Tingo Inc (TMNA)

[makinezmoney]

$TMNA: Nice Merger......... we get 77.5% of MICT shares

That should get us going here............

The Merger represents a substantial move by both Tingo and MICT to globalize their businesses and synergistically leverage their proprietary technologies to create best-in-class financial platforms, products and services. The combined technology stack of both Tingo and MICT is expected to create one of the world’s leading fully integrated fintech platforms offering combined financial services, payment services, a comprehensive marketplace and an e-wallet, integrating the successful wealth management, share trading, and insurance offering capabilities of MICT, with the fintech and one-stop-shop marketplace capabilities of the Tingo platform.

Based on recent SEC filings, the combined cash balances of Tingo and MICT are expected to total more than $200m, which together with combined strong balance sheets, leaves the merged group well positioned to take advantage of further growth opportunities and future potential strategic acquisitions.

Under the terms of the Merger, which has been approved by the Boards of Directors of Tingo and MICT, Tingo will merge into a newly-formed subsidiary of MICT, with the Tingo shareholders receiving new MICT common shares in an amount equal to approximately 77.5% in the combined company, and current MICT shareholders owning approximately 22.5% on a fully diluted basis following the closing, with a combined estimated group value of $4.09 billion.