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We definitely see eye to eye regarding Zero. I have seen his obfuscation of facts for perhaps as much as 10 years by now.
Jackluke My impression is that this is a done deal as from November last year. It is not a coming deal. My impression is that some posters here have totally misrepresented the facts because they don't like the NASDAQ company that lost a lot of money. If you read the transcribed version of the presentation of the annual proform results of Tingo Group a few days ago I think you will better understand that this deal is done.
Low The other person refers to the past. The pps is just now $ 1.40.
zero "Some people will never learn." This is the one post you have written that I agree with. Some would say it apposite as far as I am concerned myself.lol
Zero I suggest who check which firm audited the 10-K of the Tingo Group for 2022.
zerohedge My impression from reading a lot of posts from you over many years is that you deal in lies rather than facts. What is your view of my explanation of the resounding financial faiilure of SIAF?
stocks You convey the impression that these two tickers NOW represent two different companies. That is a 100% wrong idea. Until November last year TMNA was a totally different company from the US NASDAQ company. Now they are exactly the same company. It is my impression that the new company is going to have about 520 million shares and that those who buy shares in TMNA will have about one new share for every three shares they own now. Those who now own shares in TIO will have two new shares for every three shares they own now. These are not exact humbers at all.
I know that the NASDAQ company has been generating quite big losses. Without the African business I would not have considered buying any shares in the company. If you read the information available about the Tingo Group you will see that there were two reasons for the merger. The African company wanted to be listed on NYSE or NASDAQ. The two companies that have merget have complementary business activities. It is assumed that the combined effects of the two old companies will lead to much higher revenues and profits than would hav been generated if both companies had continued operating on their own. I have no basis for knowing if that is a realistic notion or not. But the profits of the African business is many higher than the losses of the other company and the total result will not be much lower than that of the African business even if the losses of the other business were to persist.
gosox " How do we ever break out of this strangellhold on us by Market Makers/illegal naked short sellers. These guys are constantly selling as few as 3 to 5 shares or so, which is usually enough to stop any major upward movement." It is possible that there is illegal naked short selling. But it is the job of market-makers to sell naked shares short in the market-making so that is of course not illegal.
When it comes to the sale of 3-5 five shares preventing a stop to any major upward movement I think that is so much nonsense. I think the reason for that is that those who buy and sell this stock have been used to the trading range of this stock. Thre was a major upward movement when the annual numbers were published. Since then the stock has settled into a new trading range between $ 2.40 - $ 2.70. I suggest you make a bid for 50,000 shares with a limit of $ 3.50. I suspect the pps will move upward significantly. But there is a risk that the pps will more or less return to the old trading range.
gosox I think it is impossible to have a well-founded idea regarding this question. It could be soon or it could be never. I have no idea regarding the more likely alternative.
stocks "Brings nothing to the table except a Nasdaq listing which can barely hold a minimum bid price to stay listed." You write total nonsense! Yesterdat more than a million shares traded in TIO. Today more than a million shares have traded already. During these two days the pps of TIO is up from $ 1.21 to $ 1.38! Despite a pps that is about 25% of that of TIO only a few tens of thousands of shares of TMNA have traded these two days!
makinez I see no mumbo-jumbo here. Please point it out.
Darren Mercer, Chief Executive Officer of MICT, commented: “Following the announcement on March 31, 2023, of our financial results for the year ended December 31, 2022, and the filing of our Form 10-K and Auditor Report from Deloitte, which evidenced we became significantly profitable from the date of the completion of our acquisition of Tingo Mobile Limited on November 30, 2022, we confidently believe Nasdaq compliance will be regained imminently. As the position stands today, our bid price has closed at higher than $1.00 for the past eight consecutive trading days.
“With the Company’s Pro Forma Consolidated Revenues for 2022 amounting to $1.152 billion and its Pro Forma Consolidated Operating Income for 2022 amounting to more than $550 million, the previously mentioned substantial disconnect between our stock price and financial performance remains clear.
