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Big news! Investors see MICT as huge beneficiary. TMNA has no volume . MICT is all about upcoming exponential revenue growth.
MICT's ACQUISITION TARGET, TINGO MOBILE, TODAY LAUNCHES KEY PARTNERSHIPS WITH ALL FARMERS ASSOCIATION OF NIGERIA AND VISA
9:28 am ET November 16, 2022 (Globe Newswire) Print
GlobeNewswireNovember 16, 2022
AFAN Launch Commences Rollout of Nwassa Agri-FinTech Platform and Tingo Visa Products to AFAN's Membership of More Than 20 Million Farmers
Launch of Partnership With Visa Sees Introduction of Tingo Visa Card and a Range of Other New Products
MONTVALE, NJ, Nov. 16, 2022 (GLOBE NEWSWIRE) -- MICT, Inc. (NASDAQ: MICT) ("MICT") and Tingo, Inc. (OTC Markets: TMNA) ("Tingo" or the "Company"), announced that Tingo Mobile PLC ("Tingo Mobile"), which is being wholly acquired by MICT with a scheduled completion date of November 30, 2022, has today launched its partnership with the All Farmers Association of Nigeria ("AFAN") ahead of schedule.
Through its recently announced trade deal with Tingo Mobile, AFAN has committed to deliver a minimum of 20 million additional subscribers, which would more than triple Tingo Mobile's existing customer base of 9.3 million. From today, AFAN has commenced to enroll its members to Tingo's platforms and products, including its Nwassa Agri-Fintech platform.
Also today, Tingo Mobile launched its pan-African partnership with leading global payments technology company, Visa, with the rollout a range of new products and services including Tingo Visa digital payment cards, a Tingo Mobile secure payment service and a Tingo Mobile Point of Sale merchant service. The suite of Tingo Visa products is expected to contribute significantly towards fulfilling MICT's and Tingo Mobile's goals of fostering financial inclusion and driving the social and economic upliftment of their customers.
To mark its milestone achievements, and by way of support of AFAN and Nigeria's Federal Ministry of Agriculture and Rural Development, Tingo Mobile has sponsored today's National Farmers' Day event. Through its work with these organizations, Tingo Mobile has reinforced its commitment to Nigeria's more than 60 million farmers and further underlined its support towards AFAN and the Nigerian Government, as the parties work collectively towards their mutual objectives of increasing food supply and improving food security.
Dozy Mmobuosi, Tingo Founder and CEO, commented: "We are honored to have both AFAN and Visa as our partners. It was only a small number of weeks ago that we announced our trade deal with AFAN, so to be in a position where we have launched our partnership with them today, ahead of schedule, is a huge achievement. We are particularly pleased we have been able to arrange both the AFAN and Visa partnership launches to coincide with National Farmers' Day celebration, which has allowed us to support this important event on Nigeria's agricultural sector's calendar.
"We are very proud of our team at Tingo Mobile as they continue to successfully execute our accelerated rollout strategy, which has all been made possible through the merger with MICT. We are also extremely proud of the valuable contribution we believe we are making towards increasing Nigeria's and Africa's food supply and improving food security."
Darren Mercer, Chief Executive Officer of MICT, commented: "We are delighted to see Tingo Mobile launch two significant revenue generating opportunities today. The launch of the partnership with AFAN has the potential to markedly increase Nwassa's customer numbers and revenues from Q4 2022 onwards. With a high margin in excess of 90%, the impact on profitability should be considerable.
"The partnership with Visa, one of the world's leading global payment solution providers, is also very exciting, and facilitates a number of new products and revenue streams, while also making a huge difference to Tingo Mobile's ability to promote financial inclusion and financial upliftment.
"While we expect the combination of today's two partnership launches to have a material impact on the MICT Group consolidated revenues and profitability in Q4 2022, we expect a more significant acceleration of growth to occur in 2023."
Dr Farouk Rabiu Mudi, the President of the All Farmers Association of Nigeria (AFAN), commented: "We commend Tingo Mobile for their tremendous support of Nigeria's farmers, including for their sponsorship of today's National Farmers' Day Celebration. Tingo's Nwassa platform and other initiatives can make a real difference to the farmers, as has already been demonstrated, and we are very happy to be working with Tingo Mobile to enroll our members with them. We look forward to a long future of partnering with Tingo, and for them to play an even larger role in our farmers' individual and collective success."
About All Farmers Association of Nigeria (AFAN)
The All Farmers Association of Nigeria (AFAN) is the apex of all Farmers Commodity Associations, Cooperatives and other bodies involved in Agriculture and Agro-allied matters in Nigeria. As the umbrella body of all the recognized 56 commodity associations in Nigeria, AFAN has branches and structures in the 36 states of the nation including the Federal Capital Territory (FCT), Abuja, and 774 Local Government Areas Across Nigeria. The Association coordinates, facilitates, supervises, regulates and generally liaises on all issues affecting farmers, as well as promises overall development of farming, agriculture and Agro-allied matters in the country. AFAN is registered with the corporate Affairs Commission and has its secretariat situated in Abuja, FCT. For more information, visit the AFAN website: https://www.afan.ng/.
About MICT
MICT is a financial technology business principally focused on the growth and development of a suite of consumer fintech services across approximately 130 cities in China, with planned expansion into additional markets. MICT has developed highly scalable proprietary platforms for insurance products (B2B, B2B2C and B2C) and financial services/products (B2C), the technology for which is highly adaptable for other applications and markets. MICT has acquired and holds the requisite license and approvals with the Hong Kong Securities and Futures Commission to deal in securities and provide securities advisory and asset management services. MICT also has memberships/registrations with the Hong Kong Stock Exchange and the requisite Hong Kong and China Direct clearing companies. MICT's financial services business and first financial services product, the Magpie Invest app, is able to trade securities on NASDAQ, NYSE, TMX, HKSE, China Stock Connect, LSE, the Frankfurt Stock Exchange and the Paris Stock Exchange.
About Tingo
Tingo, through its wholly owned subsidiary, Tingo Mobile, 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.
Tingo offers its comprehensive platform service through use of smartphones - 'device as a service' (using GSM technology) -- to empower a marketplace to enable subscribers/farmers within and outside of the agricultural sector to manage their commercial activities of growing and selling their production to market participants both domestically and internationally. The ecosystem provides a 'one stop shop' solution to enable such subscribers to manage everything from airtime top ups, bill pay services for utilities and other service providers, access to insurance services and micro finance to support their value chain from 'seed to sale'.
As of June 30, 2022, Tingo had approximately 9.3 million subscribers using its mobile phones and Nwassa platform. Nwassa is Africa's leading digital agriculture ecosystem that empowers rural farmers and agri-businesses by using proprietary technology to enable access to markets in which they operate. Farm produce can be shipped from farms across Africa to any part of the world, in both retail and wholesale quantities. Nwassa's payment gateway also has an escrow structure that creates trust between buyers and sellers. Tingo's system provides real-time pricing, straight from the farms, eliminating middlemen. Tingo's users pay for produce bought using available pricing on its platform.
