MICT Board Approves $60M Capitalization for Wholly Owned Subsidiary Magpie Securities to Fund Stock Trading Platform Launch
June 07 2021 - 8:30AM
MICT, Inc. (Nasdaq: MICT) (“MICT” or the “Company”) today announces
its Board of Directors has approved a $60M capital injection
from MICT to its wholly owned subsidiary, Magpie Securities
(“Magpie”), which developed and will operate the Company’s online
stock trading platform from Hong Kong.
The transfer to Magpie will be in two tranches.
The first $30M will be in the form of equity capital. Then,
upon Hong Kong Securities and Futures Commission approval, the
second $30M will be by way of intercompany
subordinated loan.
Darren Mercer, MICT’s CEO commented, “With the
upcoming launch of our mobile stock trading app,
the$60M investment in Magpie will
properly capitalize the business to support our ambitious
growth plans and provide the ability to offer competitive
margin and IPO funding to our underlying customers.”
About MICT
MICT, Inc. (NasdaqCM: MICT) operates through its
subsidiaries, GFH Intermediate Holdings Ltd. (“GFHI”) and Micronet
Ltd. (“Micronet”). GFHI’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 wealth management services and
sales of insurance products in several high-growth foreign markets,
including Asia, where GFHI owns a substantial database of users.
Micronet operates in the growing telematics and commercial Mobile
Resource Management market, mainly in the United States and Europe.
Micronet designs, develops, manufactures, and sells mobile
computing solutions that provide fleet operators and field
workforces with computing solutions in challenging work
environments.
Forward-Looking
Statements
This press release contains express or implied
forward-looking statements within the Private Securities Litigation
Reform Act of 1995 and other U.S. Federal securities laws. All
statements other than statements of historical fact contained in
this press release are forward-looking statements. The words
“believe,” “may” “will,” “estimate,” “continue,” “anticipate,”
“intend,” “expect” and similar expressions, as they relate to us,
are intended to identify forward-looking statements. We have based
these forward-looking statements on our current expectations and
projections about future events and financial trends that we
believe may affect our financial condition, results of operations,
business strategy, business prospectus, growth strategy and
liquidity. Such forward-looking statements and their implications
involve known and unknown risks, uncertainties and other factors
that may cause actual results or performance to differ materially
from those projected. The forward-looking statements contained in
this press release are subject to other risks and uncertainties,
including those discussed in the “Risk Factors” section and
elsewhere in the Company’s annual report on Form 10-K for the year
ended December 31, 2020 and in subsequent filings with the
Securities and Exchange Commission. Except as otherwise required by
law, the Company is under no obligation to (and expressly disclaims
any such obligation to) update or alter its forward-looking
statements whether as a result of new information, future events or
otherwise.
Contacts:ir@mict-inc.com(201) 225-0190
MICT (NASDAQ:MICT)
Historical Stock Chart
From Mar 2024 to Apr 2024
MICT (NASDAQ:MICT)
Historical Stock Chart
From Apr 2023 to Apr 2024