Tingo Group Inc. (NASDAQ: TIO) today announced its receipt of a bid price compliance letter from the Nasdaq Stock Market LLC. The letter informs Tingo that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market. “We are very pleased to regain compliance in such a short timeframe,” said Darren Mercer, chief executive officer of MICT. “As mentioned in our press release on Monday, April 10, 2023, the board is determined to address the ongoing significant disconnect between our current share price and the underlying performance of the company, and we will be announcing details of the steps we are taking in this regard in the coming weeks.”
To view the full press release, visit https://ibn.fm/TdBVC
About Tingo Group Inc.
Tingo is a global fintech and agri-fintech group of companies with operations in Africa, Southeast Asia and the Middle East. The company’s wholly owned subsidiary, Tingo Mobile, is the leading agri-fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a ‘device as a service’ smartphone and pre-loaded platform product. As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing them with access to services including, among others, the Nwassa ‘seed-to-sale’ marketplace platform, insurance, micro-finance, and mobile phone and data top-up. The company’s other business verticals include: TingoPay, a SuperApp in partnership with Visa that offers a wide range of B2C and B2B services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food processing business that processes raw foods into finished products such as rice, pasta and noodles; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center. In addition to these business verticals, the company also holds and operates an insurance brokerage platform business in China, with 130+ offices located in China’s cities and major towns; and Magpie Securities, a regulated finance services fintech business operating out of Hong Kong and Singapore. For more information about the company, visit www.TingoGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to TIO are available in the company’s newsroom at https://ibn.fm/TIO
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