Tingo Inc (TMNA)

[crudeoil24]

NEW YORK, NY, Oct. 07, 2022 (GLOBE NEWSWIRE) -- Tingo, Inc. (OTC Markets: TMNA) ("Tingo") and MICT, Inc. (NASDAQ: MICT) ("MICT") announced that they have amended and restated their Agreement and Plan of Merger to accelerate the acquisition by MICT of Tingo's operating business ("Tingo Mobile"). The transaction, which is being structured as a forward triangular merger of a newly formed holding company of Tingo Mobile into a subsidiary of MICT ("Merger"), provides for the issuance by MICT of a combination of common stock and two series of convertible preferred stock to Tingo in exchange for 100% beneficial ownership of Tingo Mobile and the assumption of certain liabilities of Tingo. Tingo expects to receive shareholder approval of the transaction and, following the mailing of an Information Statement to its shareholders, expects to close the transaction with MICT in the fourth quarter of 2022.