Cautionary Note Regarding Forward-Looking Statements
Certain statements made herein contain, and certain oral statements made by representatives of MICT and Tingo and their respective affiliates, from time to time may contain, "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. MICT's and Tingo's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, MICT's and Tingo's expectations with respect to future performance and anticipated financial impacts of the Business Combination, the satisfaction of the closing conditions to the Business Combination and the timing of the completion of the Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of MICT or Tingo and are difficult to predict. Factors that may cause such differences include but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement (as defined below); (2) the inability to complete the Business Combination, including due to the failure to obtain approval of the stockholders of MICT or Tingo or other conditions to closing in the Merger Agreement; (3) the inability to obtain or maintain the listing of MICT's common stock on Nasdaq following the Business Combination; (4) the risk that the Business Combination disrupts current plans and operations of Tingo or MICT as a result of the announcement and consummation of the Business Combination; (5) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth economically and hire and retain key employees; (7) the inability to complete the Business Combination due to inability to obtain regulatory approval; (8) changes in applicable laws or regulations; (10) the possibility that MICT or Tingo may be adversely affected by other economic, business, and/or competitive factors; and (11) the impact of the global COVID-19 pandemic on any of the foregoing risks and other risks and uncertainties to be identified in the proxy statement/prospectus (when available) relating to the Business Combination, including those under "Risk Factors" therein, and in other filings with the SEC made by MICT and Tingo. The foregoing list of factors is not exclusive. Readers are referred to the most recent reports filed with the SEC by MICT and Tingo. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. MICT and Tingo undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, subject to applicable law.
No Solicitation
This Press Release does not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination.
ADDITIONAL INFORMATION
MICT intends to file with the SEC a preliminary proxy statement of MICT in connection with Business Combination.The definitive proxy statement and other relevant documents will be mailed to stockholders of MICT as of a record date to be established for voting on the Business Combination. Stockholders of MICT and other interested persons are advised to read, when available, the preliminary proxy statement, and amendments thereto, and the definitive proxy statement in connection with MICT's solicitation of proxies for the special meeting to be held to approve the Business Combination because these documents will contain important information about MICT, Tingo and the Business Combination. Stockholders will also be able to obtain copies of the proxy statement, without charge, once available, on the SEC's website at www.sec.gov.
Tingo has filed with the SEC a definitive information statement of Tingo in connection with Business Combination.The definitive information statement and other relevant documents will be mailed to stockholders of Tingo as of a record date to be established for voting on the Business Combination. Stockholders of Tingo and other interested persons are advised to read, when available, the MICT preliminary proxy statement, and amendments thereto, and the Tingo definitive information statement because these documents will contain important information about Tingo, MICT and the Business Combination. Stockholders will also be able to obtain copies of the information statement, without charge, once available, on the SEC's website at www.sec.gov.
Participants in the Solicitation
MICT and Tingo and certain of their respective directors, executive officers, other members of management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies from the stockholders of MICT in favor of the approval of the Business Combination.
Additional information regarding the interests of such potential participants will also be included in the Proxy Statement and other relevant documents when they are filed with the SEC. Free copies of these documents may be obtained as described in the preceding paragraph.
Investor Relations Contact
Chris Tyson/Larry Holub
949-491-8235
MICT@mzgroup.us
www.mzgroup.us
MICT Inc. Contact Information
Email: info@mict-inc.com
Phone: (201) 225-0190
Tingo, Inc. Contact Information
Rory Bowen
Chief of Staff - Tingo, Inc.
Primary Logo
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TMNA & MICT > NEWS: MICT's ACQUISITION TARGET, TINGO MOBILE, TODAY LAUNCHES KEY PARTNERSHIPS WITH ALL FARMERS ASSOCIATION OF NIGERIA AND VISA
9:28 am ET November 16, 2022 (Globe Newswire) Print
GlobeNewswireNovember 16, 2022
AFAN Launch Commences Rollout of Nwassa Agri-FinTech Platform and Tingo Visa Products to AFAN's Membership of More Than 20 Million Farmers
Launch of Partnership With Visa Sees Introduction of Tingo Visa Card and a Range of Other New Products
MONTVALE, NJ, Nov. 16, 2022 (GLOBE NEWSWIRE) -- MICT, Inc. (NASDAQ: MICT) ("MICT") and Tingo, Inc. (OTC Markets: TMNA) ("Tingo" or the "Company"), announced that Tingo Mobile PLC ("Tingo Mobile"), which is being wholly acquired by MICT with a scheduled completion date of November 30, 2022, has today launched its partnership with the All Farmers Association of Nigeria ("AFAN") ahead of schedule.
Through its recently announced trade deal with Tingo Mobile, AFAN has committed to deliver a minimum of 20 million additional subscribers, which would more than triple Tingo Mobile's existing customer base of 9.3 million. From today, AFAN has commenced to enroll its members to Tingo's platforms and products, including its Nwassa Agri-Fintech platform.
Also today, Tingo Mobile launched its pan-African partnership with leading global payments technology company, Visa, with the rollout a range of new products and services including Tingo Visa digital payment cards, a Tingo Mobile secure payment service and a Tingo Mobile Point of Sale merchant service. The suite of Tingo Visa products is expected to contribute significantly towards fulfilling MICT's and Tingo Mobile's goals of fostering financial inclusion and driving the social and economic upliftment of their customers.
To mark its milestone achievements, and by way of support of AFAN and Nigeria's Federal Ministry of Agriculture and Rural Development, Tingo Mobile has sponsored today's National Farmers' Day event. Through its work with these organizations, Tingo Mobile has reinforced its commitment to Nigeria's more than 60 million farmers and further underlined its support towards AFAN and the Nigerian Government, as the parties work collectively towards their mutual objectives of increasing food supply and improving food security.
Dozy Mmobuosi, Tingo Founder and CEO, commented: "We are honored to have both AFAN and Visa as our partners. It was only a small number of weeks ago that we announced our trade deal with AFAN, so to be in a position where we have launched our partnership with them today, ahead of schedule, is a huge achievement. We are particularly pleased we have been able to arrange both the AFAN and Visa partnership launches to coincide with National Farmers' Day celebration, which has allowed us to support this important event on Nigeria's agricultural sector's calendar.
"We are very proud of our team at Tingo Mobile as they continue to successfully execute our accelerated rollout strategy, which has all been made possible through the merger with MICT. We are also extremely proud of the valuable contribution we believe we are making towards increasing Nigeria's and Africa's food supply and improving food security."
Darren Mercer, Chief Executive Officer of MICT, commented: "We are delighted to see Tingo Mobile launch two significant revenue generating opportunities today. The launch of the partnership with AFAN has the potential to markedly increase Nwassa's customer numbers and revenues from Q4 2022 onwards. With a high margin in excess of 90%, the impact on profitability should be considerable.
"The partnership with Visa, one of the world's leading global payment solution providers, is also very exciting, and facilitates a number of new products and revenue streams, while also making a huge difference to Tingo Mobile's ability to promote financial inclusion and financial upliftment.
