Tingo surges on finishing investigation into Hindenburg allegations

Tingo

30/08/2023 13:27

** Shares of financial technology firm Tingo Group  TIO.O 
rise ~30.7% to $1.11 premarket
    ** Company says it has completed an investigation of the
allegations made by short-seller Hindenburg Research against it
in June
    ** TIO says its reported revenue for Q1 and operating margin
have been confirmed; errors identified by Hindenburg in its
financial statements were typographical
    ** The short-seller had criticized TIO's founder and alleged
that the firm "fabricated" its financials
    ** Earlier this month, company's shares sank as it postponed
its Q2 results citing additional time required for completion of
independent review on the allegations
    ** In a separate release on Wednesday, TIO also scheduled
its Q2 earnings report on Aug. 31 in premarket hours
    ** As of last close, stock has plummeted ~66.7% since the
Hindenburg report

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))