023. For the quarter, the company reported impairment of long-term assets and goodwill of $35,438,000. Annuncio • Aug 30
Tingo Group Receives Nasdaq Notification Relating to Its Delayed Quarterly Report on Form 10-Q Filing Tingo Group, Inc. (“Tingo” or the “Company”) announced that on August 22, 2023, it received written notice (the “Notice”) from The Nasdaq Stock Market (“Nasdaq”) indicating that, as a result of not having timely filed its Quarterly Report on Form 10-Q (the “Form 10-Q”) for the period ended June 30, 2023, the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission (the “SEC”). Nasdaq requires that the Company submit a plan no later than October 23, 2023, to regain compliance. If Nasdaq accepts the plan, Nasdaq can grant the Company an extension of up to 180 calendar days from the due date of the Form 10-Q, or until February 20, 2024, to regain compliance. The Company is working diligently to finalize and file its late periodic financial reports as soon as possible within the timeline prescribed by Nasdaq. The Notice has no immediate impact on the listing of the Company's securities, which will continue to trade on Nasdaq, subject to the Company's compliance with other continued listing requirements of Nasdaq. Annuncio • Aug 10
Tingo Group, Inc. to Report Q2, 2023 Results on Aug 21, 2023 Tingo Group, Inc. announced that they will report Q2, 2023 results at 9:30 AM, US Eastern Standard Time on Aug 21, 2023 Annuncio • Aug 04
Levi & Korsinsky, LLP Notifies Tingo Group, Inc. Investors of A Class Action Lawsuit Levi & Korsinsky, LLP notifies investors in Tingo Group, Inc. of a class action securities lawsuit. The filed complaint alleges that defendants made false statements and/or concealed that: Defendant Mmobuosi fabricated biographical claims about himself; Tingo had photoshopping its logo onto pictures of airplanes it did not own; Tingo inflated its food division margins; Tingo published misleading images of its planned Nigerian food processing facility and overstated its progress on the facility's construction; Tingo inflated its food inventory; Tingo did not have relationships with the two farming operations it claimed; Tingo did not generate $128 million in revenue for its handset leasing, call and data segments as it claimed; Tingo's Mobile operation in Nigeria was delinquent on its tax obligations; Tingo photoshopping its logo over pictures from a different point of sale system operator's website; Tingo did not generate USD125.3 million in revenue from its online marketplace called NWASSA; Tingo's agricultural export business was not on track to deliver $1.34 billion in exports by Third Quarter 2023; Tingo lacked effective controls over accounting and financial reporting; and as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. New Risk • Jul 07
New major risk event The company is the subject of a short seller's report and multiple class actions. All analysis should be taken with significant caution. This is considered a major risk. Currently, the following risks have been identified for the company: Major Risks The company is the subject of a short seller's report and multiple class actions. All analysis should be taken with significant caution. Share price has been highly volatile over the past 3 months (29% average weekly change). Minor Risk Shareholders have been diluted in the past year (27% increase in shares outstanding). Annuncio • Jun 15
Jakubowitz Law Files Class Action Against Tingo Group, Inc Jakubowitz Law announced that a securities fraud class action lawsuit has commenced on behalf of shareholders of Tingo Group, Inc. The lawsuit seeks to recover losses for shareholders who purchased Tingo between March 31, 2023 and June 6, 2023. Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until August 7, 2023 to petition the court. The ability to share in any recovery doesn't require that to serve as a lead plaintiff. According to a filed complaint, Tingo Group, Inc. issued materially false and/or misleading statements and/or failed to disclose that: (1) Defendant Mmobuosi fabricated biographical claims about himself; (2) Tingo had photoshopped its logo onto pictures of airplanes it did not own; (3) Tingo inflated its food division margins; (4) Tingo published misleading images of its planned Nigerian food processing facility and overstated its progress on the facility’s construction; (5) Tingo inflated its food inventory; (6) Tingo did not have relationships with the two farming cooperatives it claimed; (7) Tingo did not generate $128 million in revenue for its handset leasing, call and data segments as it claimed; (8) Tingo’s Mobile operation in Nigeria was delinquent on its tax obligations; (9) Tingo photoshopped its logo over pictures from a different point of sale system operator’s website; (10) Tingo did not generate $125.3 million in revenue from its online marketplace called NWASSA; (11) Tingo’s agricultural export business was not on track to deliver $1.34 billion in exports by Third Quarter 2023; (12) Tingo lacked effective controls over accounting and financial reporting; and (13) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes. Annuncio • Jun 12
Robbins LLP Files Class Action Against Tingo Group, Inc Robbins LLP informed investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Tingo Group, Inc. securities between December 1, 2022 and June 6, 2023. Tingo purports to be a holding company that operates in the areas of financial technology and agri-fintech through its subsidiaries and entities, both wholly-owned and controlled through variable interest entity (“VIE”) arrangements in Africa, Southeast Asia, and the Middle East. According to the complaint, during the class period, defendants failed to disclose to investors: (1) that defendant Mmobuosi fabricated biographical claims about himself; (2) that Tingo had photoshopped its logo onto pictures of airplanes it did not own; (3) that Tingo inflated its food division margins; (4) that Tingo published misleading images of its planned Nigerian food processing facility and overstated its progress on the facility’s construction; (5) that Tingo inflated its food inventory; (6) that Tingo did not have relationships with the two farming cooperatives it claimed; (7) that Tingo did not generate $128 million in revenue for its handset leasing, call and data segments as it claimed; (8) that Tingo’s Mobile operation in Nigeria was delinquent on its tax obligations; (9) that Tingo photoshopped its logo over pictures from a different point of sale system operator’s website; (10) that Tingo did not generate $125.3 million in revenue from NWASSA; (11) that Tingo’s agricultural export business was not on track to deliver $1.34 billion in exports by third quarter of 2023; (12) that Tingo lacked effective controls over accounting and financial reporting; and (13) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. Annuncio • Jun 09
