Tingo Group (NASDAQ: TIO), a profitable and fast-growing fintech and agri-fintech company, has engaged White & Case LLP, a leading international law firm, to conduct an independent review. According to the announcement, the review is related to allegations made in a June 6, 2023, report published by short seller Hindenburg Research. The company noted that, following the review, the firm will report to the company’s independent directors. The announcement also stated that before engaging White & Case, Tingo Group had begun its own internal review. The review was designed to confirm, among other things, the number of farmers on Tingo Mobile and the Nwassa platform, relationships with contracted cooperatives, the relationship with the All Farmers Association of Nigeria and the company’s cash balances. “The company continues to refute the allegations and misinformation contained in the Hindenburg report,” the company stated in the announcement. “A self-described short seller, Hindenburg has a disclosed economic incentive to negatively influence the company’s share price. The company strongly believes it is in shareholders’ best interests to allow White & Case’s independent review to be carried out unhindered, and it is committed to protecting its integrity. As such, the company intends to make no further comment on Hindenburg’s allegations until the review has been completed.”
In addition, Tingo Group has announced the results of the proxy vote associated with the company’s special meeting of its stockholders. According to the update, the stockholders approved all three of the resolutions presented in the definitive proxy statement, as sent to the company’s shareholders on May 1, 2023. These include approval of the issuance of 26,042,808 shares of Tingo Group’s common stock upon the conversion of 2,604.28 shares of Tingo Group’s Series A Preferred Stock, as required under the terms of the acquisition of Tingo Mobile (the “merger”), and the increase in the authorized shares of the company’s common stock from 425,000,000 shares to 750,000,000, to accommodate the conversion of both the Series A Preferred Stock and the Series B Preferred Stock under the terms of the merger, and to accommodate future strategic business decisions.
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About Tingo Group Inc.
Tingo Group is a global fintech and agri-fintech group of companies with operations in Africa, southeast Asia and the Middle East. Tingo Group’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 preloaded 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 the farmers with access to services such as the Nwassa seed-to-sale marketplace platform, insurance, microfinance, and mobile phone and data top-up. Tingo Group’s other Tingo 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 its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China, with more than 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, visit the company’s website at 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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