"While we expect the combination of today's two partnership launches to have a material impact on the MICT Group consolidated revenues and profitability in Q4 2022, we expect a more significant acceleration of growth to occur in 2023."
Dr Farouk Rabiu Mudi, the President of the All Farmers Association of Nigeria (AFAN), commented: "We commend Tingo Mobile for their tremendous support of Nigeria's farmers, including for their sponsorship of today's National Farmers' Day Celebration. Tingo's Nwassa platform and other initiatives can make a real difference to the farmers, as has already been demonstrated, and we are very happy to be working with Tingo Mobile to enroll our members with them. We look forward to a long future of partnering with Tingo, and for them to play an even larger role in our farmers' individual and collective success."
About All Farmers Association of Nigeria (AFAN)
The All Farmers Association of Nigeria (AFAN) is the apex of all Farmers Commodity Associations, Cooperatives and other bodies involved in Agriculture and Agro-allied matters in Nigeria. As the umbrella body of all the recognized 56 commodity associations in Nigeria, AFAN has branches and structures in the 36 states of the nation including the Federal Capital Territory (FCT), Abuja, and 774 Local Government Areas Across Nigeria. The Association coordinates, facilitates, supervises, regulates and generally liaises on all issues affecting farmers, as well as promises overall development of farming, agriculture and Agro-allied matters in the country. AFAN is registered with the corporate Affairs Commission and has its secretariat situated in Abuja, FCT. For more information, visit the AFAN website: https://www.afan.ng/.
About MICT
MICT is a financial technology business principally focused on the growth and development of a suite of consumer fintech services across approximately 130 cities in China, with planned expansion into additional markets. MICT has developed highly scalable proprietary platforms for insurance products (B2B, B2B2C and B2C) and financial services/products (B2C), the technology for which is highly adaptable for other applications and markets. MICT has acquired and holds the requisite license and approvals with the Hong Kong Securities and Futures Commission to deal in securities and provide securities advisory and asset management services. MICT also has memberships/registrations with the Hong Kong Stock Exchange and the requisite Hong Kong and China Direct clearing companies. MICT's financial services business and first financial services product, the Magpie Invest app, is able to trade securities on NASDAQ, NYSE, TMX, HKSE, China Stock Connect, LSE, the Frankfurt Stock Exchange and the Paris Stock Exchange.
About Tingo
Tingo, through its wholly owned subsidiary, Tingo Mobile, 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.
Tingo offers its comprehensive platform service through use of smartphones - 'device as a service' (using GSM technology) -- to empower a marketplace to enable subscribers/farmers within and outside of the agricultural sector to manage their commercial activities of growing and selling their production to market participants both domestically and internationally. The ecosystem provides a 'one stop shop' solution to enable such subscribers to manage everything from airtime top ups, bill pay services for utilities and other service providers, access to insurance services and micro finance to support their value chain from 'seed to sale'.
As of June 30, 2022, Tingo had approximately 9.3 million subscribers using its mobile phones and Nwassa platform. Nwassa is Africa's leading digital agriculture ecosystem that empowers rural farmers and agri-businesses by using proprietary technology to enable access to markets in which they operate. Farm produce can be shipped from farms across Africa to any part of the world, in both retail and wholesale quantities. Nwassa's payment gateway also has an escrow structure that creates trust between buyers and sellers. Tingo's system provides real-time pricing, straight from the farms, eliminating middlemen. Tingo's users pay for produce bought using available pricing on its platform.
Cautionary Note Regarding Forward-Looking Statements
Certain statements made herein contain, and certain oral statements made by representatives of MICT and Tingo and their respective affiliates, from time to time may contain, "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. MICT's and Tingo's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, MICT's and Tingo's expectations with respect to future performance and anticipated financial impacts of the Business Combination, the satisfaction of the closing conditions to the Business Combination and the timing of the completion of the Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of MICT or Tingo and are difficult to predict. Factors that may cause such differences include but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement (as defined below); (2) the inability to complete the Business Combination, including due to the failure to obtain approval of the stockholders of MICT or Tingo or other conditions to closing in the Merger Agreement; (3) the inability to obtain or maintain the listing of MICT's common stock on Nasdaq following the Business Combination; (4) the risk that the Business Combination disrupts current plans and operations of Tingo or MICT as a result of the announcement and consummation of the Business Combination; (5) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth economically and hire and retain key employees; (7) the inability to complete the Business Combination due to inability to obtain regulatory approval; (8) changes in applicable laws or regulations; (10) the possibility that MICT or Tingo may be adversely affected by other economic, business, and/or competitive factors; and (11) the impact of the global COVID-19 pandemic on any of the foregoing risks and other risks and uncertainties to be identified in the proxy statement/prospectus (when available) relating to the Business Combination, including those under "Risk Factors" therein, and in other filings with the SEC made by MICT and Tingo. The foregoing list of factors is not exclusive. Readers are referred to the most recent reports filed with the SEC by MICT and Tingo. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. MICT and Tingo undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, subject to applicable law.
No Solicitation
This Press Release does not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination.
ADDITIONAL INFORMATION
MICT intends to file with the SEC a preliminary proxy statement of MICT in connection with Business Combination.The definitive proxy statement and other relevant documents will be mailed to stockholders of MICT as of a record date to be established for voting on the Business Combination. Stockholders of MICT and other interested persons are advised to read, when available, the preliminary proxy statement, and amendments thereto, and the definitive proxy statement in connection with MICT's solicitation of proxies for the special meeting to be held to approve the Business Combination because these documents will contain important information about MICT, Tingo and the Business Combination. Stockholders will also be able to obtain copies of the proxy statement, without charge, once available, on the SEC's website at www.sec.gov.
Tingo has filed with the SEC a definitive information statement of Tingo in connection with Business Combination.The definitive information statement and other relevant documents will be mailed to stockholders of Tingo as of a record date to be established for voting on the Business Combination. Stockholders of Tingo and other interested persons are advised to read, when available, the MICT preliminary proxy statement, and amendments thereto, and the Tingo definitive information statement because these documents will contain important information about Tingo, MICT and the Business Combination. Stockholders will also be able to obtain copies of the information statement, without charge, once available, on the SEC's website at www.sec.gov.
Participants in the Solicitation
MICT and Tingo and certain of their respective directors, executive officers, other members of management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies from the stockholders of MICT in favor of the approval of the Business Combination.
Additional information regarding the interests of such potential participants will also be included in the Proxy Statement and other relevant documents when they are filed with the SEC. Free copies of these documents may be obtained as described in the preceding paragraph.
Investor Relations Contact
Chris Tyson/Larry Holub
949-491-8235
MICT@mzgroup.us
www.mzgroup.us
MICT Inc. Contact Information
Email: info@mict-inc.com
Phone: (201) 225-0190
Tingo, Inc. Contact Information
Rory Bowen
Chief of Staff - Tingo, Inc.
