Tingo slumps after Hindenburg re-affirms short position

Tingo

01/09/2023 12:20

** Shares of fintech firm Tingo Group  TIO.O  slide 17.1% to
$1.07 premarket
    ** Hindenburg Research on Thursday said "we are short shares
of Tingo Group," after co's response to its allegations
    ** Short seller in June had criticized TIO's founder and
alleged the firm "fabricated" its financials
    ** Tingo's investigation into itself was filled with
inconsistencies and fresh evidence that it continues to outright
lie to investors - Hindenburg
    ** A careful review of the company’s recent releases
indicate Tingo has done little but continue to lie about every
key aspect of its business – all while failing to address every
question we’ve raised - Hindenburg
    ** Tingo did not immediately reply to Reuters' request for
comment
    ** As of last close, shares up ~55% YTD

 (Reporting by Pritam Biswas in Bengaluru)
 ((Pritam.Biswas@thomsonreuters.com))