MICT Announces Rebranding And Name Change To Tingo Group, Inc.; Stock Symbol To Change To NASDAQ: "TIO" Effective Prior To Market Open On Monday, February 27, 2023

Stock Symbol to Change to NASDAQ: TIO
 

New Identity Reflects Company's Focus on Leveraging the Tingo Brand and the Rapid Expansion of the Group's Consolidated Fintech and Agri-Fintech Businesses

MONTVALE, N.J., Feb. 24, 2023 (GLOBE NEWSWIRE) -- MICT, Inc. (NASDAQ:MICT) ("MICT" or the "Company") announced today that it is changing its name to Tingo Group, Inc. effective prior to the market open on Monday, February 27, 2023. The ticker symbol "MICT" will change to "TIO" and the stock will continue to trade on the Nasdaq Capital Market.

In conjunction with the change of name and ticker, the Company will launch a new Investor Relations website in the coming days, at tingogroup.com, which will be complemented by a corporate website in the near future.

Darren Mercer, Chief Executive Officer of MICT, commented: "The Tingo brand is extremely important to the business, not only as Africa's leading agri-fintech solution, but also as a Pan-Africa fintech partner to Visa, through TingoPay, and in connection with the recently launched businesses of Tingo Foods and the Tingo DMCC commodities platform and export business. The Company's change of name reflects this and also provides improved clarity to our external stakeholders, including current and prospective partners, customers, and investors.

"The Company is in the process of pivoting its insurance and financial services businesses to compliment the Tingo brand and leverage Tingo's fast growing customer base through the addition of new products with significant new income streams. Taking this into account, together with the expected considerable growth in consolidated group revenues and profitability in 2023 and beyond, we believe it is important to unify the Company through a single corporate identity reflected through a single global brand."