“As explained previously, and updated on during our earnings call on March 31, 2023, we are implementing a number of strategies to address the considerable disconnect in our share price. I confidently believe that these strategies, combined with the steps being taken to address market manipulation, and our strong financial performance, will result in a significant appreciation in our stock price, and deliver a higher stock price than the level required by Nasdaq.”
makinez "TIO is already struggling to holder over $1 Nasdaq Min requirement..." You don't seem to know what happened yesterday. The pps of TIO was up from $ 1.21 to $ 1.30 and more than a million shares traded. TMNA was down significantly and only about 30,000 shares traded. There is clearly way more interest in the market in TIO than in TMNA even though since last November they are basically the same company going forward.
I have the impression that TMNA owns 77,5% of the TIO Group rather than 75%.
thebear37
You wrote: "Zero really respect your opinions. You were dead right about siaf." I could hardly disagree more. I have followed SIAF for more than 10 years. I have read quite a few of the posts by Zero. In one sense - the sense that is of most interest to shareholders - he was right. The stock price ended at nest to nothing. But by being right I think of the reasons wny Zero was so negative to SIAF he was mostly not right as far as I remember. By the way I have met Solomon myself at a hotel in Oslo. There are several reasons why SIAT turned out to be a total failure. Two of its biggest projects turned out to be total failures: a butchery close to Mongolia and the Mega fish- and prawn farm. In the latter case a lot of money was invested in a big project that proved a total failure. One important reason for this was that the water used was of a low quality.
A very important problem for SIAF was very low cash flow despite high booked profits. SIAF had to function as a bank for poor farmers. Moreover, the shares were trading at an extremely low price/earnings ratio. Lots and lots of shares were sold at a very low price to partly finance projects. I think that the above largely explains SIAFs failure and not all the issues Zero raised.
I realize that TMNA has traded almost 10 times higher than 33 cents. Why is the stock price down so much? Somebody has already provided the reason. It already clear as far as I understand how many TMNA shares will become one TIO share when the merger has been completed. The TIO shares trade much more actively than the TMNA shares. Therefore the TIO shares have put a lid on the TMNA shares. It was stated at the recent presentation on March 31 that there is a disconnect between the pps of TIO and the numbers in the audited Annual report. Several steps were mentioned to improve this situation. There was mention of naked shorting. Cash dividends were mentioned as a possible step to take the pps substantially higher than it is now.
Invest I only discovered this company last week. I am aware that the person you refer to has been a pumper. I have read several hundred posts from the first one until last fall. I am not interested in football clubs at all.
Today I have purchased shares in TIO and I am up 5.5% so far today. About 8,000 shares in TIO have traded today. Right now there seems to be a lot more interest in TIO than in TMNA.
Invest What has this to do with the shares of TMNA?
snow I could not find any information about the point at issue in the filed third-quarter report fraom MICT. But I found this in the presentation of the report: "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." Since MICT as far as I understand what happened formally aquired Tingo Inc it seems reasonable that MICT and not Tingo Inc paid for the expenses in connection with the aquisition. It was stated that MICT had available cash of about 60 million dollars at the end of the quarter. This was down significantly from the preceding quarter. Since Tingo Inc was hugely profitable whereas MICT was running at a loss it is hardly strange if Tingo Inc extended a loan of 23 million dollars to MICT to be paid back in about 18 months to finance expected future losses for a limited period of time.
Zerohedge
This is from the quarterly report from Tingo Inc from November last year: " In addition, on October 6, 2022, in connection with the Restated Merger Agreement described herein, we issued a Senior Promissory Note (“Note”) to MICT in the original principal amount of $23,700,000, bearing interest at 5% per annum, and maturing on the first to occur of (i) May 10, 2024, or (ii) thirty days from the date of termination of the Restated Merger Agreement.. We expect that, as a result of issuance of the Note, we will also be able to secure sufficient operating and working capital for our parent company activities for the next twelve months.
