Hindenburg target Tingo sinks into penny-stock territory after delaying Q2 results

Tingo

22/08/2023 12:03

** Shares of financial technology firm Tingo Group  TIO.O 
fell 30.6% to $0.82 in premarket trading, entering penny-stock
territory
    ** After market close on Monday, co postponed its
second-quarter earnings for the second time this month
    ** TIO said it had made progress with an independent review
of the allegations made in short seller Hindenburg's report, but
would need more time to finish the ongoing review
    ** In June, Hindenburg had said TIO was an "exceptionally
obvious scam" and alleged it had "fabricated" its financials 
    ** Since the report, TIO shares have lost over half of their
value as of Monday's close

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))