UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Securities Exchange Act of 1934
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On April 3, 2023, Tingo Group, Inc., a Delaware corporation (the “Company”), received a staff deficiency notice (the “Nasdaq Notification Letter”) from The Nasdaq Stock Market (“Nasdaq”) informing the Company that its common stock, par value $0.001 per share, failed to comply with the $1.00 minimum bid price required for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). The Nasdaq Notification Letter advised the Company that, based upon the closing bid price during the period from February 14, 2023 to March 28, 2023, the Company no longer meets this test.
Pursuant to Nasdaq Marketplace Rule 5810(c)(3)(A), the Company has been provided with a compliance period of 180 calendar days, or October 2, 2023, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company’s common stock must meet or exceed $1.00 per share for a minimum of 10 consecutive business days prior to October 2, 2023.
According to the Nasdaq Notification Letter, should the Company not regain compliance by October 2, 2023, an additional 180 days may be granted to regain compliance, so long as the Company meets Nasdaq’s continued listing requirements (except for the bid price requirement) and notifies Nasdaq in writing of its intention to cure the deficiency during the second compliance period. If the Company does not qualify for the second compliance period or fails to regain compliance during the second 180-day period, then Nasdaq will issue a de-listing determination, at which point the Company will have an opportunity to appeal the delisting determination.
On April 10, 2023, the Company issued a press release announcing that it had received the Nasdaq Notification Letter, attached hereto as Exhibit 99.1 (the “Nasdaq Press Release”). Incorporated into this Item 3.01 by reference is the Nasdaq Press Release.
The Nasdaq Press Release is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall the Nasdaq Press Release be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibits |
Exhibit No. | Description | |
99.1 | Press release, dated April 10, 2023 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TINGO GROUP, INC. | |
Dated: April 10, 2023 | /s/ Darren Mercer |
Darren Mercer | |
Chief Executive Officer |