Primary Logo
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Well , MICT will surge on merger completion. Plus, HUGE NEWS: MICT, Inc. Reports Third Quarter 2022 Results November 14, 2022 (Globe Newswire) Print
GlobeNewswireNovember 14, 2022
Revenue Increased 15% Quarter-over-Quarter to $13.8 Million
Gross Profit from Insurance Business of$3.2 Million Increased 54% Quarter-Over-Quarter and 16% Year-over-Year
Gross Margin of Insurance Business Increased to a Company Record 23%
Acquisition of Tingo on Track for Completion by November 30, 2022
Tingo, Inc. Reports Q3 2022 Revenues of $291.7 Million and Income Before Tax and Share Based Payments of $160.6 Million
MONTVALE, N.J., Nov. 14, 2022 (GLOBE NEWSWIRE) -- MICT, Inc. (Nasdaq: MICT), (the "Company"), today announced its financial results for the third quarter ended September 30, 2022.
Q3 2022 Highlights and Recent Developments
Insurance revenues for Q3 2022 amounted to $13.8 million, up 15% on Q2 2022 revenues.
Gross profit margins for the insurance business also improved, increasing to 23% for Q3 2022 compared to 17% in Q2 2022 and 15% in the year ago period, due to the ongoing focus on writing more profitable business.
Magpie Securities (Singapore) PTE Ltd received final approval of its Capital Markets License from the Monetary Authority of Singapore, which enables Magpie Securities to onboard clients from numerous countries and offer a number of new services, including, but not limited to, foreign exchange products, commodity trading, leveraged products and CFDs.
Strategic partnership signed with leading global investment bank for foreign exchange and payment services, enabling the provision of competitive products to clients.
Acquisition of 100% of Tingo Mobile Limited is scheduled to complete by November 30, 2022, following the filing of Tingo, Inc.'s (OTC Markets: TMNA) Definitive Information Statement.
Tingo Mobile signed trade deals with (i) the All Farmers Association of Nigeria ("AFAN"), which included a commitment to enroll a minimum of 20 million customers with Tingo Mobile; and, (ii) with the Ashanti Investment Trust ("AIT"), which included a commitment to enroll a minimum of 2 million customers with Tingo Mobile, as well as a target to achieve at least 4 million, the latter of which coincided with the nationwide launch of Tingo Mobile in Ghana.
Tingo Mobile's parent company, Tingo, Inc., announced its own third quarter results earlier this morning, reporting revenues for the three months of $291.7 million (compared to $268.7 million in Q2 2022); and income before tax and share based payments of $160.6 million (compared to $151.3 million in Q2 2022).
Tingo Inc.'s, cumulative income before tax and share based payments for the nine-month period ended September 30, 2022 amounted to $455.2 million, compared to $170.5 million for the year ago period.
Significant strengthening of professional advisory team through the appointment of global investment bank, Haitong Securities USA LLC, leading international Investor Relations firm, MZ Group, and world leading accounting firm, Deloitte.
Darren Mercer, MICT's Chief Executive Officer, commented, "We are very pleased with the continued recovery in our insurance business during the third quarter, as China's COVID-19 protocols continued to ease. Our insurance business has once again delivered a quarter-on-quarter increase in gross profit, achieving our highest ever reported gross margin of 23%.
"Through our nationwide online insurance license, which is supported by our comprehensive coverage of regional, provincial and city licenses, covering the vast majority of developed China, the infrastructure we have established is a necessary and an extremely valuable component to enable us to roll out the Tingo Mobile range of products. This in turn is expected to create substantial value to MICT.
"Magpie's pivoted focus towards a broker-as-a-service model is aimed at giving white-label solutions to financial services and banking organizations, as well as a foreign exchange offering. We are currently at an advanced stage of discussions on deals with several such organizations, which if consummated, would each add considerable high-margin revenues to the Magpie group of companies. Complimentary developments in the quarter included the receipt of full approval of our Capital Markets License from the Monetary Authority of Singapore and the signing of an agreement with a leading global banking organization, which together with the imminently expected approval of our Money Services Operators License, will allow us to offer a full range of highly competitive payment and foreign exchange services to both white-label partners and end clients, and also to incorporate foreign exchange services into our commodities and export businesses.
"Through our Capital Markets License we are able to offer a number of new products, including commodities trading, foreign exchange trading and leveraged investments. This will enable our Singapore Office to operate as the Commodity Center for the group, including to facilitate our commodity trading business with Tingo Mobile and to handle the significant volumes of exports it is expected to generate from 2023.
"Tingo Inc., and sole subsidiary Tingo Mobile, our acquisition of which is scheduled to complete by November 30, 2022, reported its third quarter results earlier this morning, and we are thrilled with its performance and progress. We believe the revenues and net income of Tingo Mobile will increase considerably in 2023, due to its recently announced trade deals with AFAN in Nigeria and AIT in Ghana, together with the planned acceleration of its international expansion and its considerable export opportunities.
"With an annualized revenue run rate approaching $1.2 billion and a net income before tax run rate approaching $650 million, as reported today in Tingo, Inc.'s Q3 2022 results, we expect to see further increases in Q4 2022, followed by a substantial improvement in both revenue and net income run rates in 2023. In our soon to be launched export and commodity trading businesses, we anticipate that a large proportion of next year's revenues will be generated in US dollars.
"With the MICT consolidated group expected to become significantly profitable from Q4 2022 onwards, on a proven business model that will see rapid expansion in terms of both revenue and profitability, it is clear, as previously stated last week, there is a huge disconnect between our current share price and the profitability of the consolidated group. With the appointment of a number of key new advisors, including a leading global investment bank and an international IR firm, the Board is committed to addressing this disconnect and delivering a share price that reflects MICT's true value."
Q3 2022 Financial Review
Revenue in the third quarter was $13.8 million versus $12.0 million in the prior quarter. The increase was due to the growth in insurance business revenues, which increased by 15% quarter over quarter.
Gross profit in the third quarter was $3.2 million, up 54% from $2.1 million in the second quarter. The increase was due to the combination of the increase in revenues in the insurance business, against a partially fixed direct cost base, and a focus on writing more profitable insurance policies.
Selling & marketing expenses in the third quarter were $1.3 million as compared to $1.0 million in the second quarter. The increase was due to an increase in marketing expenses on the insurance businesses in the third quarter, offset in part by a decrease in marketing expenses for the stock trading businesses.
General and administrative expenses were $9.2 million in the third quarter, compared to $13.7 million in the second quarter. This represents a decrease of $4.4 million for the three months ended September 30, 2022, as compared to the three months ended June 30, 2022. General and administrative expenses for the third quarter included $1.7 million of transaction expenses relating to the acquisition of Tingo Mobile Limited and $0.1m of share-based payments, compared to $3.1 million of transaction expenses and $3.8 million of share-based payments in the second quarter.
Operating loss for the third quarter was $8.7 million versus a loss of $13.8 million for the second quarter. This represents a decrease of $5.1 million for the three months ended September 30, 2022, as compared to the three months ended June 30, 2022. The decrease is mainly a result of the decrease in General and administrative expenses and increase in Gross profit.