Cash on Hand. As of September 30, 2022, our cash and cash equivalents totaled $246.6 million on a consolidated basis, as compared to cash and cash equivalents of $128.4 million on a consolidated basis at December 31, 2021."
The question is: Who paid whom? Tingo group had cash and cash equivalents to the tune of 246 million dollars. It therefore does not make sense that it had to borrow 23 million dollars from MICT. But MICH has reported a loss higher than 23 million dollars during 2022. Therefore it makes good sense if MICT borrowed money from Tingo Inc.
Do you have any comments on the above Zerohedge?
Zerohedge I have noticed that you have turned up with at least three stocks I have been in: SIAF, HERB and this stock. You have regarded all as swindles as far as I remember. I have read quite a few of your posts. You pretend that you are very knowledgeable but I am not convinced that it is true knowledge. I have a few questions for you. You write:" In the M&A agreement with MICT its MICT that made a loan to Ting because they didn’t have the funds to pay their own legal fees. Difficult to account for these facts. They’re facts."
I don't know if your reference to loan is true or not but certain things make it very strange if it is. How do you explain the fact that MICT is willing to let Tingo have 77,5% of the shares in the new Tingo group including MICT if the company has so little cash that MICT had to extend a loan to Tingo because it could not pay for its own legal fees? How can it be that the well-known firm that audited the proforma numbers for both companies during calendar year 2022 accepted that the company had cash and cash equivalents to t he tune of 500 million dollars at the end of 2022? Is the leader of the former MICT a crook since he stated that his firm had spent millions of dollars to do a very thorough dd by very famous accounting firms of Tingo prior to the merger? There are a lot of things you have to explain for your views to be credible.
But there is one thing that I did not find convincing in the answer provided by the leader of Tingo. A person had tried to access some of the systems of Tingo and found that there seemed to be very little activity taking place. This was explained by the leader of Tingo in a way I did not understand at all. Therefore it did not make much sense to me.
In the meantime TMNA may be the better option for trading a limited number of shares since the pps is more volatile than on TIO. For investors who don't trade the shares TIO may be preferable, especially if a considerable number of shares are traded since the pps is less volatile.
RD Thanks a lot for a very useful and promising update!
TMNA is down almost 15% today and TIO (Tingo group on NASDAQ is up about 6%. From the annual report of TIO it looks as if it might have been wiser to buy TIO than TMNA.
I guess the sharecount of roughly 500 million at the end of this year refers to the Tingo group where the point of departure is TIO with currently 160 millon shares. Since TMNA represents almost 80% of the group the number of outstandings shares will rise by several hundred percent based on about 160 million shares.
**Before the end 2023, shares outstanding should approximate 520 million after conversion of preferred shares issued to Tingo, Inc. shareholders."
If the sharecount now is 1,2 billion it seems very strange that the sharecount at the end of 2023 is less than half this number. The implication seems to be that the current number of shares in TNMA will be reduced by about two-thirds. If this is roughly correct the earnings per share based on the projected numbers must be reduced by about the same ratio. This suggests that projected earnings per share for this year amount to roughly 70 cents. If we use a p/e ratio of about 15 based on this projection the result is a potential stock price of about 10 dollars or more than twenty times the current pps. Any comments?
Ringrock Thanks! I have been mixing up sharecount and market cap.
Ringrock Thanks for the explanation of the letters! I don't understand the following number: "TMNA@509.9M… both of which pathetic considering verified revenues," I have seen that number somewhere else too but in other places I have seen a sharecount of about 1.2 billion. How come?
pennylane I agree with our about Gary G misleading the shareholders during that period. I could have made a profit of almost 100,000 dollars since the pps appreciated about 900% during the spring of 2020. But his misleading information made me not sell at a huge profit since based on his statements I thought that the pps could rise another 1,000%. There was a lot of talk of the pps gong to a dollar. A distributor in Colorado seems to have been deceived too then and in the following years....
namtae "On April 10, 2020 outstanding shares were 527,813,393
On March 31, 2023 outstanding shares were 892,273,978
Thats a 69% increase". These are the numbers I refer to. A 69% increase over a period of about three years with the losses incurred in this period is surprising low in my view. I here refer to the much higher increase over the year before April 2020.
cuggegrosse What does "is making money" mean? Having revenues or being profitable?
makinez "TMNA: Okkkkkkkkkkk........... added another 11k at $0.38. " I don't understand what "Okkkkkk" refers to.
