MICT Announces Warrant Repurchase Agreement
03 Février 2023 - 1:30PM
MICT, Inc. (NASDAQ: MICT) (“MICT” and the “Company”) announced
today it has entered into repurchase agreements with certain
holders of the outstanding warrants over its common stock. Pursuant
to the agreements, MICT will repurchase warrants representing an
aggregate amount of 28,117,835 shares of its common stock, for
which it is paying $0.15 per share on March 3, 2023 and $0.10 per
share on May 1, 2023 at an aggregate cost to the Company of
$7,029,459.
Additionally, the Company has entered into an
agreement with certain other warrant holders with respect to an
additional 1,064,000 shares, who have agreed to grant the Company
an option from July 1, 2023 to July 31, 2023 to repurchase their
warrants for $0.25 per share upon the exercise of such option.
These warrant holders have also agreed to a standstill provision
whereby absent an approval of the Company’s Board they will not
trade in the Company’s securities.
The warrants being repurchased were originally
issued by the Company between November 2020 and March 2021 pursuant
to three offerings of common stock and warrants. The exercise
prices of the warrants were $3.12 in the first offering and $2.80
in the subsequent two offerings, with various expiration dates
falling between August 16, 2024 and August 16, 2026. The repurchase
will result in the surrender and cancellation of the warrants held
by each holder.
The warrant repurchases announced today reflect
the first in a series of repurchases of the Company’s securities as
part of the share repurchase program initially outlined on November
29, 2022.
About MICT
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. 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.
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.
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 Tingo
and their respective 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 and Tingo Mobile’s actual results may differ from
their 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 and Tingo Mobile’s
expectations with respect to future performance. 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 or Tingo Mobile and are difficult to predict.
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)
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