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MICT, Inc. (Nasdaq: MICT) has completed a registered direct offering of 19,285,715 shares of common stock and warrants to purchase an equal number of shares at a combined price of $2.80 per unit. This move is expected to generate gross proceeds of approximately $54 million, prior to fees and expenses. The warrants are exercisable immediately, with an exercise price of $2.80 per share and a five-year expiration period. The offering was facilitated by A.G.P./Alliance Global Partners, under an effective shelf registration statement with the SEC.
MICT, Inc. (Nasdaq: MICT) has entered into agreements with institutional investors to sell 19,285,715 shares of common stock and warrants to purchase an equal number of shares at $2.80 each, for expected gross proceeds of approximately $54 million. The offering is set to close on March 4, 2021, subject to customary conditions. The warrants are immediately exercisable and will expire in five years. This transaction is conducted under an effective shelf registration statement and aims to bolster MICT's financial position to support its operations in fintech and mobile computing sectors.
MICT, Inc. has received approval from the Hong Kong SFC to acquire Huapei Global Securities Ltd., enhancing its trading capabilities across major stock exchanges. This acquisition, initially starting with a 9% stake in October 2020, allows MICT to finalize the acquisition within 2-3 weeks. The acquisition positions MICT to tap into China's growing online securities market, projected to reach $30.3 trillion by 2022. The company's platform is set to launch shortly, with expectations of significant revenue contributions in 2021.
MICT, Inc. (Nasdaq: MICT) has successfully closed a registered direct offering, raising approximately $60 million. The deal involved the sale of 22,471,904 shares of common stock and associated Series A and B Warrants, all priced at $2.67 each. The Series A and B Warrants have an exercise price of $2.80 per share, with different expiration periods. This offering was conducted under an effective shelf registration statement. A.G.P./Alliance Global Partners served as the sole placement agent for the transaction.
MICT announced a securities purchase agreement with institutional investors for 22,471,904 shares of common stock and warrants at $2.67 per share, totaling $60 million pre-expenses. The offering includes Series A and B Warrants, both with an exercise price of $2.80, expiring in 5.5 and 3.5 years respectively. Closing is expected around February 16, 2021. The offering is conducted under an effective SEC registration statement.
MICT operates through subsidiaries in fintech and telematics, focusing on equities trading, wealth management, and mobile computing solutions.
MICT has announced a strategic partnership with the Shanghai Petroleum and Natural Gas Trading Center to provide financial services for oil and gas futures trading. The collaboration targets approximately 20% of China's oil and gas trade, with MICT entering into trade execution and margin financing. In 2019, China’s crude oil imports were valued at $259 billion. MICT aims to enhance revenue through high-margin commissions and financing fees, while also exploring expansion into other commodities. The platform launch is expected in Q2 2021, with revenue generation anticipated shortly thereafter.
MICT, Inc. announces the acquisition of Beijing Fucheng Insurance Brokerage Co., Ltd for approximately $5.7 million, enhancing its capabilities in the Chinese insurance market. The acquisition provides MICT with a nationwide brokerage license, allowing for a broader range of insurance products with higher margins. This strategic move is expected to accelerate the onboarding of new agents and increase distribution via major online platforms. MICT's growth has previously outpaced expectations, with significant revenue activity observed in December and January.
MICT, Inc. (Nasdaq: MICT) announced a significant follow-on order of 5,000 SmartCam units, valued at approximately $1.5 million, from a major North American telematics provider. This order follows a successful pilot and the initial order of 1,000 units. The customer, with hundreds of thousands of vehicles, aims to enhance video telematics services using SmartCam, which integrates advanced software and AI functionalities. This marks MICT's largest SmartCam order since its launch and is expected to lead to further orders in the future.
MICT, Inc. (Nasdaq: MICT) has amended its resale registration statement initially filed on December 18, 2020, to clarify that the filing is not for new share issuance. Instead, it aims to register a portion of currently outstanding restricted shares held by certain stockholders. MICT operates primarily through its subsidiaries in the fintech and telematics sectors, focusing on online brokerage services and mobile computing solutions. The company’s future growth is subject to various risks as outlined in its filings with the SEC.
MICT, Inc. has relocated its core operations to Hong Kong to enhance service for its Asian clientele, following the successful launch of its proprietary insurance platform at the end of 2020. The company anticipates launching its stock trading platform in Q1 2021. CEO Darren Mercer highlighted the operational efficiency and client access benefits of this move. CFO Arie Rand departed the company, with Moran Amran temporarily overseeing the financial team in Hong Kong as a permanent replacement is sought.
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