Tingo Group (NASDAQ: TIO), a profitable and fast-growing fintech, agrifintech and food company, has entered into a new forbearance agreement with the holder of its Series B preferred stock. According to the announcement, the new agreement extends the redemption period until at least Dec. 31, 2023, and the company noted that it expects the conversion of Series B preferred stock to occur within the extended forbearance period. The announcement noted that the extension was necessary because of the time required to complete detailed investigations into the Hindenburg Research allegations. That investigation was concluded on Aug. 30, 2023. “In my capacity as the controlling stockholder in Agri Fintech Holdings Inc., the sole holder of the company’s Series B preferred stock, I am fully committed to completing the conversion of the Series B preferred stock into common stock,” said Tingo Group interim co-CEO Dozy Mmobuosi in the press release. “Having concluded the investigation into the short-seller allegations on August 30, 2023, and with the benefit of a U.S. top 10 global law firm as counsel, we aim to achieve NASDAQ change of control approval and stockholder approval as soon as possible, at which time I look forward completing the conversion of the Series B preferred stock into common stock, thereby completing the final stage of the merger. Turning to the separate matter of our recently announced quarterly dividend, the requisite conversion of Naira into U.S. dollars, to comply with due process, is continuing to progress well with the relevant external parties, and we hope to announce definitive news on this and set a record date in the very near future.”
To view the full press release, visit https://ibn.fm/mgzea
About Tingo Group Inc.
Tingo Group is a global group of companies involved in fintech, agrifintech, food processing and commodity trading, with operations in Africa, Southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is a leading agrifintech company operating in Africa, with a comprehensive portfolio of innovative products, including a “device as a service” smartphone and a value-added service platform. 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 these farmers with access to services that include, among others, 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, offering a wide range of business-to-consumer (“B2C”) and business-to-business (“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, groundnut oil, nut products, wheat, millet and maize; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Centre. In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China 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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