MICT - MICT STOCK NEWS

MICT has announced a significant trade agreement with the All Farmers Association of Nigeria (AFAN) through its subsidiary, Tingo Mobile. This agreement aims to add a minimum of 20 million additional subscribers to Tingo Mobile's existing base of 9.3 million, potentially more than tripling its customer count. The partnership will enhance Tingo's offerings, including access to agricultural products, fintech services, and the Nwassa marketplace, aiming to increase revenue and profitability. Tingo's projected revenue from its current customer base was $525.7 million for the first half of 2022.

MICT and Tingo have signed a new merger agreement, wherein MICT will acquire 100% of Tingo’s operating business and assets. The transaction involves issuing 19.9% of MICT's common stock and two series of convertible preferred shares, potentially leading Tingo to own 75% of MICT. The deal is expected to close in November 2022, contingent on Tingo stockholder approval. This acquisition aims to expedite Tingo's food export business and transition to US dollar revenues, with anticipated revenue benefits from Tingo's reported $298.4 million net income before tax for the first half of 2022.

MICT, Inc. (Nasdaq: MICT) reported Q2 2022 financial results, showing a significant recovery in its insurance business. Insurance revenues climbed to $11.95 million, a 25% increase from Q1 2022. Gross profit margins improved to 17.4%. EBITDA losses were reduced to around $1.0 million, down from $3.5 million. The company is advancing on its merger with Tingo Inc., with the filing of the Form S-4 Proxy and Prospectus. However, general and administrative expenses rose to $13.7 million, influenced by merger-related costs.

MICT, Inc. (NASDAQ: MICT) has received a 180-day extension from Nasdaq until January 23, 2023, to meet its $1.00 minimum bid price requirement. The company aims to meet this requirement through a proposed merger with Tingo, Inc. If the merger or compliance is not achieved by the deadline, MICT will explore alternative options. During this compliance period, MICT's stock will remain listed on Nasdaq without impacting its business operations. The company's financial technology services are expanding across China and into other markets.

Tingo and MICT have filed a joint proxy statement with the SEC to proceed with their merger, anticipated to create a Fintech and Agri-Fintech company with annualized revenues exceeding $1 billion. The merger aims to leverage Tingo's strong presence in Africa and expand into China and Asia. Tingo reported Q1 2022 revenues of $257.1 million and a gross profit of $153.3 million, marking significant growth. The merger represents an opportunity for increased market visibility and enhanced financial services, including a new commodities platform in Asia.

MICT, Inc. reported Q1 2022 financial results, revealing a revenue of $9.6 million, a 16% increase from last year despite COVID-19 lockdown impacts in China. The insurance business grew to $9.5 million, but gross profit fell to $1.3 million, with gross margins declining to 13.2%. The company incurred a net loss of $8.7 million, increasing from $4.5 million in Q1 2021. Operational costs rose significantly, including marketing expenses of $2.5 million. MICT anticipates profitability by the second half of 2022 and is progressing on its merger with Tingo, along with launching new platforms to enhance growth.

MICT, Inc. (NASDAQ: MICT) announced its intention to file Form 10-Q for Q1 2022 by July 22, 2022. CEO Darren Mercer noted delays due to stringent COVID-19 lockdowns in China but confirmed that their financial results are ready for submission. With this filing, they will be current with SEC obligations. The company specializes in consumer fintech services across 130 cities in China and is expanding its offerings internationally. Future reports are expected to be timely as the Chinese lockdown situation improves.

MICT, Inc. reported its 2021 financial results, highlighting a gross profit of $9.2 million and a significant increase in its insurance business. The company achieved $3.9 million in gross profit for Q4 2021, marking a 39.3% quarter-over-quarter growth. In 2021, MICT's insurance revenue reached approximately $55 million. The merger agreement with Tingo Inc. was reaffirmed, and the company is set to enhance its fintech services across multiple regions. MICT holds a strong cash position of $95 million as of year-end 2021, despite a net loss of $8.2 million for Q4.

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.