Tingo Group, Inc.: Nasdaq/NYSE listing notice — Tingo Group receives Nasdaq deficiency notice for minimum bid price non-compliance

Tingo Group, Inc.

Received Nasdaq notification on April 3, 2023 for bid price below $1.00 for 30 consecutive days.
Granted 180 calendar days until October 2, 2023 to regain compliance; possible 180-day extension.
CEO states bid price closed above $1.00 for eight consecutive trading days as of April 10, 2023.
Company cites pro forma 2022 revenue of $1.152B and operating income over $550M as evidence of value.
Implementing strategies to address share price disconnect; CEO expresses confidence in regaining compliance.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Tingo Group, Inc. received a nasdaq deficiency notice notice regarding minimum bid price (rules 5550(a)(2), 5810(c)(3)(A)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price
Rules: 5550(a)(2), 5810(c)(3)(A)

Exact text from the filing

April 3, 2023, Tingo Group, Inc., a Delaware corporation (the “Company”), received a staff deficiency notice (the “Nasdaq Notification Letter”) from The Nasdaq Stock Market (“Nasdaq”) informing the Company that its common stock, par value $0.001 per share, failed to comply with the $1.00 minimum bid price required for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). The Nasdaq Notification Letter advised the Company that, based upon the closing bid price during the period from February 14, 2023 to March 28, 2023, the Company no longer meets this test. Pursua

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Source: SEC EDGAR

accession 0001213900-23-028635

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