As of September 30, 2022, the cash position was approximately $68.4 million, compared to $76.1 million at June 30, 2022. Transaction expenses and other cash outflows of $2.4 million were incurred in relation to the acquisition of Tingo Mobile Limited during the third quarter.
About MICT
MICT is a financial technology business principally focused on the growth and development of a suite of consumer fintech services across approximately 130 cities in China, with planned expansion into additional markets. MICT has developed highly scalable proprietary platforms for insurance products (B2B, B2B2C and B2C) and financial services/products (B2C), the technology for which is highly adaptable for other applications and markets. MICT has acquired and holds the requisite license and approvals with the Hong Kong Securities and Futures Commission to deal in securities and provide securities advisory and asset management services. MICT also has memberships/registrations with the Hong Kong Stock Exchange and the requisite Hong Kong and China Direct clearing companies. MICT's financial services business and first financial services product, the Magpie Invest app, is able to trade securities on NASDAQ, NYSE, TMX, HKSE, China Stock Connect, LSE, the Frankfurt Stock Exchange, and the Paris Stock Exchange.
Cautionary Note Regarding Forward-Looking Statements
Certain statements made herein contain, and certain oral statements made by representatives of MICT and Tingo and their respective affiliates, from time to time may contain, "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. MICT's and Tingo's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, MICT's and Tingo's expectations with respect to future performance and anticipated financial impacts of the Business Combination, the satisfaction of the closing conditions to the Business Combination and the timing of the completion of the Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of MICT or Tingo and are difficult to predict. Factors that may cause such differences include but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement (as defined below); (2) the inability to complete the Business Combination, including due to the failure to obtain approval of the stockholders of MICT or Tingo or other conditions to closing in the Merger Agreement; (3) the inability to obtain or maintain the listing of MICT's common stock on Nasdaq following the Business Combination; (4) the risk that the Business Combination disrupts current plans and operations of Tingo or MICT as a result of the announcement and consummation of the Business Combination; (5) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth economically and hire and retain key employees; (7) the inability to complete the Business Combination due to inability to obtain regulatory approval; (8) changes in applicable laws or regulations; (10) the possibility that MICT or Tingo may be adversely affected by other economic, business, and/or competitive factors; and (11) the impact of the global COVID-19 pandemic on any of the foregoing risks and other risks and uncertainties to be identified in the proxy statement/prospectus (when available) relating to the Business Combination, including those under "Risk Factors" therein, and in other filings with the SEC made by MICT and Tingo. The foregoing list of factors is not exclusive. Readers are referred to the most recent reports filed with the SEC by MICT and Tingo. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. MICT and Tingo undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, subject to applicable law.
Additional Information
MICT intends to file with the SEC a preliminary proxy statement of MICT in connection with Business Combination. The definitive proxy statement and other relevant documents will be mailed to stockholders of MICT as of a record date to be established for voting on the Business Combination. Stockholders of MICT and other interested persons are advised to read, when available, the preliminary proxy statement, and amendments thereto, and the definitive proxy statement in connection with MICT's solicitation of proxies for the special meeting to be held to approve the Business Combination because these documents will contain important information about MICT, Tingo and the Business Combination. Stockholders will also be able to obtain copies of the proxy statement, without charge, once available, on the SEC's website at www.sec.gov.
No Offer or Solicitation
This Press Release does not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination. This Press Release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Investor Relations Contact
Trump says he voted for Governor DeSantis in Florida election. Trump may be voting for DeSantis in next Presidential election. Trump could possibly serve in a DeSantis Administration as an ambassador to Scotland.
Regardless, the Dems will pick up multi-millions of illegal immigrants to vote. They are given cell phones, food, shelter, apartments, health benefits and many will be getting licenses/ ID . >>>> a ton of folks registering into Democrat party. Millions of new voters in 2024.
How will any local, state or federal Republicans have a chance to win any future elections. Dems will have it so 90% + of their ballots are mailed in , and will take many days to sort and count.
Revenues chit the bed ! <> $0.00
Why not! .....
Texas Republicans prefer Ron DeSantis to Donald Trump for 2024, new GOP poll finds
The new poll shows a shift in support for the former president, who was the clear favorite among Texas Republicans in an October poll.
BY TRENT BROWN NOV. 14, 202216 HOURS AGO
Republican voters in Texas support Florida Gov. Ron DeSantis as the Republican nominee for the 2024 presidential election over former President Donald Trump by more than 10 percentage points, according to a new poll commissioned by the Republican Party of Texas.
The survey asked voters who are likely to participate in the 2024 Texas Republican primary election who they would vote for out of six Republican candidates including DeSantis and Trump. DeSantis was the top choice, with 43% of respondents saying they would vote for him if the primary election were held today. Trump came in second place with 32%. DeSantis’ support among the surveyed voters surged to 66% when they were asked about a situation in which Trump would decline to run in 2024.
Trump is expected to officially announce his bid for a second term as president on Tuesday night. However, he’s taken heat from within the party over the past week because of the weaker-than-expected performance of Republicans he endorsed in the midterm elections.
In addition to Trump and DeSantis, the survey asked about support for four other potential candidates: former Vice President Mike Pence, former South Carolina Gov. Nikki Haley, U.S. Sen. Tim Scott of South Carolina and former CIA director and former Secretary of State Mike Pompeo. These candidates received single-digit support from survey respondents. Neither U.S. Sen. Ted Cruz, who previously ran for the nomination against Trump, nor Gov. Greg Abbott, who has been considered a possible contender, was asked about in the survey.
On Nov. 12 and 13, CWS Research polled 1,099 demographically proportionate respondents who are likely to vote in the 2024 Texas primary through online surveys and interactive voice response calls. The survey’s margin of error was +/- 3 percentage points.
In October, CWS conducted a similar poll for Texas Liberty PAC in which Trump polled ahead of DeSantis, with 46% of respondents choosing the former president and 29% picking the Florida governor in a hypothetical 2024 primary. DeSantis’ support jumped to 64% in a situation in which Trump would decline to run. Instead of Scott and Pompeo, that poll included Cruz and Abbott in its list of six potential candidates. Cruz came in last with 3%, and Abbott had 4% of respondents saying they supported him. That support jumped to 8% for each of them in a scenario in which Trump didn’t run.
CWS Research is a new Republican pollster that started this election cycle, mainly working for the hard-right Defend Texas Liberty PAC. Its final statewide poll before the Nov. 8 election accurately predicted Abbott's 11-point margin of victory.
" I was kind of secretly hoping one of my kids would go out and make a million bucks. So when they put me in a home, at least I'll have a window with a view."
Joe Biden
Also, how will the DNA in upcoming generations be restructured ?
mRNA injection damage, When she first went public with her jab injury, she was ridiculed and was told she was “faking the injury for attention.” #mRNA
VOLUME > 74,000,000 > RAN STRONG INTO CLOSING BELL.
TBLT > $teller day! <> Steller company!
MICT vol. > 397,000 <> TMNA vol. > 23,000.
