Tingo Group Receives Nasdaq Notification Relating to its Delayed Quarterly Report on Form 10-Q Filing
29 Agosto 2023 - 8:30AM
Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), a
profitable and fast growing fintech and agri-fintech company, today
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.
About Tingo Group
Tingo Group, Inc. (Nasdaq: TIO) 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 a leading Agri-Fintech company
operating in Africa, with a comprehensive portfolio of innovative
products, including a ‘device as a service’ smartphone and a
value-added service platform. 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 them with access to services including,
among others, the Nwassa ‘seed-to-sale’ marketplace platform,
insurance, micro-finance, and mobile phone and data top-up. Tingo
Group’s other Tingo business verticals include: TingoPay, a
SuperApp in partnership with Visa, that is currently in beta
version, offering 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, groundnut oil, nut
products, wheat, millet and maize; 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; and Magpie
Securities, a regulated finance services Fintech business operating
out of Hong Kong and Singapore. For more information visit
tingogroup.com.
Disclaimer
The information in this news release includes
certain information and statements about management and the
Company’s board of director’s view of future events, expectations,
plans and prospects that constitute forward looking statements.
These statements are based upon assumptions that are subject to
significant risks and uncertainties. Because of these risks and
uncertainties and as a result of a variety of factors, the actual
results, expectations, achievements or performance may differ
materially from those anticipated and indicated by these
forward-looking statements. Any number of factors could cause
actual results to differ materially from these forward-looking
statements as well as future results. Although the Company believes
that the expectations reflected in forward looking statements are
reasonable, it can give no assurance that the expectations of any
forward-looking statements will prove to be correct. These
forward-looking statements involve a number of risks, uncertainties
or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include,
but are not limited to, those discussed and identified in public
filings made with the SEC by the Company and: (i) the results of
the independent review; (ii) the risk of restatement of the
Company’s previously reported financial statements or the
identification of one or more material weaknesses in internal
control over financial reporting; (iii) costs relating to the
independent review, which are likely to be material; (iv) the
outcome of any legal proceedings that may be instituted against the
Company, including as may result from the independent review and
(v) the ability to meet stock exchange continued listing standards.
Except as required by law, the Company disclaims any intention and
assumes no obligation to update or revise any forward-looking
statements to reflect actual results, whether as a result of new
information, future events, changes in assumptions, changes in
factors affecting such forward-looking statements or otherwise.
Investor Relations
Contact949-491-8235TIO@mzgroup.uswww.mzgroup.us
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