MONTVALE, N.J., July 1, 2020 /PRNewswire/ -- MICT, Inc.
(Nasdaq: MICT) (the "Company") announced today that it has
completed the acquisition of a wholly-owned subsidiary of Global
Fintech Holdings Ltd. ("GFH") for approximately $25 million in convertible securities. In
connection with the previously announced private placement of
convertible promissory notes, MICT has also received commitments to
purchase the full $15 million of such
notes. Upon stockholder approval, both the securities issued as
merger consideration and the promissory notes issued in the private
placement will be convertible into shares of MICT common stock at a
conversion price of $1.10 per
share.
"Our acquisition of GFH is a transformative milestone which we
believe will springboard our future revenue and earnings growth and
positively impact stockholder value. We have created a global
platform to organically, and through further accretive
acquisitions, grow both our fintech and telematics businesses. We
are incredibly excited about the future of our company and are
eager to execute on a pipeline of significant business
opportunities available to us. We anticipate updating our
shareholders of these new significant developments in the coming
weeks and months."
"Finally, I would like to thank our employees and stockholders
for their continued support throughout the acquisition process."
stated MICT CEO Darren Mercer.
About MICT, Inc.
MICT, Inc. (NasdaqCM: MICT) operates
through its subsidiaries, Global Fintech Holdings Intermediate Ltd
("GFH") and Micronet Ltd. ("Micronet"). GFH's versatile proprietary
trading technology platform is designed to serve a large number of
high growth sectors in the global fintech space. Primary areas of
focus include online brokerage for equities trading and sales of
insurance products in several high-growth foreign markets including
Asia where GFH owns a substantial
propriety database of users. Micronet operates in the growing
commercial Mobile Resource Management (MRM) market, mainly in
the United States. Micronet
designs, develops, manufactures and sells rugged mobile computing
devices that provide fleet operators and field workforces with
computing solutions in challenging work environments.
Forward Looking Statements
Note: This press release
may contain forward-looking statements that are being made pursuant
to the Private Securities Litigation Reform Act of 1995, which
provides a "safe harbor" for forward-looking statements to
encourage companies to provide prospective information so long as
those statements are accompanied by meaningful cautionary
statements identifying important factors that could cause actual
results to differ materially from those discussed in the statement.
Forward-looking statements are subject to a number of known and
unknown risks and uncertainties that could cause actual results,
performance or achievements to differ materially from those
described or implied in the forward-looking statements, including,
but not limited to, general economic and business conditions;
competition in the accessories markets, potential changes in
customer spending; acceptance of product offerings and designs; the
variability of consumer spending resulting from changes in domestic
economic activity; any significant variations between actual
amounts and the amounts estimated for those matters identified as
critical accounting estimates, as well as other significant
accounting estimates made in the preparation of financial
statements; as well as geopolitical concerns. Accordingly, actual
results may differ materially from such forward-looking statements.
You are urged to consider all such factors. Any forward-looking
statements relating to the transaction discussed above are based on
our current expectations, assumptions, estimates and projections
and involve significant risks and uncertainties, including the many
variables that may impact or are related to consummation of the
transaction, SEC regulatory review of our filings related to the
transaction and the continuing determination of MICT's board of
directors that the transaction is in the best interests of all
stockholders. MICT and GFH assume no obligation for updating any
such forward-looking statements to reflect actual results, changes
in assumptions or changes in other factors affecting such
forward-looking statements.
Non-Solicitation
MICT and its directors and executive
officers may be deemed to be participants in the solicitation of
proxies for the special meeting of MICT's stockholders to be held
to approve certain matters relating to the transactions described
in this press release. Information regarding the persons who may,
under the rules of the SEC, be deemed participants in the
solicitation of MICT's stockholders will be set forth in the proxy
statement when it is filed with the SEC. You can find information
about MICT's executive officers and directors in its Annual Report
on Form 10-K, which was filed with the SEC on February 19,
2020. You can obtain free copies of these documents from MICT using
the contact information below.
This press release is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the transactions described herein and shall not
constitute an offer to sell or a solicitation of an offer to buy
the securities of MICT or Global Fintech Holdings, nor shall there
be any sale of any such securities in any state or jurisdiction in
which such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction. No offer of securities shall be made except
by means of a prospectus meeting the requirements of Section 10 of
the Securities Act of 1933, as amended.
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SOURCE MICT, Inc.