Tingo Group (NASDAQ: TIO), a profitable and fast-growing fintech and agrifintech company, has completed the investigation of allegations made by short seller Hindenburg Research. According to the announcement, an independent counsel investigated certain of the Hindenburg allegations and recently provided the independent directors with an interim report summarizing evidence it had reviewed; the firm is continuing its investigation into some issues. In addition, Tingo’s outside counsel conducted its own investigation into the allegations. Based on these investigations, the company released a report specifically reviewing allegations made against the company and its businesses, which Tingo Group deemed to be the highest priority. The announcement noted that the company and its outside counsel is now investigating Hindenburg’s allegations against Tingo Mobile and Tingo Foods founder Dozy Mmobuosi.
In addition, Tingo has scheduled a conference call and webcast to discuss its results for the second quarter ended June 30, 2023; the company plans to provide a business update and answer questions during the call. The call is slated for Thursday, Aug. 31, 2023, and will begin at 8 a.m. ET. A press release detailing the results will be issued prior to the call. Those interested in accessing the call can dial 1-877-704-4453 (toll free) or 1-201-389-0920 (international) and then use the conference code 13740949. A replay of the call will be available through October 1, 2023, and can be accessed by dialing 1-844-512-2921 (in the United States) or 1-412-317-6671 (internationally) and entering the pin number: 13740949. The replay can also be viewed o the company’s investor relations section.
To view the webcast, visit https://ibn.fm/3ZceU
To view the full press releases, visit https://ibn.fm/Fzqrh and https://ibn.fm/fNhGJ
About Tingo Group Inc.
Tingo Group is a global fintech and agrifintech group of companies with operations in Africa, southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is a leading agri-fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a “device-as-a-service” smartphone and a value-added service platform. As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and has entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing the farmers with access to services such as the Nwassa seed-to-sale marketplace platform, insurance, microfinance, and mobile phone and data top-up. Tingo Group’s other Tingo business verticals include TingoPay, a SuperApp in partnership with Visa that is currently in beta version and offers a wide range of business to company (“B2C”) and business to business (“B2B”) services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food-processing business that processes raw foods into finished products such as rice, groundnut oil, nut products, wheat, millet and maize; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center. In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China, and Magpie Securities, a regulated finance services fintech business operating out of Hong Kong and Singapore. For more information, visit the company’s website at www.TingoGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to TIO are available in the company’s newsroom at https://ibn.fm/TIO
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