Tingo Group (NASDAQ: TIO), a profitable and fast-growing fintech, agri-fintech and food company, today provided a response to a statement made by short seller Hindenburg Research on Sept. 5, 2023. In the announcement, the company noted that Hindenburg has once again attempted to repeat its previous allegations despite the completion of a detailed investigation into the short-seller report of June 6, 2023, which disproved all such allegations. The company has reconfirmed its rebuttal of all the allegations made by Hindenburg, as summarized within its press releases of Aug. 30, 2023, and Sept. 1, 2023. It is noted by Tingo Group that Hindenburg has attempted to discredit certain information contained in the two press releases including, for example, in connection with the confirmation of the company’s cash balances, the details of the cooperatives: Ailoje Royal Farms Multi-Purpose Cooperative and Kebbi (Dala) Multipurpose Cooperative Society, and the details of UGC Technologies Limited (and its supply company in China), despite the fact that such information has been investigated in detail by leading major law firms. At the same time, Hindenburg appears to be ignoring the numerous errors it made in its “research,” including, for example, through its questioning of the wrong parties, relying on unverified social media/internet sources, misreading financial statements and distorting/misrepresenting various information. Tingo Group therefore warns stockholders as to Hindenburg’s false and misleading statements, which, as disclosed within its own disclaimer, are seemingly for the purpose of its direct financial gain. With in mind, the company is speaking with its advisers and stockholders about taking legal action against Hindenburg.
To view the full press release, visit https://ibn.fm/5MEly
About Tingo Group Inc.
Tingo is a global fintech and agri-fintech group of companies with operations in Africa, Southeast Asia and the Middle East. The company’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 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 them with access to services including, among others, the Nwassa ‘seed-to-sale’ marketplace platform, insurance, micro-finance, and mobile phone and data top-up. The company’s other Tingo business verticals include: TingoPay, a SuperApp in partnership with Visa that is currently in beta version, offering a wide range of B2C and 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, the company 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 about the company, visit 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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