MICT - MICT STOCK NEWS

MICT, Inc. announced a commercial partnership with a major Chinese payment service provider to enhance its insurance sales through GFH Intermediate Holdings Ltd. The partnership aims to leverage over 100 million registered users and is expected to launch in Q1 2021, generating significant revenues. This deal follows recent insurance agency contracts anticipated to yield several million dollars monthly. The Chinese insurance market, the world's second largest, is projected to grow rapidly, with online premiums expected to increase by 41% annually until 2024.

MICT, Inc. announced a significant purchase order of approximately $300,000 for its SmartCam product from a major telematics service provider based in North America. This order follows a pilot test in October 2020 and is expected to lead to more business in 2021. SmartCam is an advanced video telematics device that integrates various data for fleet management. CEO Darren Mercer highlighted the strategic value of this order and the potential for larger contracts in the future, emphasizing the company's position in the growing telematics market.

MICT, Inc. announced that its subsidiary GFH Intermediate Holdings Ltd. signed multiple insurance agency contracts expected to generate recurring revenues of up to several million dollars monthly, starting in early Q1 2021. The insurance division will launch in December 2020, targeting over $250 million in revenue and $10 million in gross margins in its first year. The company has strengthened its balance sheet with a cash reserve of $18.6 million and recently closed a $25 million offering. MICT's focus on the Chinese fintech market positions it for significant growth as the insurance market is projected to reach $2.36 trillion by 2032.

MICT (Nasdaq: MICT) will release its financial results for the third quarter of 2020 on November 18, 2020, after market close. A conference call to discuss the results is scheduled for November 19 at 9:00 a.m. EDT. Interested participants can call 1-888-298-5973 or access a live webcast through MICT's Investor Relations website. The company operates through subsidiaries including GFH Intermediate Holdings and Micronet Ltd., focusing on fintech solutions and mobile computing for fleet operators.

MICT, Inc. (Nasdaq: MICT) has successfully closed a registered direct offering, raising $25 million by issuing 10 million shares of common stock along with 8 million warrants at a price of $2.50 per share. These warrants can be exercised over five years at $3.12 per share. The offering was facilitated by A.G.P./Alliance Global Partners and follows an effective shelf registration statement with the SEC. The company aims to leverage this capital for growth in fintech and telematics sectors.

On November 2, 2020, MICT (Nasdaq: MICT) announced the launch of its insurance platform under subsidiary GFH Intermediate Limited, following a $25 million capital raise. The new division aims to capitalize on China's rapidly growing insurance market, expected to reach $2.36 trillion by 2032. A management team of over 25 professionals from major Chinese insurance firms will drive growth, targeting $250 million in premiums in the first year. The platform leverages GFHI's technology and user database, enhancing MICT's market position in the fintech sector.

On November 2, 2020, MICT announced a securities purchase agreement with institutional investors for the sale of 10 million shares of common stock and 8 million common stock purchase warrants at $2.50 each. The gross proceeds are anticipated to reach approximately $25 million, before fees and expenses. The offering is set to close on November 4, 2020, subject to customary conditions. The warrants have a five-year term and an exercise price of $3.12 per share. A.G.P./Alliance Global Partners serves as the sole placement agent.

MICT, Inc. has appointed Richard Abrahams as its new Chief Executive Officer, bringing over 35 years of financial services experience from roles in China, the USA, and Europe. Abrahams has a proven track record in building brokerage firms and senior roles at major international banks. This appointment comes as MICT completes the acquisition of a Hong Kong securities firm and prepares to launch its new trading app and online platform. The company aims to capitalize on the growing retail investor market in China, where online trading volumes reached $2 trillion in 2019.

MICT, Inc. (Nasdaq: MICT) announced an initial order of 100 units of its SmartCam video telematics device from a leading North American telematics service provider. This pilot test could lead to a significant commercial contract, driving potential revenues for MICT's subsidiary Micronet Ltd. CEO Darren Mercer emphasized the competitive edge gained over rivals and highlighted recent successes, including orders from major companies. SmartCam's advanced features position Micronet favorably in the $30 billion global telematics market, enhancing fleet management and analytics capabilities.