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There will be no more "TMNA"
Opportunistic pigs
Won't run tomorrow...markets closed
Ding Ding Ding...
Reading through the Information Statement sent out, Tingo’s initial entitlement to a 19.9% ownership interest in MICT is based on the number of outstanding shares
of MICT immediately prior to the Merger. The Series A & B have a lot of hoops to jump through and will dilute in the end. So out of the gate, Tingo shareholders are ONLY guaranteed the 19.9% the way I read it.
I'm definitely not bashing or arguing. I've read it a few times and it just doesn't seem like a good deal for Tingo common shareholders,
And don't you find it funny that the common shareholders literally had no say in this? So who REALLY benefits from this?
Given MICT is up 50% in the last 5 days and TMNA is down 30% in the last 5 days, I'd say you are correct ;)
Something just doesn't sit right with this one. If this merger/acquisition/forward-triangle-merger thingy is such a good thing, why on earth is TMNA pps so low? Seems like a "too good to be true" set up.
This doesn't look good for the common shareholder of TMNA. MICT will own ALL of TMNA and in return Tingo will get 19.9% of MICT, together with Series A and Series B.
1st Red Flag - NO mention of Tingo SHAREHOLDERS
2nd Red Flag - NO mention of HOW MANY Series A and B
3rd Red Flag - ONLY 19.9% of the remaining company (aka..MICT????)
Please someone correct me if I'm reading this incorrectly.
"Upon completion of the merger, MICT will own 100% of the operating business and assets of Tingo Mobile, in return for which MICT is issuing 19.9% of its common stock to Tingo, together with Series A Preferred Stock and Series B Preferred Stock, each of which are convertible into shares of MICT’s common stock upon certain conditions being satisfied."
https://www.globenewswire.com/en/news-release/2022/11/09/2552119/0/en/MICT-Scheduled-to-Complete-Acquisition-of-Tingo-Inc-Operating-Business-and-Assets-Prior-to-November-30-Following-Filing-of-Tingo-Definitive-Information-Statement.html
I wish those things were guaranteed because, if they were, I'd dump everything into this.
MICT is ACQUIRING Tingo Mobile and ALL its assets. In return for which MICT is issuing 19.9% of its common stock to Tingo, together with Series A Preferred Stock and Series B Preferred Stock, each of which are convertible into shares of MICT’s common stock upon certain conditions being satisfied.
From Oct 7th restatement:
MICT Revises Merger Terms With Tingo
11:50 am ET October 7, 2022 (Benzinga) Print
MICT, Inc (NASDAQ: MICT) forged a new merger agreement with Tingo Inc (OTC: TMNA) to acquire 100% of the operating business and assets of Tingo.
Tingo is a Fintech and Agri-Fintech business on the African Continent.
In May, the companies agreed to merge and consolidate their operations to create a Fintech and Agri-Fintech company serving the African and Asian markets with a global expansion strategy.
MICT expects the new merger structure to lead to a number of significant and immediate benefits.
The purchase consideration involves shares of MICT (representing 19.9% of its outstanding shares), shares of a newly-formed Series A Convertible Preferred Stock convertible into an additional 20.1% of the stock, and shares of a newly-formed Series B Convertible Preferred Stock convertible into an extra 35% of the stock.
Tingo would own 75% of MICT's common stock after the transaction.
The new merger structure will help expedite the launch of Tingo's food-produce export business benefiting from several high-margin and material export contracts that will shift a substantial part of Tingo's revenues directly into U.S. dollars.
The transaction also accelerates the development and launch of Tingo's commodity platform and commodity trading business.
In the first half of 2022, Tingo's operating business reported revenue of $525.7 million, gross profit of $317.4 million, and net income before tax of $298.4 million.
Tingo's operating business results for the fourth quarter and second half of 2022 will likely benefit significantly from several new business streams.
Price Action: MICT shares traded higher by 3.19% at $0.6298 on the last check Friday.
When you read this, is sure seems like an acquisition.
https://www.bloomberg.com/press-releases/2022-11-09/mict-scheduled-to-complete-acquisition-of-tingo-inc-operating-business-and-assets-prior-to-november-30-following-filing-of
Love their products... keep on expanding!
Where's all the "boomage" you were predicting when the merger transacted? Looks like it's having the opposite effect.
I've asked a similar question without a response. If you read the terms of the merger, it seems we end up with MICT shares. So I'm confused.
And I keep averaging down....God help me
Makes you wonder, doesn't it?
I was just getting ready to ask the same thing. I'm looking through the details and all I keep seeing is the MICT will take 100% ownership of Tingo MOBILE. What about the rest of the business?
Are they trying to keep shares cheap or are they just not liking the new terms of the merger?
I got 2k out there at 1.40...go for it!
Please....go away
TAP THAT ASK PEOPLE! Only way it's going to start surging!
Start smacking that ask! It will move. Even a few hundred shares. I got mine!
Don't even go there...
Would think the Reverse Split is impacting those pps highs you're quoting.
They upgrade guidance and the stock goes down? Wtf is up with this thang?????
Offering closed! Sweet!
An offering always PROPOSED/POSITIONED to grown the business. Time will tell....
The only thing we can hope for is to cancel the offering (seen this on multiple bios this week). Because without that, a reverse is coming right after the offering is closed. Get ready to pull that trigger!
Yeah...priced at .90 and it's in the .60's? Jesus...
Well isn't this just awesome
I think you misspelled her name...it's DNORWOOD
Profited quite nicely today. Thanks for your opinion...
Naturally they are not in a good spot today.
I'd disagree that it's "not looking good at all". My .798s are looking real good at the moment. But hey, everyone's entitled to their opinion.
The deficient isn't sketchy... it traded under a $1 for a while so doesn't surprise. But going to assume the reverse split in May was meant to fix that $1 minimum.
Even though they did a stock split already this year in May? I mean, guess it's possible since they did an offering later that same month.
Hope so ;)
Not sure what crystal ball or tarot cards you're looking at but I think they're broke LOL!
Reloaded @.798....
Not sure what you're finding funny about it....