Brief: TINGO and MICT Announce Execution Of Definitive Merger Agreement

Tingo

10/05/2022 14:30

May 10 (Reuters) - MICT Inc  MICT.O :
    * TINGO AND MICT ANNOUNCE EXECUTION OF DEFINITIVE MERGER
AGREEMENT
    * TINGO AND MICT ANNOUNCE EXECUTION OF DEFINITIVE MERGER
AGREEMENT
    * MICT INC - TINGO WILL MERGE INTO A NEWLY-FORMED SUBSIDIARY
OF
MICT
    * MICT INC - AS A RESULT OF MERGER, DOZY MMOBUOSI WILL
BECOME
CHIEF EXECUTIVE OFFICER OF MICT (WHICH IS EXPECTED TO BE RENAMED
"TINGO INC.")
    * MICT INC - TINGO SHAREHOLDERS WILL RECEIVE NEW MICT COMMON
SHARES IN AN AMOUNT EQUAL TO APPROXIMATELY 77.5% IN COMBINED
COMPANY
    * MICT INC - EXECUTIVE OFFICERS OF TINGO SHALL BE APPOINTED
TO
SIMILAR POSITIONS WITHIN MICT
    * MICT INC - CURRENT MICT SHAREHOLDERS WILL OWN
APPROXIMATELY
22.5% OF COMBINED CO ON A FULLY DILUTED BASIS FOLLOWING CLOSING
OF DEAL
    * MICT INC - COMBINED ESTIMATED GROUP VALUE OF $4.09 BILLION

Source text for Eikon:  ID:nGNX4kTy22 
Further company coverage:  MICT.O 

 ((Reuters.Briefs@thomsonreuters.com;))