Dawg Thanks a lot for your elucidation! What is the expectation when it comes to when TMNA will take control and there will be only one trading entity? Today I upped my stake to 71,000 shares.
Dawg
Thanks a lot for very useful information! I am new to this stock and I have read a few hundred of the earliest posts. A frequent poster communicated the impression that what is not trading under the ticker TIO was of little interest without doing a calculation or explaining his reason for this view.
I wonder when we can expect the merger to be fully completed so that there will be only one ticker? As long as the two entities are trading separately I guess there is a certain risk that for some unknown reason the merger will never be completed. This could justify a certain premium for the TMNA shares since TIO is losing money.
I would like to add that I have acquired a stake of 60,000 shares during the last couple of days because this stock may perhaps be very risky doing its business in Africa but this is in my view more than balanced by its potential for stock appreciation.
thirdman This is definitely good news. One cause for possible worry evaporated.
downthehatch
I may be mistaken but my impression is that the crowdfunding shares will not be entitled to what interests shareholders here - the unreported assets in China.
ticker Very recent trading suggests the opposite of what you stated. The volume jumped very sharply not long ago but the shares traded somewhere between the bid and the asked price. I get the impression though that from time to time it is a tight market.
RD I forgot that you cannot buy pinkies. This being the situation I see little reason to look into this company. I have myself bought the shares I wanted to buy. If there are others who would like you to look into it for them it is up to those people to ask you to do so. I notice that trading in BDCO shares today has been very slow after my sales.
RD If you have not done so already I suggest you read my post as to the reason I sold some shares today too. I regard the shares I bought as more attractive than the shares I sold. There are also other companies trading at a p/e ratio similar to that of BDCO.
I am a poor trader. I have just sold enough shares to pay for 41,500 shares in TMNA, increasing my stake to 60,000 shares. I sold all shares at the bid and bought all shares at the asked price. I assume that I could have got a better price for BDCO if I had tried sell somewhere the bid and the asked price and been able to get a better price if I had tried to buy shares in TMNA at a better price if I had bid somewhere between the bid and the asked price.
The reason for my action is that I have devoted a few hours since yesterday reading a few hundred posts on its Ihub posts and I have read some of the information on the company's website. My conclusion is that it is grossly undervalued. Yesterday the pps rose sharply. I have no idea how many shares are currently for sale at more or less the price it ended at yesterday. I will not take the risk that the pps may move on and that I may have to chase it. I have acted that way in the past. My current view is that this may be the most attractive investment alternative I have ever seen if the information about it is not false. But I think it should be regarded as a high-risk investment opportunity. I still have about 19,600 shares in BDCO. Thus I still have a significant stake if the pps were to soar from the current level.
Invest It seems to me that based on what seems to be earnings per share and a normal p/e ratio a price target of $ 6.25 seems much more realistic than the numbers I have seen suggested in the past. For serious investors earnings per share are way more interesting than revenues. The sharecount here is about 1.2 billion. That is a lot. It is irrelevant as far as earnings per share are concerned that lots of shares are restricted. The number of restricted shares is what traders seem to focus on. The float appears to be quite high too - not much lower than 200 million as far as I remember.
RD My current sharecount is some 25,600. I reduced my sharecount to some 31,000 last year to buy back some of the Norwegian shares I sold to buy shares in this company. I also sold some shares recently to increase my stake in HERB and I sold some today to buy a stake in TMNA.