MICT, Inc. (NASDAQ: MICT) (“MICT”) announced today the results of
the proxy vote associated with the Company’s Annual Shareholders’
Meeting. The shareholders approved all five of the resolutions
presented in the Definitive Proxy Statement, as sent to the
Company’s shareholders on December 8, 2022, including the election
of the Board of Directors and approval of the executive officers’
compensation plan; the appointment of Deloitte as independent
auditor for the year ended December 31, 2022; an amendment to the
Company’s Certificate of Incorporation and an amendment to its
Equity Incentive Plan.
Darren Mercer, Chief Executive Officer
of MICT, commented: “Once again, we are delighted to have
had such a high turnout and strong support in response to the
resolutions proposed by the Board.
“All five of our proposals were well supported
by shareholders, including the amendment to the Company’s
Certificate of Incorporation to effect a reverse stock split of the
Company’s common stock. While we do not intend to undertake such a
reverse stock split, and it would only be implemented as a last
resort if ever needed for compliance matters or if required by any
major institutional investors that wish to invest into us, we are
very pleased that more than 90% of those shareholders who voted
seemingly understood our rationale and supported the reverse split,
which was on a high turnout equating to almost 60% of all shares in
issue.
“Following the completion of our acquisition of
Tingo Mobile Limited on November 30, 2022, the MICT group of
companies immediately became significantly profitable, with an
annual profit before tax run rate approaching USD $650 million, and
it also considerably strengthened its balance sheet. In part, due
to the substantial deals we have announced over the past quarter,
including the launch of our commodity platform and export business
from the Dubai Multi Commodities Centre, we expect significant
further growth next year and beyond, and that a large proportion of
our earnings will be in US Dollars.
“As advised in our corporate update of November
29, 2022, our Board of Directors have been considering, and
continue to consider, a substantial share repurchase program. It is
however important to note that the Company and its directors are
required to abide by the SEC’s insider trading rules, and with a
number of material pieces of news in the pipeline, we must plan any
share buyback carefully. Furthermore, now that we have regained
Nasdaq compliance, and the Company is generating considerable
levels of both earnings and cash, there are several different
measures available to us to assist in addressing the ongoing
substantial disconnect between our share price and the considerably
higher valuation that our revenues and earnings would ordinarily
attract. The use of all such shareholder-value accretive measures,
including the share buyback, and certain other mechanisms, will be
reviewed continuously by our Board of Directors and advisors until
the disconnect with our share price has been resolved.”
About MICT
MICT is a financial technology business
principally focused on the growth and development of a suite of
consumer fintech services across approximately 130 cities in China,
with planned expansion into additional markets. MICT has developed
highly scalable proprietary platforms for insurance products (B2B,
B2B2C and B2C) and financial services/products (B2C), the
technology for which is highly adaptable for other applications and
markets. MICT has acquired and holds the requisite license and
approvals with the Hong Kong Securities and Futures Commission to
deal in securities and provide securities advisory and asset
management services. MICT also has memberships/registrations with
the Hong Kong Stock Exchange and the requisite Hong Kong and China
Direct clearing companies. MICT’s financial services business and
first financial services product, the Magpie Invest app, is able to
trade securities on NASDAQ, NYSE, TMX, HKSE, China Stock Connect,
LSE, the Frankfurt Stock Exchange and the Paris Stock Exchange.
On November 30, 2022, MICT acquired 100% of
Tingo Mobile Limited, which is the leading Agri-Fintech company
operating in Africa, with a marketplace platform that empowers
social upliftment through mobile, technology and financial access
for rural farming communities. Tingo’s novel “device as a service”
model allows it to add market leading applications to enable
customers to trade, buy top ups, pay bills, access insurance and
lending services. With 9.3 million existing customers at September
30, 2022, which is expected to have increased since, Tingo Mobile
is seeking to expand its operations across select markets in Africa
and certain other parts of the world. Tingo Mobile’s strategic plan
is to become an eminent global Fintech and Agri-Fintech business
delivering social upliftment and financial inclusion to millions of
SME farmers and businesses.
Tingo Mobile offers its comprehensive platform
service through use of smartphones – ‘device as a service’ (using
GSM technology) -- to empower a marketplace to enable
subscribers/farmers within and outside of the agricultural sector
to manage their commercial activities of growing and selling their
production to market participants both domestically and
internationally. The ecosystem provides a ‘one stop shop’ solution
to enable such subscribers to manage everything from airtime top
ups, bill pay services for utilities and other service providers,
access to insurance services and micro finance to support their
value chain from ‘seed to sale’.
As of September 30, 2022, Tingo Mobile had
approximately 9.3 million subscribers using its mobile phones and
Nwassa platform. Nwassa is Africa’s leading digital agriculture
ecosystem that empowers rural farmers and agri-businesses by using
proprietary technology to enable access to markets in which they
operate. Farm produce can be shipped from farms across Africa to
any part of the world, in both retail and wholesale quantities.
Nwassa’s payment gateway also has an escrow structure that creates
trust between buyers and sellers. Tingo Mobile’s system provides
real-time pricing, straight from the farms, eliminating middlemen.
Tingo Mobile’s users pay for produce bought using available pricing
on its platform.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements made herein contain, and
certain oral statements made by representatives of MICT and its
affiliates, from time to time may contain, “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995. MICT’s actual
results may differ from its expectations, estimates and projections
and consequently, you should not rely on these forward-looking
statements as predictions of future events. Words such as “expect,”
“estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “might” and “continues,” and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, MICT’s expectations with respect to future performance
and anticipated financial impacts of the Business Combination, the
satisfaction of the closing conditions to the Business Combination
and the timing of the completion of the Business Combination. These
forward-looking statements involve significant risks and
uncertainties that could cause actual results to differ materially
from expected results. Most of these factors are outside of the
control of MICT and are difficult to predict. Factors that may
cause such differences include but are not limited to: (1) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the Merger Agreement (as defined
below); (2) the inability to complete the Business Combination,
including due to the failure to obtain approval of the stockholders
of MICT or other conditions to closing in the Merger Agreement; (3)
the inability to obtain or maintain the listing of MICT’s common
stock on Nasdaq following the Business Combination; (4) the risk
that the Business Combination disrupts current plans and operations
of MICT as a result of the announcement and consummation of the
Business Combination; (5) the ability to recognize the anticipated
benefits of the Business Combination, which may be affected by,
among other things, competition, the ability of the combined
company to grow and manage growth economically and hire and retain
key employees; (7) the inability to complete the Business
Combination due to inability to obtain regulatory approval; (8)
changes in applicable laws or regulations; (10) the possibility
that MICT may be adversely affected by other economic, business,
and/or competitive factors; and (11) the impact of the global
COVID-19 pandemic on any of the foregoing risks and other risks and
uncertainties to be identified in the proxy statement/prospectus
(when available) relating to the Business Combination, including
those under “Risk Factors” therein, and in other filings with the
SEC made by MICT. The foregoing list of factors is not exclusive.
Readers are referred to the most recent reports filed with the SEC
by MICT. Readers are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
MICT undertake no obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise, subject to applicable law.
Investor Relations ContactChris Tyson/Larry
Holub949-491-8235MICT@mzgroup.uswww.mzgroup.us
MICT Inc. Contact InformationEmail:
info@mict-inc.com Phone: (201) 225-0190
MICT (NASDAQ:MICT)
Historical Stock Chart
From Dec 2024 to Jan 2025
MICT (NASDAQ:MICT)
Historical Stock Chart
From Jan 2024 to Jan 2025