HUGE NEWS: MICT, Inc. Reports Third Quarter 2022 Results November 14, 2022 (Globe Newswire) Print
GlobeNewswireNovember 14, 2022
Revenue Increased 15% Quarter-over-Quarter to $13.8 Million
Gross Profit from Insurance Business of$3.2 Million Increased 54% Quarter-Over-Quarter and 16% Year-over-Year
Gross Margin of Insurance Business Increased to a Company Record 23%
Acquisition of Tingo on Track for Completion by November 30, 2022
Tingo, Inc. Reports Q3 2022 Revenues of $291.7 Million and Income Before Tax and Share Based Payments of $160.6 Million
MONTVALE, N.J., Nov. 14, 2022 (GLOBE NEWSWIRE) -- MICT, Inc. (Nasdaq: MICT), (the "Company"), today announced its financial results for the third quarter ended September 30, 2022.
Q3 2022 Highlights and Recent Developments
Insurance revenues for Q3 2022 amounted to $13.8 million, up 15% on Q2 2022 revenues.
Gross profit margins for the insurance business also improved, increasing to 23% for Q3 2022 compared to 17% in Q2 2022 and 15% in the year ago period, due to the ongoing focus on writing more profitable business.
Magpie Securities (Singapore) PTE Ltd received final approval of its Capital Markets License from the Monetary Authority of Singapore, which enables Magpie Securities to onboard clients from numerous countries and offer a number of new services, including, but not limited to, foreign exchange products, commodity trading, leveraged products and CFDs.
Strategic partnership signed with leading global investment bank for foreign exchange and payment services, enabling the provision of competitive products to clients.
Acquisition of 100% of Tingo Mobile Limited is scheduled to complete by November 30, 2022, following the filing of Tingo, Inc.'s (OTC Markets: TMNA) Definitive Information Statement.
Tingo Mobile signed trade deals with (i) the All Farmers Association of Nigeria ("AFAN"), which included a commitment to enroll a minimum of 20 million customers with Tingo Mobile; and, (ii) with the Ashanti Investment Trust ("AIT"), which included a commitment to enroll a minimum of 2 million customers with Tingo Mobile, as well as a target to achieve at least 4 million, the latter of which coincided with the nationwide launch of Tingo Mobile in Ghana.
Tingo Mobile's parent company, Tingo, Inc., announced its own third quarter results earlier this morning, reporting revenues for the three months of $291.7 million (compared to $268.7 million in Q2 2022); and income before tax and share based payments of $160.6 million (compared to $151.3 million in Q2 2022).
Tingo Inc.'s, cumulative income before tax and share based payments for the nine-month period ended September 30, 2022 amounted to $455.2 million, compared to $170.5 million for the year ago period.
Significant strengthening of professional advisory team through the appointment of global investment bank, Haitong Securities USA LLC, leading international Investor Relations firm, MZ Group, and world leading accounting firm, Deloitte.
Darren Mercer, MICT's Chief Executive Officer, commented, "We are very pleased with the continued recovery in our insurance business during the third quarter, as China's COVID-19 protocols continued to ease. Our insurance business has once again delivered a quarter-on-quarter increase in gross profit, achieving our highest ever reported gross margin of 23%.
"Through our nationwide online insurance license, which is supported by our comprehensive coverage of regional, provincial and city licenses, covering the vast majority of developed China, the infrastructure we have established is a necessary and an extremely valuable component to enable us to roll out the Tingo Mobile range of products. This in turn is expected to create substantial value to MICT.
"Magpie's pivoted focus towards a broker-as-a-service model is aimed at giving white-label solutions to financial services and banking organizations, as well as a foreign exchange offering. We are currently at an advanced stage of discussions on deals with several such organizations, which if consummated, would each add considerable high-margin revenues to the Magpie group of companies. Complimentary developments in the quarter included the receipt of full approval of our Capital Markets License from the Monetary Authority of Singapore and the signing of an agreement with a leading global banking organization, which together with the imminently expected approval of our Money Services Operators License, will allow us to offer a full range of highly competitive payment and foreign exchange services to both white-label partners and end clients, and also to incorporate foreign exchange services into our commodities and export businesses.
"Through our Capital Markets License we are able to offer a number of new products, including commodities trading, foreign exchange trading and leveraged investments. This will enable our Singapore Office to operate as the Commodity Center for the group, including to facilitate our commodity trading business with Tingo Mobile and to handle the significant volumes of exports it is expected to generate from 2023.
"Tingo Inc., and sole subsidiary Tingo Mobile, our acquisition of which is scheduled to complete by November 30, 2022, reported its third quarter results earlier this morning, and we are thrilled with its performance and progress. We believe the revenues and net income of Tingo Mobile will increase considerably in 2023, due to its recently announced trade deals with AFAN in Nigeria and AIT in Ghana, together with the planned acceleration of its international expansion and its considerable export opportunities.
"With an annualized revenue run rate approaching $1.2 billion and a net income before tax run rate approaching $650 million, as reported today in Tingo, Inc.'s Q3 2022 results, we expect to see further increases in Q4 2022, followed by a substantial improvement in both revenue and net income run rates in 2023. In our soon to be launched export and commodity trading businesses, we anticipate that a large proportion of next year's revenues will be generated in US dollars.
"With the MICT consolidated group expected to become significantly profitable from Q4 2022 onwards, on a proven business model that will see rapid expansion in terms of both revenue and profitability, it is clear, as previously stated last week, there is a huge disconnect between our current share price and the profitability of the consolidated group. With the appointment of a number of key new advisors, including a leading global investment bank and an international IR firm, the Board is committed to addressing this disconnect and delivering a share price that reflects MICT's true value."
Q3 2022 Financial Review
Revenue in the third quarter was $13.8 million versus $12.0 million in the prior quarter. The increase was due to the growth in insurance business revenues, which increased by 15% quarter over quarter.
Gross profit in the third quarter was $3.2 million, up 54% from $2.1 million in the second quarter. The increase was due to the combination of the increase in revenues in the insurance business, against a partially fixed direct cost base, and a focus on writing more profitable insurance policies.
Selling & marketing expenses in the third quarter were $1.3 million as compared to $1.0 million in the second quarter. The increase was due to an increase in marketing expenses on the insurance businesses in the third quarter, offset in part by a decrease in marketing expenses for the stock trading businesses.
General and administrative expenses were $9.2 million in the third quarter, compared to $13.7 million in the second quarter. This represents a decrease of $4.4 million for the three months ended September 30, 2022, as compared to the three months ended June 30, 2022. General and administrative expenses for the third quarter included $1.7 million of transaction expenses relating to the acquisition of Tingo Mobile Limited and $0.1m of share-based payments, compared to $3.1 million of transaction expenses and $3.8 million of share-based payments in the second quarter.
Operating loss for the third quarter was $8.7 million versus a loss of $13.8 million for the second quarter. This represents a decrease of $5.1 million for the three months ended September 30, 2022, as compared to the three months ended June 30, 2022. The decrease is mainly a result of the decrease in General and administrative expenses and increase in Gross profit.
As of September 30, 2022, the cash position was approximately $68.4 million, compared to $76.1 million at June 30, 2022. Transaction expenses and other cash outflows of $2.4 million were incurred in relation to the acquisition of Tingo Mobile Limited during the third quarter.
