MONTVALE, N.J. - Tingo Group, Inc. (NASDAQ: TIO), a global fintech and agri-fintech conglomerate, has announced its decision to voluntarily delist its common stock from the Nasdaq Stock Market. The move comes after a series of non-compliance issues with Nasdaq's listing rules.
The company initially received a notification on November 13, 2023, regarding its failure to meet the minimum bid price rule, as its stock did not maintain a closing bid price of at least $1.00 for 30 consecutive business days. Tingo Group was given until May 13, 2024, to rectify the situation.
Further complications arose following a December 18, 2023, action filed against Tingo Group by the U.S. Securities and Exchange Commission (SEC). The SEC's allegations led to the company's admission that its financial statements for the year ended December 31, 2022, and quarterly reports for 2023 could not be relied upon. This disclosure meant Tingo Group was not in accordance with Nasdaq's requirement for timely filing of financial reports.
On January 12, 2024, the company was notified of another compliance failure related to its audit committee composition, which fell short of the Nasdaq's requirement for three independent directors after a member's resignation on December 20, 2023.
After consulting with Nasdaq and considering these compliance issues, Tingo Group's Board of Directors concluded that delisting would be in the best interest of shareholders. This strategic step is intended to allow the company to focus on the ongoing investigation and on safeguarding shareholder value.
The company plans to keep its shareholders informed through press releases and updates on its website. Once the investigation is concluded and any necessary actions are taken, Tingo Group will contemplate reapplying for listing on Nasdaq or another major stock exchange.
Tingo Group is known for its subsidiary Tingo Mobile, a leading agri-fintech company in Africa, and other business verticals including TingoPay, Tingo Foods, and Tingo DMCC, which engage in various fintech, food processing, and commodity trading activities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.