MICT - MICT STOCK NEWS

Tingo Group, operating under the ticker TIO, announced it received a Notification Letter from Nasdaq regarding its stock price falling below the minimum bid of $1.00 for 30 days. The company has until October 2, 2023 to regain compliance, with a possible extension if certain conditions are met. CEO Darren Mercer expressed confidence in restoring compliance, citing an upward bid price trend over the last eight trading days. Tingo reported impressive Pro Forma Consolidated Revenues of $1.152 billion and Operating Income over $550 million for 2022, despite the stock's price challenges. The company highlighted its business strategies aimed at improving share price and addressing market manipulation.

Tingo Group, Inc. (NASDAQ: TIO) reported substantial growth following the acquisition of Tingo Mobile and Tingo Foods, completed in late 2022 and early 2023, respectively. The company’s cash reserves increased to $500.3 million from $96.6 million year-over-year. For 2022, net revenues reached $146 million, up from $55.7 million in 2021, with pro forma revenues at $1.152 billion, an 85.5% increase. Notably, the Nwassa Agri Fintech platform generated $532.2 million in revenue, a 168% rise. Although the operating loss was $11.8 million, notable growth in customer numbers and successful partnerships signal positive trends ahead for Tingo Group and its shareholders.

Tingo Group, Inc. (NASDAQ: TIO) will hold a conference call on March 31, 2023, at 8:00 a.m. Eastern time to discuss its fourth quarter and full fiscal year results for 2022. The call will feature Tingo's CEO, Darren Mercer, along with other executives, and will be followed by a Q&A session. A press release with results will precede the call. Interested parties can view a presentation during the webcast or access it via the investor relations section of Tingo Group's website. A replay of the call will be available starting two hours after the event and will run through April 30, 2023.

MICT, Inc. will change its name to Tingo Group, Inc. and its ticker symbol from MICT to TIO effective February 27, 2023. This rebranding aligns with the company's focus on the Tingo brand and its expanding Fintech and Agri-Fintech operations, particularly across Africa. CEO Darren Mercer highlighted the importance of unifying under the Tingo brand, which is set to enhance clarity for stakeholders as the company diversifies its offerings, including new income streams through insurance and financial services. Tingo Mobile aims to increase its farmer subscriber base from 9.3 million to over 32 million, enhancing access to various services. A new Investor Relations website will launch shortly.

MICT, Inc. (NASDAQ: MICT) has partnered with Evtec Energy Plc to construct a $150 million solar power plant to support its Tingo Foods processing facility in Nigeria. This 110 megawatt facility aims to achieve net zero carbon emissions and reduce energy costs, significantly impacting Tingo Foods’ operational costs. The $1.6 billion plant, scheduled for completion in 2024, will expand food processing capacity and product offerings, boosting local production and decreasing imports. The investment is part of MICT's commitment to sustainable development and profitability, aligning with the United Nations' goals.

MICT, Inc. (NASDAQ: MICT) and Visa (NYSE: V) have launched a strategic partnership to enhance digital payments and financial inclusion across Africa. The Tingo Visa card and TingoPay Super App enable seamless transactions at over 61 million merchants globally. Aiming to benefit Tingo's existing user base of 9.3 million and the anticipated 22 million new customers, this collaboration significantly expands MICT's reach into the agricultural sector and SMEs. The initiative promises substantial revenue growth and positions MICT as a key player in Africa's fintech landscape, aligning with Visa's commitment to innovation and financial services access.

MICT, Inc. (NASDAQ: MICT) announced full ownership of Tingo Foods PLC, which operates a food processing business with a current capacity of over $1 billion annually. The company is set to build a $1.6 billion facility in Nigeria, expected to complete by mid-2024, enhancing processing capacity significantly. Tingo Foods aims to reduce Africa's reliance on food imports and create substantial environmental benefits. With a revenue of over $400 million reported in 2022, the acquisition is projected to add several hundred million dollars in highly profitable revenue to MICT's 2023 results, contributing positively to farmers' incomes and food security.

MICT, Inc. (NASDAQ: MICT) announced a comprehensive strategy to address the perceived disconnect between its share price and actual value, following its acquisition of Tingo Mobile. Appointed legal counsel will probe suspected market manipulation and unlawful activities affecting the stock. The Board is concerned that MICT's current market cap of approximately $175 million does not reflect its financial strength, which includes a cash balance of $314 million. Proposed actions include a warrant and share buyback program, a potential special dividend, and a dual listing to enhance shareholder value and combat manipulation.

MICT, Inc. (NASDAQ: MICT) announced it will repurchase warrants representing 28,117,835 shares for $0.15 per share on March 3, 2023, and $0.10 per share on May 1, 2023, costing $7,029,459. Additionally, the company has an option to repurchase another 1,064,000 shares at $0.25 per share between July 1 and July 31, 2023. This repurchase is part of a larger share buyback program initiated on November 29, 2022. The warrants were originally issued between November 2020 and March 2021, with various expiration dates extending to 2026. These actions aim to reduce the number of outstanding shares and potentially enhance shareholder value.