MONTVALE, N.J. - Tingo Group, Inc. (NASDAQ:TIO), a global Fintech and Agri-Fintech conglomerate, has received a notice from the Nasdaq Stock Market indicating non-compliance with listing rules due to unreliable financial statements. The notice, dated January 4, 2024, follows the company's Form 8-K filing on December 26, 2023, which suggested that financial statements for the year ended December 31, 2022, and quarterly reports for 2023 should not be relied upon.
According to Nasdaq Listing Rule 5250(c)(1), Tingo Group is required to file all periodic financial reports timely with the Securities and Exchange Commission (SEC). The notice from Nasdaq has prompted the company to submit a plan by January 18, 2024, to regain compliance. If the plan is accepted, Nasdaq may grant Tingo Group an extension until June 24, 2024, to address the issues.
Tingo Group, with operations across Africa, Southeast Asia, and the Middle East, includes several business verticals. Tingo Mobile, its Agri-Fintech arm in Africa, offers products like a 'device as a service' smartphone and a value-added service platform. The company claims to be expanding internationally with trade partnerships projected to increase its farmer subscribers from 9.3 million in 2022 to over 32 million. Other Tingo business units include TingoPay, Tingo Foods, and Tingo DMCC, among others.
The company is also undergoing a review and repositioning of its smaller businesses, including an insurance brokerage in China and Magpie Securities, a finance services Fintech business based out of Hong Kong and Singapore.
This article is based on a press release statement from Tingo Group, Inc.
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