Tingo Group Extends Redemption Period of Series B Preferred Stock to December 31, 2023
29 Setembro 2023 - 9:00AM
Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), a
profitable and fast growing fintech, agri-fintech, and food
company, today announced it has entered into a new forbearance
agreement with the holder of the Company’s Series B Preferred
Stock, under the terms of which the holder will extend the
redemption period until at least December 31, 2023.
Having previously entered into a forbearance
agreement on July 5, 2023, whereby the holder of the Series B
Preferred Stock agreed to forbear until September 30, 2023, it has
become necessary to extend the forbearance because of the length of
time taken to complete the detailed investigations into the
Hindenburg Research allegations against the Company. Having
concluded the investigation on August 30, 2023, the Company now
intends to apply for the Nasdaq change of control approval and
stockholder approval as soon as practicable.
Dozy Mmobuosi, Interim Co-Chief
Executive Officer of Tingo Group, Inc. commented: “In my
capacity as the controlling stockholder in Agri Fintech Holdings,
Inc., the sole holder of the Company’s Series B Preferred Stock, I
am fully committed to completing the conversion of the Series B
Preferred Stock into Common Stock.
Having concluded the investigation into the
short-seller allegations on August 30, 2023, and with the benefit
of a U.S. Top 10 global law firm as counsel, we aim to achieve
Nasdaq change of control approval and stockholder approval as soon
as possible, at which time I look forward completing the conversion
of the Series B Preferred Stock into Common Stock, thereby
completing the final stage of the merger.
Turning to the separate matter of our recently
announced quarterly dividend, the requisite conversion of Naira
into U.S. Dollars, to comply with due process, is continuing to
progress well with the relevant external parties, and we hope to
announce definitive news on this and set a record date in the very
near future.”
Ken Denos, Interim Co-Chief Executive
Officer of Tingo Group, Inc. commented: “The Board of
Directors and I are delighted to reach agreement with Dozy on a
further forbearance, and also to receive his commitment to convert
the Series B Preferred Stock into Common Stock. This should now
provide stockholders with clarity of the Company’s resultant
capital structure and additional confidence therein.
The Board and I will work with external legal
counsel with the goal of achieving the conversion as soon as is
practicable.”
About Tingo Group
Tingo Group, Inc. (Nasdaq: TIO) is a global
group of companies involved in Fintech, Agri-Fintech, Food
Processing and Commodity Trading, 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, 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 Centre. 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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