MICT - MICT STOCK NEWS

MICT Inc. (NASDAQ: MICT) announced it has regained compliance with the minimum bid price requirement imposed by Nasdaq, following a compliance letter received on December 15, 2022. Previously, MICT was notified on February 2, 2022, for failing to maintain a closing bid price of at least $1.00 for 30 consecutive days. MICT achieved this requirement by closing above $1.00 for 10 consecutive trading days as of December 14, 2022. CEO Darren Mercer expressed satisfaction with the compliance while emphasizing ongoing efforts in integrating Tingo Mobile Limited and advancing global expansion strategies.

MICT, Inc. (NASDAQ: MICT) has launched its subsidiary Tingo Mobile in Malawi, marking a strategic entry into the East African market. This expansion aims to leverage Malawi’s agricultural sector, a significant contributor to its GDP, to boost revenues. Tingo Mobile’s established Agri-Fintech platforms are expected to facilitate trade deals with major cooperatives, enhancing access to key crops like maize and coffee. The initiative aligns with MICT's pan-African growth strategy, promising substantial market opportunities and further internationalization.

MICT announced the launch of its global commodity platform and export business through its subsidiary, Tingo Mobile, in partnership with the Dubai Multi Commodities Centre (DMCC). This venture provides access to billions in agricultural produce from Nigeria and Ghana. The company secured its first export contract valued at $65 million, with expectations of total sales exceeding $1 billion in 2023. This initiative aims to empower local farmers by connecting them directly to international markets and enhancing profitability for the Group.

MICT, Inc. has completed the acquisition of Tingo, Inc. by purchasing 100% of Tingo Mobile Limited.

This strategic move consolidates Tingo Mobile's revenues and income into MICT, with an annualized revenue run rate of approximately USD $1.2 billion and net income before tax run rate approaching USD $650 million. The acquisition also strengthens MICT's balance sheet, bringing in cash of $247 million and total assets of $1.51 billion as of September 30, 2022. MICT aims to leverage Tingo's fintech capabilities for global expansion and enhance shareholder value.

MICT is on track to complete the acquisition of Tingo by November 30, 2022. This acquisition involves MICT acquiring 100% of Tingo Mobile Limited, which will result in issuing 19.9% of MICT's common stock to Tingo. Post-acquisition, MICT expects a cash position exceeding $300 million and an annual revenue run rate near $1.2 billion, with anticipated net income before tax of $650 million. A significant stock buyback program is under consideration to boost shareholder value.

MICT has announced the early launch of its partnership with the All Farmers Association of Nigeria (AFAN) and Visa to roll out the Nwassa Agri-FinTech platform and Tingo Visa products. This partnership aims to enroll over 20 million farmers, significantly expanding Tingo Mobile’s subscriber base from 9.3 million. Tingo Mobile’s suite of services, including digital payment solutions, aims to enhance financial inclusion and improve food security in Nigeria. The collaborations are expected to generate considerable revenue and profitability growth for MICT in Q4 2022 and beyond.

MICT reported strong Q3 2022 results, with revenues rising 15% quarter-over-quarter to $13.8 million and gross profit from insurance reaching $3.2 million, a 54% increase. The gross margin of the insurance business hit a record 23%. The planned acquisition of Tingo Mobile is on track for completion by November 30, 2022. Tingo, Inc. also reported Q3 revenues of $291.7 million and significant income growth. Key developments include the approval of a Capital Markets License for Magpie Securities, enabling expanded offerings, and new strategic partnerships aimed at boosting revenue.

MICT, Inc. (NASDAQ: MICT) has announced its acquisition of Tingo Mobile PLC, with operations launching in Ghana aimed at agricultural enhancement. Tingo aims to enroll 2 million new members in 120 days, targeting 4 million thereafter. The trade deal with the Ashanti Investment Trust underscores Ghana's strategic importance in Tingo's Pan-African expansion, leveraging its robust agricultural sector. The Nwassa platform is set to increase profitability, with expected revenues post-launch akin to Tingo's successful Nigerian operations, which generated over $526 million in the first half of 2022.

MICT, Inc. has announced it will release its third quarter 2022 financial results on November 14, 2022, prior to the market opening. The results will be detailed in a press release and filed with the SEC in MICT's 10-Q. MICT operates in the fintech sector, focusing on consumer services across 130 cities in China, with plans for market expansion. The company has the necessary licenses and approvals to provide securities advisory and asset management services, and its Magpie Invest app allows trading on major international exchanges.