As things stand the suspension of trading in Tingo's (US:TIO) shares announced by the SEC on 14th November under Section 12(k) of the Securities Exchange Act 1934, is for ten trading days only so will expire on 28th Nov. However...
On September 20th Tingo Group (NASDAQ - TIO), the brazen fraud, announced the departure of its CEO Darren Mercer, who was awarded 5m shares for his efforts in orchestrating the scam. Robert Benton, one of the three semi-respectable non execs also departed. He was replaced by Jamie Kurchid who is also COO of a company called Nukkleus which is wholly owned by the serially-convicted fraudster Leslie Greyling.
Having missed its Q2 earnings release date on 10th August, brazen fraud Tingo Group (NASDAQ:TIO) has undertaken to file on 21st along with producing an independent report commissioned by its non-executive directors into the serious allegations made against it in June by Hindenburg Research.
Since I last wrote on Tingo (US:TIO) in late May, the share price has collapsed principally due to a devastating report from Hindenburg Research which demonstrated beyond any reasonable doubt that the company is a complete sham. That it was prepared to call it out as a “brazen fraud” after presumably running this by its lawyers is instructive.
I realise the shares are up sharply today thanks to an announcement which is a real spoof. I shall expose that later this week on the N50 site. As I wrote in Part 1 two weeks ago, its difficult to know where to start with Tingo Group (NASDAQ: TIO) -formerly MICT, which has acquired the Nigerian Agri-Fintech firm Tingo Inc (pinksheet USOTC: TMNA ) via an RTO- so let’s be charitable and start with the bull case. This dossier is long and detailed, beware!
I have never thought that the theory “there is no such thing as bad publicity” holds much water. The company I shall expose in a two part series supports my belief. It is currently valued at more than $500 million, or, arguably, far more on a fully diluted basis, and is shortable. This is a zero and one should be short.
In these somewhat turbulent times in the market there is a great deal of noise and disagreement about where we are. Is inflation an ongoing problem or is a deflationary recession on the way? Should we buy or sell bonds? What about equities? Is the US dollar toast or a good place to hide?
On March 15th 2008, almost exactly fifteen years ago, the Federal Reserve railroaded JP Morgan into the rescue of Bear Stearns, which had gone from being solvent to insolvent in a couple of days. The consensus was that this drew a line under a rocky period and that normality had been restored. Six months later we all know what happened.