About MICT
MICT is a financial technology business principally focused on the growth and development of a suite of consumer fintech services across approximately 130 cities in China, with planned expansion into additional markets. MICT has developed highly scalable proprietary platforms for insurance products (B2B, B2B2C and B2C) and financial services/products (B2C), the technology for which is highly adaptable for other applications and markets. MICT has acquired and holds the requisite license and approvals with the Hong Kong Securities and Futures Commission to deal in securities and provide securities advisory and asset management services. MICT also has memberships/registrations with the Hong Kong Stock Exchange and the requisite Hong Kong and China Direct clearing companies. MICT's financial services business and first financial services product, the Magpie Invest app, is able to trade securities on NASDAQ, NYSE, TMX, HKSE, China Stock Connect, LSE, the Frankfurt Stock Exchange, and the Paris Stock Exchange.
Cautionary Note Regarding Forward-Looking Statements
Certain statements made herein contain, and certain oral statements made by representatives of MICT and Tingo and their respective affiliates, from time to time may contain, "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. MICT's and Tingo's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, MICT's and Tingo's expectations with respect to future performance and anticipated financial impacts of the Business Combination, the satisfaction of the closing conditions to the Business Combination and the timing of the completion of the Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of MICT or Tingo and are difficult to predict. Factors that may cause such differences include but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement (as defined below); (2) the inability to complete the Business Combination, including due to the failure to obtain approval of the stockholders of MICT or Tingo or other conditions to closing in the Merger Agreement; (3) the inability to obtain or maintain the listing of MICT's common stock on Nasdaq following the Business Combination; (4) the risk that the Business Combination disrupts current plans and operations of Tingo or MICT as a result of the announcement and consummation of the Business Combination; (5) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth economically and hire and retain key employees; (7) the inability to complete the Business Combination due to inability to obtain regulatory approval; (8) changes in applicable laws or regulations; (10) the possibility that MICT or Tingo may be adversely affected by other economic, business, and/or competitive factors; and (11) the impact of the global COVID-19 pandemic on any of the foregoing risks and other risks and uncertainties to be identified in the proxy statement/prospectus (when available) relating to the Business Combination, including those under "Risk Factors" therein, and in other filings with the SEC made by MICT and Tingo. The foregoing list of factors is not exclusive. Readers are referred to the most recent reports filed with the SEC by MICT and Tingo. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. MICT and Tingo undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, subject to applicable law.
Additional Information
MICT intends to file with the SEC a preliminary proxy statement of MICT in connection with Business Combination. The definitive proxy statement and other relevant documents will be mailed to stockholders of MICT as of a record date to be established for voting on the Business Combination. Stockholders of MICT and other interested persons are advised to read, when available, the preliminary proxy statement, and amendments thereto, and the definitive proxy statement in connection with MICT's solicitation of proxies for the special meeting to be held to approve the Business Combination because these documents will contain important information about MICT, Tingo and the Business Combination. Stockholders will also be able to obtain copies of the proxy statement, without charge, once available, on the SEC's website at www.sec.gov.
No Offer or Solicitation
This Press Release does not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination. This Press Release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Investor Relations Contact
MICT moving up. TMNA merging into MICT (Nasdaq ) in 2 weeks or sooner.
How do you get a Bitcoin technical analyst off your front porch?
Pay for the pizza!
.90 in premarket! > Let's go MICT.....
Just found out that MICT is the merger shares to own in the transaction. Good luck!
MICT is a great $$$$$ opportunity.
WINKLEVOSS TWINS LOSE $BILLIONS > As cryptocurrency market plunges, Cameron and Tyler Winklevoss have a message: “Don’t Stop Believin.’” > NEW YORK POST
The twins — best known for accusing Mark Zuckerberg of stealing their idea for Facebook — covered the classic Journey tune at a New Jersey rock club last Thursday — just one week after laying off 10% of staffers at their cryptocurrency startup Gemini.
MORE ON:
WINKLEVOSS TWINS
Winklevoss twins’ Gemini slashes 10% of staff during crypto crash
High-profile NFT auctions from Beeple, Madonna flop amid crypto crash
Crypto billionaires losing fortunes as bitcoin tumbles
Crypto crib: Winklevoss twins list Soho stunner for $17M
In a bizarre video of the gig posted to Twitter, Tyler belts out off-key vocals into a microphone while Cameron shreds on an electric guitar. The twins both sport slicked back, sweaty hair.
“Uh so i saw the winklevoss twins’ band?” wrote an attendee user who posted the video clip to Twitter, calling the show “by far one of the strangest and most tragically hilarious/infuriating things i’ve ever witnessed.”
The brothers also sold NFTs as band merchandise, according to the Twitter user who posted the video of the show at Asbury Park’s Wonder Bar.
In addition to Journey, the Winklevoss twins have also covered songs by Fall Out Boy, Blink 182, U2, Nirvana, Kings of Leon and The Killers, according to Page Six, which reported on their first show in Brooklyn last year.
Announcing last week’s layoffs, the crypto brothers cited difficulties related to “current macroeconomic and geopolitical turmoil” for forcing them to slash jobs for the first time since they founded Gemini in 2014.
“Today is a tough day, but one that will make Gemini better over the long run,” the brothers said in a note to employees while announcing the layoffs. “Constraint is the mother of innovation and difficult times are a forcing function for focus, which is critical to the success of any startup.”
Tyler Winklevoss belted out off-key vocals.
@arch_nem
Cameron Winklevoss played a solo on an electric guitar.
@arch_nem
The Gemini layoffs also came amid a lawsuit by the Commodity Futures Trading Commission accusing the company of making false and misleading statements concerning a bitcoin futures contract the firm was pursuing in 2017.
The brothers have also reportedly personally lost billions of dollars each during the ongoing crypto crash.
The twins’ band, called Mars Junction, has upcoming tour dates set for clubs in Los Angeles, Berkeley, San Diego, Denver, Las Vegas and the Hamptons, according to their website.
Ghislaine Maxwell Spills The Beans About Bill Clinton
NYPost.com
Interesting! I wonder what Winklevoss twins are stating today?
The Winklevoss twins said that we’re in a crypto winter. From experience this could be a long two year winter. Winters last about three years.Crypto about one year in to this
> The state of Florida was able to have 100% of votes counted within 5 hours after 100% of their voter election sites closed on Election Day. All states should learn and adopt Florida procedures.
NRBO IS A GREAT MULTI-DOLLARS OPPORTUNITY.
DeSantis should declare tomorrow he is running for President. Bumbling Biden would then return to his Delaware basement, like most other Friday's.
Let's go NRBO > $$$$$
Scooped up the 1.56 shares. Finaly done with shelf placements. At least for now!
