MICT - MICT jumps 16% with merger announcement with Tingo estimted group value $4.09B

Tingo and MICT (NASDAQ:MICT) to merge and consolidate their operations to create an over $900M annual revenue and highly profitable Nasdaq-listed Fintech and Agri-Fintech company serving the African and Asian markets with a global expansion strategy. The combined technology stack of both Tingo and MICT is expected to create fully integrated fintech platforms. The combined cash balances of Tingo and MICT are expected to total more than $200M. Tingo will merge into a newly-formed subsidiary of MICT. Tingo shareholders will receive new MICT common shares in an amount equal to ~77.5% in the combined company, and current MICT shareholders owning ~22.5% on a fully diluted basis following the closing. Combined estimated group value of $4.09B. MICT stock jumps 16% during pre-market.

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MICT jumps 16% with merger announcement with Tingo, estimted group value $4.09B