Tingo (OTC: TMNA), a leading agri-fintech business in Africa, and MICT Inc. (NASDAQ: MICT), have signed a merger agreement outlining plans for MICT to acquire 100% of the operating business and assets of Tingo. According to the announcement, the new merger with the accompanying MICT funding should expedite the launch of Tingo’s food-produce export business; existing high-margin and material export contracts will allow a substantial portion of Tingo’s revenues to shift directly into U.S. dollars. In an amendment, the two companies accelerated and restated the original agreement and merger plan. The transaction will also support the acceleration of the development and launch of Tingo’s commodity platform and commodity trading business. Tingo offers its customers an array of technology-backed solutions and platforms designed to increase digital inclusion and financial empowerment, particularly within the farming sector, with the end goal of helping farmers increase crop yields, reduce crop wastage, improve margins and contribute toward solving the global problem of food security. The transaction involves MICT acquiring 100% of TMNA’s operating business and assets at the initial closing of the transaction in return for the issuance by MICT of a combination of 19.9% of MICT’s common stock and two series of convertible preference shares, which, if fully converted by Tingo and all conversion conditions are met, would result in Tingo owning 75% of MICT. “The Board of MICT and I are extremely excited about the tremendous prospects and opportunities arising from this new transaction,” said MICT CEO Darren Mercer in the press release. “It will have an immediate material positive impact on the income, earnings and balance sheet of MICT from the date of initial closing, which is expected to occur during November 2022, following the receipt of Tingo’s stockholder approval, in relation to which voting support agreements have been received covering approximately 70% of Tingo’s issued common stock. Tingo has clearly demonstrated its capabilities and technology, and its operating business is now extremely well positioned to expand globally, including through its upcoming new business streams and product launches.”
About Tingo Inc.
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. Tingo’s unique device-as-a-service model allows the company to add market-leading applications to enable customers to trade, buy top ups, pay bills, and access insurance and lending services. With approximately 9.3 million existing customers, Tingo is seeking to expand its operations across select markets in Africa. The company’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. For more information, visit the company’s website at www.TingoGroup.com.
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