BioAtla Announces $65 Million Underwritten Offering of its Common Stock
9:08 am ET November 4, 2022 (Globe Newswire) Print
GlobeNewswireNovember 04, 2022
SAN DIEGO, Nov. 04, 2022 (GLOBE NEWSWIRE) -- BioAtla, Inc. (Nasdaq: BCAB), a global clinical-stage biotechnology company focused on the development of Conditionally Active Biologic (CAB) antibody therapeutics for the treatment of solid tumors, today announced that it has agreed to sell 9,745,128 shares of its common stock at a price of $6.67 per share in an underwritten offering. The gross proceeds of the offering to BioAtla before deducting estimated underwriting discount and commissions and estimated offering expenses are expected to be approximately $65 million. The offering is expected to close on or about November 8, 2022, subject to the satisfaction of customary closing conditions.
BioAtla intends to use the net proceeds to be received by it in the offering, along with its existing cash and cash equivalents to fund our research and development efforts, including Phase 2 clinical trials and potential commercialization of mecbotamab vedotin (BA3011), Phase 2 clinical trials of ozuriftamab vedotin (BA3021), clinical development of BA3071, preclinical development of several of our other CAB candidates, and for working capital and other general corporate purposes.
Investors in the offering include Acuta Capital Partners, Adage Capital Partners, Cormorant Asset Management, EcoR1 Capital, Janus Henderson Investors, Soleus Capital and Vivo Capital.
J.P. Morgan Securities LLC is acting as sole book-running manager.
A "shelf" registration statement on Form S-3 (File No. 333-262528) relating to the underwritten offering of the shares of common stock described above was previously filed with the Securities and Exchange Commission (SEC) and declared effective by the SEC on May 18, 2022. A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by email at prospectus-eq_fi@jpmorgan.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer, solicitation, or sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About BioAtla(R), Inc.
BioAtla is a global clinical-stage biotechnology company with operations in San Diego, California, and in Beijing, China through our contractual relationship with BioDuro-Sundia, a provider of preclinical development services. Utilizing its proprietary Conditionally Active Biologics (CAB) technology, BioAtla develops novel, reversibly active monoclonal antibody and other protein therapeutic product candidates. CAB product candidates are designed to have more selective targeting, greater efficacy with lower toxicity, and more cost-efficient and predictable manufacturing than traditional antibodies. BioAtla has extensive and worldwide patent coverage for its CAB technology and products with more than 600 patents, more than 350 of which are issued. Broad patent coverage in all major markets include methods of making, screening and manufacturing CAB product candidates in a wide range of formats and composition of matter coverage for specific products. BioAtla has two first-in-class CAB programs currently in Phase 2 clinical testing in the United States, mecbotamab vedotin, BA3011, a novel conditionally active AXL-targeted antibody-drug conjugate (CAB-AXL-ADC), and ozuriftamab vedotin, BA3021, a novel conditionally active ROR2-targeted antibody-drug conjugate (CAB-ROR2-ADC). The Phase 1 stage CAB-CTLA-4 antibody, BA3071, is a novel CTLA-4 inhibitor designed to reduce systemic toxicity and potentially enable safer combination therapies with checkpoint inhibitors such as anti-PD-1 antibody. To learn more about BioAtla, Inc., visit www.bioatla.com.
Forward-Looking Statements
Statements in this press release contain "forward-looking statements" that are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "expect," "believe," "will," "may," "should," "estimate," "project," "outlook," "forecast" or other similar words and include, without limitation, statements regarding the expected gross proceeds from the offering, the timing of completion of the offering and expected use of proceeds. Forward-looking statements are based on BioAtla's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ include, among others, uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the completion of the offering on the anticipated terms or at all, and the other risks and uncertainties described in the section titled "Risk Factors" in our Quarterly Report on Form 10-Q filed with the SEC on November 4, 2022, the final prospectus supplement and accompanying prospectus related to the offering and our other reports as filed with the SEC. Forward-looking statements contained in this press release are made as of this date, and BioAtla undertakes no duty to update such information except as required under applicable law.
Internal Contact:
Richard Waldron
Chief Financial Officer
BioAtla, Inc.
rwaldron@bioatla.com
858.356.8945
External Contact:
Bruce Mackle
LifeSci Advisors, LLC
bmackle@lifesciadvisors.com
BioAtla Initiated at Market Outperform by JMP Securities
BioAtla Reports Q3 2022 Cash Balance Of $178.1M
In a report released today, Arthur He CFA from H.C. Wainwright maintained a Buy rating on BioAtla (BCAB - Research Report), with a price target of $20.00. The company's shares closed yesterday at $6.36.According to TipRanks, He CFA is a 3-star analyst with an average return of 29.7% and a 66.67% success rate. He CFA covers the Healthcare sector, focusing on stocks such as Hookipa Pharma, BioAtla, and LAVA Therapeutics.BioAtla has an analyst consensus of Strong Buy, with a price target consensus of $16.00.
https://www.tipranks.com/news/blurbs/bioatla-bcab-receives-a-buy-from-h-c-wainwright?utm_source=advfn.com&utm_medium=referral
Musk's focus is now with his private company > Twitter.
BioAtla, Inc. is a clinical-stage biopharmaceutical company focused on developing antibody-based therapeutics for the treatment of solid tumor cancer. The Company’s product candidate includes BA3011 (Mecbotamab vedotin), BA3021 (Ozuriftabmab vedotin) and BA3071 (Ozuriftabmab vedotin). The Company’s lead product candidate, BA3011, is a conditionally active biologics (CAB) antibody-drug conjugates (ADC) that targets AXL that is protein kinase receptor. BA3021 is developing a CAB antibody drug conjugate directed against receptor tyrosine kinase such as orphan receptor 2 (ROR2). BA3071 is therapeutic for multiple solid tumor indications, including renal cell carcinoma, NSCLC, small cell lung cancer, hepatocellular carcinoma, melanoma, bladder cancer, gastric cancer and cervical cancer. It has initiated a Phase I/II dose-escalation trial of BA3071 as monotherapy and in combination with an anti-PD-1 antibody with expansion cohorts to be enrolled upon identification of the recommended dose.
With heavy volume, the placement may close early next week.
Virax Biolabs Group Limited Announces $3.8M Private Placement Agreement
Virax Biolabs Group Limited ("Virax" or the "Company") (NASDAQ:VRAX), an innovative biotechnology company focused on the prevention, detection, and diagnosis of viral diseases, announced today that it has entered into a definitive agreement with a leading healthcare-focused institutional investor, pursuant to which the Company agreed to sell 2,330,000 shares of ordinary shares (or ordinary shares equivalents in lieu thereof) at a gross purchase price of $1.65 per share. Additionally, Virax has agreed to issue to the investor unregistered warrants to purchase up to 3,495,000 shares of ordinary shares (the "Ordinary Warrants"). The Ordinary Warrants have an exercise price of $1.73 per share, will become exercisable in six months after their date of issuance and will expire five and a half years from their date of issuance.
There are over 4 million diesel engine tractor trailers in USA. You may want to worry about food and produce getting delivered to your supermarket. Wegmans Supermarket in Northeast USA recently purchased 45 nat gas fueled tractors.
Let's see if Elon Musk considers building nat gas engines and electric truck engines.
LMAO! Very creative!
TRUMP 007 GOLDENHAIR :