AGRI-FINTECH HOLDINGS, INC.: M&A transaction — Tingo completes sale of Tingo Mobile to MICT for 19.9% stock plus convertible preferred

AGRI-FINTECH HOLDINGS, INC.

Merger closed Dec 1, 2022; Tingo Mobile becomes wholly owned by MICT (Nasdaq: MICT).
Consideration: 19.9% of MICT common stock plus convertible Series A and B Preferred.
Tingo Mobile Q3 2022 annualized revenue run rate ~$1.2B; pre-tax net income run rate ~$650M.
Tingo Mobile had $247M cash and $1.51B total assets at Sept 30, 2022.
MICT expects substantial Q4 2022 earnings and material quarter-over-quarter growth in 2023.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.95

AGRI-FINTECH HOLDINGS, INC. completed a disposition involving MICT, Inc. for Issuance of 19.9% of MICT's common stock to Tingo, together with Series A and Series B Preferred Stock convertible into common stock upon certain conditions (closed 2022-12-01).

Action: disposition
Counterparty: MICT, Inc.
Consideration: Issuance of 19.9% of MICT's common stock to Tingo, together with Series A and Series B Preferred Stock convertible into common stock upon certain conditions
Closing: 2022-12-01

Exact text from the filing

business and assets of Tingo, Inc. (“Tingo”) (OTC:TMNA), via its purchase of Tingo Mobile Limited (“Tingo Mobile”). As the consideration for the acquisition, MICT is issuing 19.9% of its common stock to Tingo, together with Series A Preferred Stock and Series B Preferred Stock, each of which are convertible into shares of MICT’s common stock upon certain

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Source: SEC EDGAR

accession 0001104659-22-124518

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