Tingo Inc (TMNA)

[snow]

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.

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