Tingo Group, Inc.: M&A transaction — MICT acquires Tingo Foods for $204M note; plans $1.6B food processing facility in Nigeria

Tingo Group, Inc.

Acquired 100% of Tingo Foods PLC from Dozy Mmobuosi via $204M secured promissory note at 5% over 2 years.
Tingo Foods generated >$400M unaudited revenue Sep-Dec 2022; $204M cost value of existing stock.
Plans $1.6B food processing facility in Delta State, Nigeria, completion H1 2024, creating 12,000 jobs.
MICT CEO expects Tingo Foods to add 'several hundred million dollars' of profitable revenue to 2023.
No new MICT common stock issued; consideration entirely via secured promissory note.

item 2.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Tingo Group, Inc. completed an acquisition involving Dozy Mmobuosi for US$204,000,000.

Action: acquisition
Counterparty: Dozy Mmobuosi
Consideration: US$204,000,000

Exact text from the filing

a purchase price equal to the cost value of Tingo Foods’ stock, which will be satisfied by the issuance of a secured promissory note (“Promissory Note”) in the amount of US$204,000,000. The Promissory Note is for a terms of two years with an interest rate of 5%. MICT Fintech agreed to certain covenants with respect to its ability to incur additional debt or

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Source: SEC EDGAR

accession 0001213900-23-012144

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