8-K
filed November 15, 2023, 6:59 PM ET
CIK 0000854800
regulatory
confidence high
sentiment negative
materiality 0.95
Tingo Group, Inc.: Nasdaq/NYSE listing notice — SEC suspends Tingo Group trading; Nasdaq warns delisting; CFO resigns; Q3 net profit $293.9M
Tingo Group, Inc.
- SEC temporarily suspended trading Nov 13-28 over concerns about accuracy of public info on Tingo Mobile and Tingo Foods.
- Nasdaq notified company of non-compliance with $1.00 minimum bid price; 180 days to cure.
- CFO Amir Ayalon resigned effective Nov 11; interim co-CEOs appointed as interim co-Principal Financial and Accounting Officers.
- Net revenues 9M Sep 30, 2023: $2.414B (vs $35.3M prior year); net profit $293.9M vs loss $30.7M.
- Cash dropped to $53.4M from $500.3M at Dec 31, 2022 due to handset payment, prepayments, and stock purchases.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
Tingo Group, Inc. reported the quarter ended September 30, 2023 results: revenue $586.2 million, net income $20.7 million.
- Period
- the quarter ended September 30, 2023
- Revenue
- $586.2 million
- Net income
- $20.7 million
- Result
- reported results
Exact text from the filing
Net revenues for the three and nine months ended September 30, 2023, were $586.2 million and $2.414 billion respectively
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
Tingo Group, Inc. reported the nine months ended September 30, 2023 results: revenue $2.414 billion, net income $293.9 million, EPS $1.69.
- Period
- the nine months ended September 30, 2023
- Revenue
- $2.414 billion
- Net income
- $293.9 million
- EPS
- $1.69
- Result
- reported results
Exact text from the filing
RELEASE, DATED NOVEMBER 14, 2023 Exhibit 99.1 Tingo Group, Inc. Reports Third Quarter 2023 Financial Results Net Revenues for the 9 Months Ended September 30, 2023 Amounted to $2.41 Billion Operating Profit for the 9 Months Ended September 30, 2023 Amounted to $492.5 Million Lease of 6 Million New Phones and Corresponding Customer Onboarding to Nwassa Platform
View on SEC.gov
Listing & Compliance Notices
SEC 8-K Item 3.01
confidence 0.99
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
November 13, 2023, the Company was notified (the “Notification Letter”) by the Nasdaq Listing Qualifications (“Nasdaq”) that it is not in compliance with the minimum bid price requirements set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Amir Ayalon resigned as Chief Financial Officer at Tingo Group, Inc..
- Action
- resigned
- Role
- Chief Financial Officer
Exact text from the filing
On November 11, 2023, Amir Ayalon notified the Company of his decision to resign as the Company’s Chief Financial Officer, effective immediately, for personal reasons.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Dozy Mmobuosi was appointed as interim co-Principal Financial and Accounting Officer at Tingo Group, Inc..
- Action
- appointed
- Role
- interim co-Principal Financial and Accounting Officer
Exact text from the filing
Kenneth Denos and Dozy Mmobuosi, the Company’s interim co-Chief Executive Officers were appointed as the Company’s interim co-Principal Financial and Accounting Officers, effective November 13, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Kenneth Denos was appointed as interim co-Principal Financial and Accounting Officer at Tingo Group, Inc..
- Action
- appointed
- Role
- interim co-Principal Financial and Accounting Officer
Exact text from the filing
Kenneth Denos and Dozy Mmobuosi, the Company’s interim co-Chief Executive Officers were appointed as the Company’s interim co-Principal Financial and Accounting Officers, effective November 13, 2023.
View on SEC.gov
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