Glancy Prongay & Murray LLP Files Securities Fraud Lawsuit Against Tingo Group, Inc Glancy Prongay & Murray LLP (GPM) announced that it has filed a class action lawsuit in the United States District Court for the District of New Jersey, captioned Arbour v. Tingo Group, Inc., et al., Case No. 2:23-cv-03151, on behalf of persons and entities that purchased or otherwise acquired Tingo Group, Inc. securities between March 31, 2023 and June 6, 2023, inclusive (the Class Period). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the Exchange Act). Investors are hereby notified that they have 60 days from the date of this notice to move the Court to serve as lead plaintiff in this action. The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: that Defendant Mmobuosi fabricated biographical claims about himself; that Tingo had photoshopped its logo onto pictures of airplanes it did not own; that Tingo inflated its food division margins; that Tingo published misleading images of its planned Nigerian food processing facility and overstated its progress on the facility’s construction; that Tingo inflated its food inventory; that Tingo did not have relationships with the two farming cooperatives it claimed; that Tingo did not generate $128 million in revenue for its handset leasing, call and data segments as it claimed; that Tingo’s Mobile operation in Nigeria was delinquent on its tax obligations; that Tingo photoshopped its logo over pictures from a different point of sale system operator’s website; that Tingo did not generate $125.3 million in revenue from NWASSA; that Tingo’s agricultural export business was not on track to deliver $1.34 billion in exports by the third quarter of 2023; that Tingo lacked effective controls over accounting and financial reporting; and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. Reported Earnings • Jun 04
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: US$1.10 (up from US$0.071 loss in 1Q 2022). Revenue: US$851.2m (up US$841.7m from 1Q 2022). Net income: US$176.7m (up US$185.4m from 1Q 2022). Profit margin: 21% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 121%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 79% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Electronic industry in the US. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 57% After last week's 57% share price gain to US$5.32, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 16x in the Electronic industry in the US. Total returns to shareholders of 343% over the past three years. Annuncio • May 06
Tingo Group, Inc. to Report Q1, 2023 Results on May 15, 2023 Tingo Group, Inc. announced that they will report Q1, 2023 results at 9:30 AM, US Eastern Standard Time on May 15, 2023 Reported Earnings • May 03
Full year 2022 earnings released: US$0.36 loss per share (vs US$0.32 loss in FY 2021) Full year 2022 results: US$0.36 loss per share (further deteriorated from US$0.32 loss in FY 2021). Revenue: US$146.0m (up 162% from FY 2021). Net loss: US$47.1m (loss widened 29% from FY 2021). Revenue is forecast to grow 95% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Electronic industry in the US. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 02
Full year 2022 earnings released: US$0.36 loss per share (vs US$0.32 loss in FY 2021) Full year 2022 results: US$0.36 loss per share (further deteriorated from US$0.32 loss in FY 2021). Revenue: US$146.0m (up 162% from FY 2021). Net loss: US$47.1m (loss widened 29% from FY 2021). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Annuncio • Feb 10
MICT, Inc. Announces Resignation of Yehezkel (Chezy) Ofir from the Board of Directors On February 7, 2023, Yehezkel (Chezy) Ofir tendered his resignation to the board of directors (the “Board”) of MICT, Inc, effective immediately. The reason for Mr. Ofir’s resignation is to comply with the terms of the Amended Agreement and Plan of Merger with Tingo, Inc. and Tingo Mobile Limited (“Tingo”), where it was agreed the Board would be comprised of four of the existing directors of MICT and two new directors nominated by Tingo, Inc. Annuncio • Dec 17
MICT Regains Compliance with Nasdaq Minimum Bid Price Rule MICT, Inc. announced that it has received a Bid Price Compliance Letter from The Nasdaq Stock Market LLC ("Nasdaq") informing MICT that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market. MICT was previously notified by Nasdaq on February 2, 2022 that it was not in compliance with the minimum bid price rule because its common stock failed to meet the closing bid price of $1.00 or more for 30 consecutive business days, as required by the Nasdaq Listing Rules. To regain compliance with the Rule, the Company was required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days. This requirement was met on December 14, 2022, the tenth consecutive trading day of MICT’s common stock bid price closing above $1.00. Darren Mercer, Chief Executive Officer of MICT, commented: “We are pleased to regain compliance with the Nasdaq listing requirements as we continue to focus on the integration of our recent acquisition, Tingo Mobile Limited, and deliver against our accelerated global expansion strategy”.