Nasdaq Grants MICT Extension to Regain Compliance with the $1.00 Minimum Bid Price Rule
July 27 2022 - 1:33PM
MICT, Inc. (NASDAQ: MICT) (“MICT” ot the “Company”) announces that
it has received a letter from Nasdaq granting it an additional
180-day extension, or until January 23, 2023 to evidence compliance
with Nasdaq’s $1.00 minimum bid price requirement.
The Company can cure this deficiency if the
closing bid price of its shares of Common Stock
is $1.00 per share or higher for at least 10 consecutive
business days during this second compliance period. The Company
intends to regain compliance with the minimum bid price requirement
on or before January 23, 2023.
MICT believes the closing of its proposed merger
(the “Merger”) with Tingo, Inc., a Nevada corporation will resolve
its minimum bid price requirement. If for some reason the Merger
does not close within the prescribed period or the minimum bid
price is not otherwise met, MICT will consider alternative options
to regain compliance. During this time, the Company's shares of
Common Stock will continue to be listed and traded on the Nasdaq
Capital Market, and this notice will have no effect on the
operations of the Company's business.
About MICT
MICT is a financial technology business
principally focused on the growth and development of a suite of
consumer fintech services across approximately 130 cities in China,
with planned expansion into additional markets. MICT has developed
highly scalable proprietary platforms for insurance products (B2B,
B2B2C and B2C) and financial services/products (B2C), the
technology for which is highly adaptable for other applications and
markets. MICT has acquired and holds the requisite license and
approvals with the Hong Kong Securities and Futures Commission to
deal in securities and provide securities advisory and asset
management services. MICT also has memberships/registrations with
the Hong Kong Stock Exchange, the London Stock Exchange and the
requisite Hong Kong and China Direct clearing companies. MICT’s
financial services business and first financial services product,
the Magpie Invest app, is able to trade securities on NASDAQ, NYSE,
TMX, HKSE, China Stock Connect, LSE, the Frankfurt Stock Exchange
and the Paris Stock Exchange.
Cautionary Note Regarding
and Forward-Looking Statements
This press release and statements of each of
Tingo and MICT’s management made in connection therewith contain
“forward-looking statements” (as defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended). The words “believe,”
“may” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“expect” and similar expressions are intended to identify
forward-looking statements. These forward-looking statements are
based upon Tingo’s and MICT’s respective current expectations and
assumptions and are subject to significant risks and uncertainties
that could cause actual results (including whether the Merger will
actually be consummated and the anticipated benefits of the Merger
to the businesses of each of Tingo and MICT as described herein) to
differ materially from those contemplated in such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, the risk factors
described in each of Tingo’s and MICT’s filings with the Securities
and Exchange Commission. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
to the date hereof. Neither Tingo nor MICT undertakes any
obligation to release publicly any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events, except as required by law. The inclusion of
any statement in this release does not constitute an admission by
Tingo, MICT or any other person that the events or circumstances
described in such statements will take place as described or are
material.
ADDITIONAL INFORMATION
On July 26, 2022, MICT filed with the U.S.
Securities and Exchange Commission (the “SEC”) a registration
statement on Form S-4 (as amended, the “Registration Statement”),
which includes a preliminary proxy statement of MICT, a preliminary
proxy statement of Tingo and a prospectus in connection with the
Merger. The definitive proxy statement and other relevant documents
will be mailed to the shareholders of MICT as of a record date to
be established for voting on the Merger. Shareholders of MICT and
other interested persons are advised to read, when available, each
of MICT’s preliminary proxy statement, Tingo’s preliminary proxy
statement and amendments thereto, and the definitive proxy
statements in connection with MICT’s solicitation of proxies for
its special meeting to be held to approve the Merger because these
documents will contain important information about MICT, Tingo and
the Merger. Shareholders of MICT will also be able to obtain copies
of the Registration Statement and the proxy statement/prospectus,
without charge, once available, on the SEC’s website at
www.sec.gov.
Participants in the Solicitation
MICT and Tingo and certain of their respective
directors, executive officers, other members of management and
employees, under SEC rules, may be deemed to be participants in the
solicitation of proxies from the shareholders of MICT in favor of
the approval of the Merger. Additionally, MICT has engaged Morrow
Sodali LLC to assist in the solicitation of proxies in connection
with its special meeting.
Additional information regarding the interests
of such potential participants will also be included in the
Registration Statement and other relevant documents when they are
filed with the SEC. Free copies of these documents may be obtained
as described in the preceding paragraph.
No Offer or Solicitation
This Press Release does not constitute a
solicitation of a proxy, consent or authorization with respect to
any securities or in respect of the Merger. This Press Release
shall also not constitute an offer to sell or the solicitation of
an offer to buy any securities, nor shall there be any sale of
securities in any states or jurisdictions in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering 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, or an exemption therefrom.
MICT Contact InformationEmail:
info@mict-inc.comPhone: (201) 225-0190
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