Tingo, Inc.Announces Submission of New York Stock Exchange Listing
The company seeks to improve its profile and the reach of investors
NEW YORK, October 19, 2021 / PRNewswire / – Tingo, Inc., OTC Markets (IWBB) (âTingoâ or the âCompanyâ) announced today that it has submitted an application to list its shares on the New York Stock Exchange ( NYSE). Listing on the NYSE is part of the Company’s efforts to broaden its appeal to US and international investors.
Following unanimous approval at a meeting of Tingo’s board of directors on October 18, the Company has applied to list its shares on the NYSE. While there can be no assurance that its request for listing will be accepted, the Company believes that it will meet the initial listing criteria of the NYSE.
Tingo is a leading agro-fintech company in Africa and has had a significant impact with its unique business model based on rural communities. Our goal is to become africa leading agro-fintech company with significant social impact on many rural communities, providing a unique platform to enable financial inclusion, social improvement, wealth creation and a sophisticated market to promote its products in national markets and international. Tingo has more than 4,000 women agents who support the deployment of our services in Nigeria alone. The Company remains very active in promoting women entrepreneurs to support gender equality and opportunities in this underserved segment of the market. From December 31, 2020, Tingo had 9,344,000 subscribers. The Company is confident that these numbers will increase with its planned expansion through Africa and the natural progression of business in Nigeria.
The company believes that an IPO on the NYSE will provide a platform to enhance the Tingo brand and provide the market with a unique opportunity to invest in a business that will bring significant social change and impact through Africa. Tingo’s optimal market model goes a long way towards solutions to food security – a major challenge in Africa and beyond – through its agro-fintech market fueled by the use of smartphones known as NWASSA. This âdevice as a serviceâ strategy allows millions of people to access multiple social, financial and agricultural services that the Company intends to deploy over time.
Company goals are aligned with United Nations Sustainable Development Goals and ESG principles, creating real impact for people through Africa. Tingo is a unique market offering with its fintech solutions that will bring significant value and is arguably at the top of its competition having proven a fair but very profitable business model with significant recurring revenues already established.
Dozy Mmobuosi, CEO of Tingo, points out that “I have dedicated the past 20 years to making Tingo a highly profitable business that focuses on the real impact on people in rural communities. My vision has always been to bring technology and opportunity to our clients through financial inclusion, poverty reduction and food security.
I am delighted to announce our intention to list on the NYSE. This is an important step forward for Tingo. The NYSE is the premier exchange for United States and one that will raise our profile with the broader investment community. The uplist will both increase the liquidity of our stocks and ultimately create shareholder value in line with our international peer groups.
I am delighted to announce expansion plans and partnerships that will further highlight our commitment to the United Nations SDGs, which will provide better returns to our investors. “
Also commenting on the registration request, John J. Brown, co-president of Tingo said: “Tingo is a company that brings the future into the present in the African market. Now is the time for the rest of the investment world to discover this unique business. There’s no better place to do it than the New York Stock Exchange. ”
Christope Charlier, co-president of Tingo Underline: “I am delighted to be a part of Tingo and this is a historic transaction for an African company in the international capital markets. I think this will pave the way for this African tech company and others to attract global investors and the valuations they deserve. “
Tingo is the leading agro-fintech company operating in Africa, with a market platform that enables social upliftment through mobile, technological and financial access for rural farming communities. Our unique âdevice as a serviceâ model allows us to add market-leading applications to enable customers to trade, buy top-ups, pay bills, access insurance services. and loan. With approximately 9 million customers and more than 30 million mobile devices sold, Tingo is looking to expand its operations into certain markets by Africa. The company’s strategic plan is to become the premier pan-African agro-fintech company providing social improvement and financial inclusion to millions of agricultural SMEs and women-led businesses. Additional information about the Company is available at www.tingoinc.com.
Safe Harbor and forward-looking statements
This press release contains certain forward-looking statements regarding possible future circumstances. These forward-looking statements are based on the Company’s current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements, including, in particular, risks and uncertainties regarding the operations of the Company, as well as those contained in the Company’s quarterly, annual and periodic files with the Securities and Exchange Commission. Actual results, events and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not undertake to publicly disclose any revisions to these forward-looking statements that may be made to reflect events or circumstances subsequent to the date hereof or to reflect the occurrence of unforeseen events. The inclusion of any statement in this press release does not constitute an admission by the Company or any other person that the events or circumstances described in such statements are material.
SOURCE Tingo, Inc.