Agri-Fintech Holdings, Inc., Formerly, Tingo, Inc., Announces Intention To Liquidate And Distribute Holdings In Tingo Group, Inc.
Portfolio Pulse from Benzinga Newsdesk
Agri-Fintech Holdings, Inc., formerly known as Tingo, Inc., has announced its intention to liquidate and distribute its holdings in Tingo Group, Inc. (TIO) to its shareholders. The liquidation and distribution process is expected to commence in Q4 2023, following the satisfaction of the company's liabilities. The company received its holdings in TIO through the sale of its subsidiary, Tingo Mobile Ltd., to TIO. The company may become the controlling shareholder of TIO if the Series B Preferred Stock is converted into TIO common stock.
October 06, 2023 | 5:47 pm
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NEUTRAL IMPACT
Agri-Fintech Holdings, Inc.'s liquidation and distribution of its holdings in Tingo Group, Inc. could potentially lead to the company becoming the controlling shareholder of TIO.
The liquidation and distribution of Agri-Fintech Holdings, Inc.'s holdings in Tingo Group, Inc. could potentially lead to the company becoming the controlling shareholder of TIO. This could have implications for the governance and strategic direction of TIO.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Agri-Fintech Holdings, Inc.'s decision to liquidate and distribute its holdings in Tingo Group, Inc. could impact the value of its shares.
The liquidation and distribution of Agri-Fintech Holdings, Inc.'s holdings in Tingo Group, Inc. could impact the value of its shares. Shareholders may receive approximately one share of TIO for every three to four shares of TMNA they hold.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100