MICT (NASDAQ: MICT), which recently acquired the operating business and assets of Tingo (OTC: TMNA) (“Tingo Mobile Limited” or “Tingo Mobile”), announced that it has received a bid price compliance letter from the Nasdaq Stock Market LLC. The letter informs MICT that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq. MICT was previously notified that it was not in compliance with the rule due to its common stock failing to meet the closing bid price of $1.00 or more for 30 consecutive business days. To regain compliance, the company was required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days, which it met on Dec. 14, 2022. Darren Mercer, chief executive officer of MICT, said: “We are pleased to regain compliance with the Nasdaq listing requirements as we continue to focus on the integration of our recent acquisition, Tingo Mobile Limited, and deliver against our accelerated global expansion strategy.”
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About Tingo Inc./Tingo Mobile
Tingo, which is a wholly owned subsidiary of MICT, 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 novel “device-as-a-service” model allows it to add market leading applications to enable customers to trade, buy top ups, pay bills, access insurance and lending services. With 9.3 million existing customers, Tingo is seeking to expand its operations across select markets in Africa. Tingo’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.
NOTE TO INVESTORS: The latest news and updates relating to TMNA are available in the company’s newsroom at https://ccw.fm/TMNA
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