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RD It this happens it would be fantastic for me who own so many shares in IREEM LLC.
RD very interesting and exciting update. You state: "
4 private companies, each with 100M shares outstanding. 16.2% or 16.2M shares will be distributed to ITUP shareholders. Which means you will get 1 share of each company for every ITUP share you own. These will not be stock dividends. These shares will be issued to ITUP shareholders for $0.0001 per piece, similar to the offering we did earlier for Cow Capital."
I assume the 4 private companies are expected to go public the same way that Cow Capital is supposed to so that we can trade the shares that are distributed to ITUP shareholders can be traded by ITUP shareholders. Otherwise ITUP shareholders would have been better served by ITUP retaining the shares since ITUP will return to being listed on a major stock stock exchange in my view.
aandt Later today TMNA is moving down too: "0.0526
-0.0029
-5.23%
0.0481 / 0.0514 (1 x 1)"
Zorax I had not assumed that the scamming was so total as you assume. Time will show.
Zorax If all numbers are more or less false I agree that it may perhaps be of no interest if Tingo INC sold at an early stage a large part of its shares in Tingo Group. As I suggested if this information is true the implication that this is a scam is reinforced.
zero "It’ll be halted any day now and delisted completely."
tt was the risk of this happening that largely made me sell my last 70,000 shares in TMNA. I risked not being able to use my big loss for tax-loss purposes. This is more important to me than a small change in the pps.
Perfectson You seem to forget what the company has stated. A well-known law firm has been entrusted with the task of a thorough investigation of the assertions made by Hindenburg. This can be expected to take a fairly long time. If my memory does not fail me Tio Group has stated that there will be no rebuttal before this report is out.
Dawg Thanks for clearing up my misunderstanding.
DK I found the following interesting information in the article: " As of March 30, 2023, Tingo, Inc. owned 15.7% of Tingo Group's outstanding common stock." I had the expectation that it had been about 100%. A possible implocation is that Tingo Inc was in the process of selling its shares in Tingo Group. That must have been at a pps per share that in now way reflected the values in Tingo Group since the pps of TIO had not risen much by March 30. To me the implication seems to be that Tingo Inc regarded Tingo Group as a scam since the shares seem to have been sold very cheaply. Is my reasoning logical? Any comments on the issues this reduction of the shares Tingo Inc had in Tingo Group as of March 30, 2023?
Dawg I wonder what credibility these statements have right now. Since Tingo Group is in very deep trouble now regarding its credibility it has a very strong incentive to try to get the farmers' organisation to present information that bolsters the claims Tingo Group has stated in its SEC filings and public releases. In these circumstances I wonder how credible it is when it is suggested that there are about 11 million farmers linked to cooperation with Tingo Group. There is also a lot of corruption in Nigeria. Is it possible that the person/persons who have written this public release have been paid royally to include content that is favorable for Tingo Group?
Sharecounts
I had the impression that Tingo Inc had/has a sharecount of about 1.250 billion and that Tingo Group had a sharecount a little less than 170 million. There were to referse splits so that the sharecount of the former was to be reduced to 390 million shares and of the latter to 130 million shares, with an eventual sharecount of about 520 million shares. I get the impression that in the meantime the sharecount of Tio Group has been increased to 750 million shares. Can somebody shed some light on this question?
Zorax I have a hunch you are right. This board was largely silent the days before the debacle. I wondered why. Did posters have a feeling that something was not right but did not have the courage to raise any issues?
Invest I have sold all my shares in TIO at a nice profit. I have also sold most of my shares in TMNA at a very big loss. My remaining 70,000 shares have little value now and it will not matter much for me if the pps drops to zero.
RD An interesting point here is that ITUP and not some other entity is to pay about 30 million dollars for a 24-month period. This shows that ITUP seems to have access now to a considerable amount of money, which is a positive sign for us that are shareholders.
makinez
"Dozy needs to gets out front and clear the air." Hn inveow can he who is supposed to be the main culprit clean the air???? My assumption is that very few would have believed in what he asserts. An investigation by an impartial party seems to be what is called for here.
makinez
"Why hire an Internatiional Law firm to investigate Hindenburg when you run your own Law Firm ?" This is hardly a very bright question. The reason is of course that your own law firm cannot be expected to be impartial. Its job is to present what can be said in the client's favor. The stock market needs an impartial assessment.
makinez TIO "running to 5.80 was Mercers opportunity to sell all his deadbeat exMICT shares which were almost worthless." Did he have extremely few shares? I would guess only a few shares traded at $ 5.80. If he had a lonof shares what is your explanation of your assertion that he sold his shares at pps very few shares probably traded at?
Invest It is true that the pps is somewhat higher now than it was when I bought a stake at the end of Easter. There was an extremely damaging and detailed "slaughter" of TIO. That was the end of a sharply falling pps over a fairly short period of time. Yesterday TIO provided what seemed some indication that the Hindenbug article was misleading regarding at least one important question and the pps popped a bit and then came a bit back again. I will be surprised if the pps moves much higher than it is now because of the degree of increased uncertainty prevailing now. To what extent are the profits that have been filed in the SEC reports real?
