Tingo Group Inc. (NASDAQ: TIO) today announced that it has become aware of credible evidence that a New York-based financial institution has been soliciting investors with an offer of the company’s securities with the pretense of a fund raise, which was in direct contravention of the company’s explicit wishes. The company is not planning any placement, offering or issuance of its equity securities and has expressly instructed the NY financial institution not to conduct any such solicitation. Tingo Group has also demanded that the NY financial institution notify all the parties solicited to date and inform them that the company is not planning any form of equity fundraising. “We believe that the false marketing by this financial institution has had a materially negative impact on our share price, including on Tuesday, May 30, 2022, when we issued the announcement of our significant export transactions and export deal pipeline,” said Darren Mercer, chief executive officer of Tingo. “Our lawyers have been instructed to investigate the actions of the financial institution and their associates and also provide an assessment of the damages caused to both the company and to its shareholders. The two law firms have extensive experience, and have achieved much success, representing companies in bringing claims against financial institutions for, among other things, breach of various rules and regulations, breach of contract, breach of fiduciary duty, perpetration of stock manipulation, and other securities violations.”
To view the full press release, visit https://ibn.fm/13cjb
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 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, 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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