MICT to Announce Full Year 2021 Results After Close of Market on June 17, 2022

Rhea-AI Summary

MICT Inc. (Nasdaq: MICT) announced it will release its financial results for the fiscal year ended December 31, 2021, after market today. This move aims to prevent further delays due to the federal holiday on June 20, 2022. The company’s CEO, Darren Mercer, acknowledged the hard work of the finance team and independent auditors, noting that strict COVID-19 lockdowns in China had previously hindered timely audits. MICT operates in the fintech sector with plans for a stock trading platform and is focused on growth in various markets.

Positive

• Plans to release financial results, highlighting transparency and compliance with Nasdaq deadlines.
• Acknowledgment of growth achieved in 2021 despite audit delays indicates potential for future performance.

Negative

• COVID-19 lockdowns in China caused delays in completing audit fieldwork, which may raise concerns about operational efficiency.

MONTVALE, N.J., June 17, 2022 (GLOBE NEWSWIRE) -- MICT Inc. (Nasdaq: MICT) (the “Company), today announces that as previously disclosed it will announce its financial results for the fiscal year ended December 31, 2021 and file its Annual Report on Form 10-K for the same period, after market today.

The Company plans to release these results today to avoid further delays due to a federal holiday on Monday, June 20, 2022, and within the deadline prescribed by Nasdaq.

“I would like to thank the incredibly hard work of our finance department and our independent auditors in putting us in a position where we can announce our December 31, 2021 results today. Although the extremely strict COVID-19 lockdown protocols imposed throughout large parts of China prevented the completion of audit fieldwork on a timely basis, I am delighted for our stockholders and the market to be able to finally see our financial results and the growth we achieved during 2021,” stated MICT Chief Executive Officer, Darren Mercer.

About MICT, Inc.

MICT is a Nasdaq-listed, global fintech company founded in 2002. It has three trading platforms operating in several high growth markets: an insurance brokerage, a commodities platform, and now a stock trading platform, Magpie Securities, with the launch of the Magpie Invest Trading App. Subsequently, the launch of Magpie Securities will be announced later in the month of September.

MICT, Inc. (Nasdaq: MICT) operates through its wholly owned subsidiary, GFH Intermediate Holdings Ltd ("GFHI"), GFHI’s various fully owned subsidiaries or VIE structures. GFHI's versatile proprietary trading technology platform is designed to serve a large number of high growth sectors in the global fintech space. Primary areas of focus include online brokerage for equities trading and sales of insurance products in several high-growth foreign markets including Asia.

Forward-looking Statement

This press release contains express or implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. Federal securities laws. All statements other than statements of historical fact contained in this press release are forward-looking statements. The words “believe,” “may” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, business prospectus, growth strategy and liquidity. Such forward-looking statements and their implications involve known and unknown risks, uncertainties and other factors that may cause actual results or performance to differ materially from those projected. The forward-looking statements contained in this press release are subject to other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in the Company’s annual report on Form 10-K for the year ended December 31, 2020, and in subsequent filings with the Securities and Exchange Commission. Except as otherwise required by law, the Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

Contact information:
Tel: (201) 225-0190
info@mict-inc.com

FAQ

When will MICT announce its financial results for the fiscal year ended December 31, 2021?

MICT will announce its financial results after market today.

What caused the delay in MICT's financial reporting?

The delay was due to strict COVID-19 lockdown protocols in China affecting audit fieldwork.

What is MICT's focus in the fintech market?

MICT focuses on online brokerage, commodities trading, and insurance products across various high-growth markets.

What platforms does MICT operate?

MICT operates an insurance brokerage, a commodities platform, and is launching a stock trading platform called Magpie Securities.

What challenges did MICT face in its financial reporting?

MICT faced challenges primarily due to COVID-19 lockdowns that hindered timely audit processes.