Agri-Fintech - TMNA STOCK NEWS

Tingo, Inc (TMNA) has announced the launch of the Dozy Mmobuosi Leadership Centre (DMLC) in Oxford, UK, aimed at empowering African leaders. The inaugural cohort will begin in February 2023, with over 35 selected participants engaged in a month-long, world-class programme focused on leadership, technology, and finance. The DMLC will collaborate with prestigious institutions like the University of Oxford, providing resources for coaching in crucial areas. This initiative is led by Rt. Hon. Mark Simmonds, emphasizing the Centre's role in driving impactful leadership in Africa.

MICT, Inc. has successfully completed the acquisition of Tingo, Inc. (OTC:TMNA), gaining 100% ownership of Tingo Mobile Limited. This acquisition brings annualized revenues of nearly USD $1.2 billion and a pre-tax net income run rate of around USD $650 million. MICT's balance sheet is strengthened with Tingo's total assets of USD $1.51 billion and cash reserves of USD $247 million. The merger aims to accelerate MICT's growth in the fintech sector and enhance its profitability.

Tingo reported substantial growth in its Q3 2022 financial results, with net revenues reaching $291.7 million, a 64.8% increase from Q3 2021. Gross profit also rose to $268.8 million, up 53.9%. The company achieved operating income of $149.5 million, recovering from a $29.3 million loss in the previous year. The Nwassa agri-fintech platform contributed 47.7% to total revenues, with a significant 146.2% year-on-year revenue growth in this segment. Tingo also expanded its operations to Ghana and signed an agreement to add 20 million new subscribers in Nigeria.

Tingo, Inc. (TMNA) has launched Tingo Mobile in Ghana and aims to enroll at least 2 million new members through a partnership with the Ashanti Kingdom Investment Trust. The company plans to replicate its successful Nigerian model, which generated over $526 million in revenue and $298 million in net income before tax in the first half of 2022. Tingo aims to enhance Ghana's agricultural sector, currently contributing 19.1% to GDP, targeting a growth to 25% by 2025. The launch includes the introduction of the Nwassa Agri-Fintech platform and the TingoPay SuperApp.

Tingo announced the merger of its subsidiary, Tingo Mobile, with MICT, a financial technology firm, expected to close by November 30, 2022. The merger involves MICT issuing shares to Tingo, equating to a 19.9% stake initially, with potential conversion to 75% ownership post-approval. This move aims to create a profitable Agri-Fintech powerhouse with projected revenue over $1 billion, enhancing market presence in Africa and Asia. Tingo Mobile's CEO highlighted the merger's potential to improve visibility and acquisition prospects in the global financial market.

Tingo, Inc. (TMNA) and MICT, Inc. announced a revised merger agreement to expedite the acquisition of Tingo Mobile by MICT. The new structure facilitates earlier funding and aims to establish Tingo Mobile as a leading Agri-Fintech entity in Africa, with anticipated revenues exceeding $1 billion. MICT will issue shares representing 19.9% of its outstanding stock to Tingo, with plans for Tingo shareholders to eventually own 75%. A $20 million loan from MICT will support Tingo's business expansion. The merger is expected to close in Q4 2022, and both companies aim to leverage their technologies for global growth.

Tingo, Inc. (TMNA) reported impressive Q2 2022 results, achieving a 167% increase in revenues to $268.7 million compared to $100.7 million in Q2 2021. The gross profit rose by 208.6% to $164.2 million, while operating income surged 139.2% to $122.0 million. Agri-Fintech revenue from the Nwassa platform alone reached $130.9 million, constituting 48.7% of total revenues and marking a year-on-year growth of 274%. The company is also progressing towards completing its merger with MICT, which is expected to enhance its market presence.

Tingo, Inc. (OTC Markets: TMNA) and MICT, Inc. (NASDAQ: MICT) have announced the filing of a registration and joint proxy statement with the SEC for their anticipated merger. This merger is expected to form a fintech and agri-fintech powerhouse with over $1 billion in annualized revenue, focusing on African and Asian markets. Tingo reported a revenue of $257.1 million for Q1 2022, reflecting significant growth. The merger aims to combine their technologies and expand into new markets, enhancing visibility and growth opportunities for investors.

Tingo, operating in the Agri fintech sector in Africa, held its Annual Meeting of Stockholders on June 2, 2022. The meeting was attended by holders of 84.34% of votes outstanding. Key outcomes included the unanimous election of ten director nominees for a one-year term and the ratification of Gries & Associates, LLC as the Company’s independent accountants for fiscal year 2022. Additionally, shareholders approved a non-binding advisory vote regarding executive compensation for 2021, also receiving full support. Voting details are available in the Company’s Current Report on Form 8-K.