I have just increased my stake by about 45,000 shares. I now have a lot of cash in my Ameritrade account after having sold most of my shares in two companies I now regard as scams with next to no business in Nigeria according to a Hindenburg report, which I regard as convincing. 10-12 cents looks like an enticing price to me.
Zorax Thanks for more sensible and credible comments. I find it strange that It has not been discovered before that the business of Tingo Inc is more or less fake. These shares have traded up to 6 dollars if I remember correctly. There are quite a few quarterly reports that have been filed. My experience is that companies are very cautious regarding what they file in quarterly reports. It is often very different from what they present in public releases. I know of more than one company that have been scams and the responsible person has ended behind bars. One company of this sort that operated more than 20 years ago had the ticker YAWS I think.
thebear I think he stated in a previous CC that his company spent millions of dollars last summer doing dd om Tingo Inc if I remember correctly. I find it hard to believe that this can be true based on all the things Hindenburg has pinpointed of dubious things.
Perfectsson The trading in TMNA shares has been very limited. Even a small percentage of the float of some 200 million shares have been traded. Dozy owned far more shares I think.
makinez "There is enough cash on hand over 500Milly that Dozy can use to sue them" Do you believe in that number???? Hindenburg stated that this alleged deposit in a bank did not result in much interest according to the filed accounts.
fish Check the TMNA board. There you find some comments by people who attended the virtual meeting.
makinez According to Hindenburg it is the false information from Africa that is responsible for the drastic fall in the stock price. It is these questions that have to be addressed in my view. I sold my remaining TIO shares today. I also sold 70,000 shares in TMNA and I retain another 70,000 shares (approximately) for the time being to see the coming defence that we have been promised.
makinez I get the impression that you are listening to the CC. I guess it would be useful to shareholders of TMNA if you are able to and willing to give a summary of important things for shareholders of both companies that are stated.
Zorax Thanks for providing interesting information! What surprises me a lot is that it has taken so long for this sort of information to emerge and that nobody seems to have done enough dd to reveal the dubious (to be too kind?) information/disinformation provided by Tingo Inc.
Perfectsson I came to the conclusion that the recent PR about the good progress and that everything the company does goes swimmingly without a hitch did not sound convincing. I therefore sold 6,000 shares in TIO at about 3.4 dollars (almost all my shares with my US broker. I also sold 70,000 shares of TMNA. Unfortunately I bought back even more TMNA shares after the Visa confirmation.
What I regard as positive is that there seems to be no disagreement between the two leaders of the merging companies. I now take it for granted that there will be a conference call tomorrow.
Perfectsson They may well have lied about the foundation. So far there are no FACTS. I think hardly any company would have been able to produce a detailed rebuttal the same day as the allegations.
honda HAHA! I suggest you call the person you get the phone number of. I am not a liar. I have heard a business associate state that I was almost too honest.
Perfectson Here is the last part of what I received. I was only able to copy the first part including my question or the last part:
"Visa does work with Tingo. See the article linked below. Let us know if there is anything else.
https://www.pymnts.com/financial-inclusion-3/2023/visa-and-tingo-debut-super-app-for-africas-farmers/
Rachel Glascock | Investor Relations | p 650 432 7644 | rglascoc@visa.com"
I hope the above is sufficient to convince you. As far as I can see there is both the name of the person who confirmed this and the phone number.
RD This may very well be what has happened. What interests me is the real numbers. I now have a strong suspicion that there is litle real value in TMNA. I have noticed several not very strong red flags that I have mentioned in this thread. One of them is that in the public releases the what has been communicated has changed. Now I get the impression that TMNA is just doing business in Nigeria. Earlier I got the impression that the company was doing business in several countries. It was not convincing how fast farm produce would be exported in big quantities to other countries. There are many more. On the other hand, I sent an email to Visa that confirmed the cooperation.
Perfectsson I have to agree with you even though I chose to invest most of my money here in TMNA and not in TIO.
zero I am really impressed with your detailed knowledge!
The following was published not long ago: "Tingo Mobile Awarded A1 Credit Rating Together with Positive Rating Outlook from Globally Recognized Credit Rating Agency, DataPro
May 24 2023 - 08:00AM" U have googled DataPro. It is a company in Nigeria. Is this a swindle too? If Tingo Mobile is almost a total swindle would be interest of DataPro to give that credit rating?
makin I got confirmation of their relationaship by email the other day. But I guess they may be taken in too. But I would have expected that there had been substantial cooperation between them,
zero This time I give you credit for your assessments.
It looks as if the shorts had good grounds for shorting. I was in contact with Visa. It looks as if they have been deceived too.
zero
"yeah they said buybacks and then they also claimed to need $200mm in cash they're a paper bag of excrement that's on fire" Who said t hat? When?
0