MICT’s Merger Target Announces its Q1 2022 Results
May 16 2022 - 9:00AM
On May 10, 2022, MICT, Inc. (NASDAQ: MICT) (“MICT” or “Company”)
and Tingo, Inc. (OTC Markets: TMNA) (“Tingo”) announced they had
executed a definitive agreement to merge and consolidate their
operations (the “Merger”) to create a highly profitable
Nasdaq-listed Fintech and Agri-Fintech company serving the African
and Asian markets with a global expansion strategy.
Earlier today, Tingo announced its results for
the quarter ended March 31st, 2022 and filed its Quarterly Report
on Form 10-Q. Tingo’s press releases and filings can be found in
the investor information section of its website:
https://tingoinc.com/investor-information/press-releases/.
With regard to the status of the merger, due
diligence work is underway, and significant progress is being made
on the transaction process.
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.
About Tingo
Tingo is the leading Agri fintech company
operating in Africa, with a marketplace platform that empowers
social upliftment through mobile, technology and financial access
for rural farming communities. Our unique ‘device as a service’
model allows us to add market leading applications to enable
customers to trade, buy top ups, pay bills, access insurance and
lending services. With 9.3 million existing customers, Tingo is
seeking to expand its operations across select markets in Africa.
The Tingo’s strategic plan is to become the eminent Pan African
Agri-Fintech business delivering social upliftment and financial
inclusion to millions of SME farmers and women-led
businesses.
Additional information about Tingo can be found
at www.tingoinc.com. Please note that none of the information
included on Tingo’s website is incorporated into this press
release.
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 (“SEC”). 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 about the Proposed
Merger And Where To Find
It
In connection with the proposed Merger, the
Company will file a proxy statement on Schedule 14A with the SEC.
Additionally, the Company plans to file other relevant materials
with the SEC in connection with the proposed Merger. This press
release is not a substitute for the proxy statement or any other
document which the Company may file with the SEC. The definitive
proxy statement will be sent or given to the stockholders of the
Company and will contain important information about the proposed
Merger and related matters. INVESTORS IN AND SECURITY HOLDERS OF
THE COMPANY ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER
RELEVANT DOCUMENTS THAT ARE FILED OR FURNISHED OR WILL BE FILED OR
WILL BE FURNISHED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR
SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY
BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE
PROPOSED MERGER BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE MERGER, RELATED MATTERS AND THE PARTIES TO
THE MERGER. The materials to be filed by the Company with the SEC
may be obtained free of charge at the SEC’s website at
www.sec.gov or by contacting the investor relations department
of the Company.
Participants in the Solicitation
This press release does not constitute a
solicitation of a proxy from any stockholder with respect to the
proposed Merger. However, the Company and its directors and
executive officers may be deemed to be participants in the
solicitation of proxies from Company stockholders in connection
with the proposed Merger. Investors and security holders may obtain
more detailed information regarding the names, affiliations and
interests of the Company’s executive officers and directors in the
solicitation by reading relevant materials filed with the SEC in
connection with the Merger if and when they become available.
Additional information concerning the interests of the Company’s
participants in the solicitation, which may, in some cases, be
different than those of the Company’s stockholders generally, will
be set forth in the proxy statement relating to the Merger when it
becomes available. You may obtain free copies of these documents as
described in the preceding paragraph, filed with or furnished to
the SEC. All such documents, when filed or furnished, are available
free of charge at the SEC’s website at www.sec.gov or by contacting
the investor relations department of the Company.
MICT Contact InformationEmail:
info@mict-inc.comPhone: (201) 225-0190
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