Tingo Group Receives Nasdaq Request for Information Following Expiry of Securities & Exchange Commission’s Temporary Suspension of Trading in the Company’s Securities

MONTVALE, N.J., Nov. 29, 2023 (GLOBE NEWSWIRE) -- Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), a profitable, multi-national fintech, agri-fintech, food processing and commodity trading company, today announced it has received a request for information from The Nasdaq Stock Market (“Nasdaq”). While the temporary suspension of trading in the Company’s Securities imposed by the Securities & Exchange Commission on November 14, 2023 expired at 11:59 pm EST on November 28, 2023, Nasdaq have advised they will continue to keep the Company’s securities halted pending their review of the requested information.

The Company intends to make its response to Nasdaq’s information request within the next 3 to 4 business days and will fully cooperate with Nasdaq to assist them in completing their review as quickly as possible, with the goal of achieving the resumption of trading in the Company’s Securities at the earliest opportunity.

About Tingo Group

Tingo Group, Inc. (Nasdaq: TIO) is a global Fintech, Agri-Fintech, food processing and commodity trading group of companies with operations in Africa, Southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is a leading Agri-Fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a ‘device as a service’ smartphone and a value-added service platform. As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing them with access to services including, among others, the Nwassa ‘seed-to-sale’ marketplace platform, insurance, micro-finance, and mobile phone and data top-up. Tingo Group’s other Tingo business verticals include: TingoPay, a SuperApp in partnership with Visa, offering a wide range of B2C and B2B services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food processing business that processes raw foods into finished products such as rice, groundnut oil, nut products, wheat, millet and maize; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center. In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China; and Magpie Securities, a regulated finance services Fintech business operating out of Hong Kong and Singapore, which, as relatively small businesses within the Company, are currently in the process of being reviewed and re-positioned. For more information visit tingogroup.com.