--- schema_version: "secwatch.filing_event.v1" accession: "0001213900-23-087318" form_type: "8-K" ticker: null cik: "0000854800" company_name: "Tingo Group, Inc." filed_at: "2023-11-15T23:59:59+00:00" generated_at: "2026-06-08T02:56:24.267867+00:00" event_type: "regulatory" sentiment: "negative" materiality_score: 0.95 calibrated_materiality_score: 0.95 confidence: "high" source: SEC EDGAR --- # SEC suspends Tingo Group trading; Nasdaq warns delisting; CFO resigns; Q3 net profit $293.9M ## Summary - 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. ## SEC filing metadata - accession: 0001213900-23-087318 - form_type: 8-K - cik: 0000854800 - company_name: Tingo Group, Inc. - filed_at: 2023-11-15T23:59:59+00:00 - event_type: regulatory - sentiment: negative - materiality_score: 0.95 - calibrated_materiality_score: 0.95 - confidence: high - sec_items: 2.02, 3.01, 5.02, 7.01, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/854800/000121390023087318/0001213900-23-087318-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/854800/000121390023087318/ea188185-8k_tingogroup.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001213900-23-087318 - JSON: https://secwatch.observer/filing/0001213900-23-087318.json - Plain text: https://secwatch.observer/filing/0001213900-23-087318.txt ## Key facts - Earnings Releases 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 source text: Net revenues for the three and nine months ended September 30, 2023, were $586.2 million and $2.414 billion respectively evidence_url: https://www.sec.gov/Archives/edgar/data/854800/000121390023087318/0001213900-23-087318-index.htm - Earnings Releases 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/854800/000121390023087318/0001213900-23-087318-index.htm - Listing & Compliance Notices 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) source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/854800/000121390023087318/0001213900-23-087318-index.htm - Executive change Amir Ayalon resigned as Chief Financial Officer at Tingo Group, Inc.. - Action: resigned - Role: Chief Financial Officer source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/854800/000121390023087318/0001213900-23-087318-index.htm - Executive change 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/854800/000121390023087318/0001213900-23-087318-index.htm - Executive change 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/854800/000121390023087318/0001213900-23-087318-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.