MONTVALE, NJ, July 27, 2022 (GLOBE NEWSWIRE) — MICT, Inc. (NASDAQ: MICT) (“MICT” ot the “Company”) announces that it has received a letter from Nasdaq granting it an additional 180-day extension, or until January 23, 2023 to evidence compliance with Nasdaq’s $1.00 minimum bid price requirement.
The Company can cure this deficiency if the closing bid price of its shares of Common Stock is $1.00 per share or higher for at least 10 consecutive business days during this second compliance period. The Company intends to regain compliance with the minimum bid price requirement on or before January 23, 2023.
MICT believes the closing of its proposed merger (the “Merger”) with Tingo, Inc., a Nevada corporation will resolve its minimum bid price requirement. If for some reason the Merger does not close within the prescribed period or the minimum bid price is not otherwise met, MICT will consider alternative options to regain compliance. During this time, the Company’s shares of Common Stock will continue to be listed and traded on the Nasdaq Capital Market, and this notice will have no effect on the operations of the Company’s business.
About MICT
MICT is a financial technology business principally focused on the growth and development of a suite of consumer fintech services across approximately 130 cities in China, with planned expansion into additional markets. MICT has developed highly scalable proprietary platforms for insurance products (B2B, B2B2C and…
