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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tingo Group Inc | NASDAQ:TIO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.69 | 0.7245 | 0.25 | 0 | 00:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date
of earliest event reported):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) (Zip Code)
Registrant’s telephone
number, including area code:
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading symbol | Name of exchange on which registered | ||
The |
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On January 12, 2024, the Company was notified (the “Notification Letter”) by the Nasdaq Listing Qualifications (“Nasdaq”) that it is not in compliance with the Nasdaq’s audit committee requirements as set forth in Listing Rule 5605, which stipulates that an audit committee must have at least three members, each of whom must be an independent director. The non-compliance has arisen due to the resignation of Mr. Jamal Khurshid from the Company’s Board of Directors and audit committee on December 20, 2023.
The Notification Letter, consistent with Listing Rule 5605(c)(4), states that Nasdaq will provide the Company a cure period in order to regain compliance, which is defined as follows: (i) until the earlier of the Company’s next annual shareholders’ meeting or December 20, 2024; or (ii) if the next annual shareholders’ meeting is held before June 17, 2024, then the Company must evidence compliance no later than June 17, 2024.
The Company will be included in this list of all non-compliant Nasdaq companies commencing five business days from the date of this letter.
The Company plans to appoint a third independent director to its audit committee within the cure period and will inform Nasdaq as required.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description | |
99.2 | Letter from Nasdaq dated January 12, 2024 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: January 17, 2024 | TINGO GROUP, INC. | ||
By: | /s/ Kenneth Denos | ||
Name: | Kenneth Denos | ||
Title: | Chief Executive Officer |
2
Exhibit 99.2
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By Electronic Delivery to: kdenos@denoslaw.com; HorowitzR@gtlaw.com
January 12, 2024
Mr. Kenneth Denos
Interim Chief Executive Officer
Tingo Group, Inc.
28 West Grand Avenue, Suite 3
Montvale, NJ 07645
Re: | Tingo Group, Inc. (the “Company”) Nasdaq Symbol: TIO |
Dear Mr. Denos:
As you are aware, due to resignation of Mr. Jamal Kurshid on December 20, 2023, from the Company’s board and audit committee, the Company no longer complies with Nasdaq’s audit committee requirements as set forth in Listing Rule 5605.
However, consistent with Listing Rule 5605(c)(4), Nasdaq will provide the Company a cure period in order to regain compliance as follows:
● | until the earlier of the Company’s next annual shareholders’ meeting or December 20, 2024; or | |
● | if the next annual shareholders’ meeting is held before June 17, 2024, then the Company must evidence compliance no later than June 17, 2024. |
The Company must submit to Nasdaq documentation, including biographies of any new directors, evidencing compliance with the rules no later than this date. In the event the Company does not regain compliance by this date, Nasdaq rules require Staff to provide written notification to the Company that its securities will be delisted. At that time, the Company may appeal the delisting determination to a Hearings Panel.
Our Rules require that the Company promptly disclose receipt of this letter by either filing a Form 8-K, where required by SEC rules, or by issuing a press release. The announcement needs to be made no later than four business days from the date of this letter and must include the continued listing criteria that the Company does not meet, and a description of each specific basis and concern identified by Nasdaq in reaching the determination.1 The Company must also submit the announcement to Nasdaq’s MarketWatch Department.2 If the public announcement is made between the hours of 7:00 AM and 8:00 PM Eastern Time, the Company must submit the announcement to Nasdaq’s MarketWatch Department at least ten minutes prior its public release. If the public announcement is made outside of these hours, the Company must submit the announcement prior to 6:50 A.M. Eastern Time. Please note that if you do not make the required announcement trading in your securities will be halted.3
1 | Listing Rule 5810(b). See FAQ #428 available on the Nasdaq Listing Center. |
2 | The notice must be submitted to Nasdaq’s MarketWatch Department through the Electronic Disclosure submission system available at nasdaq.net/ED/IssuerEntry. |
3 | Listing IM-5810-1. |
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Mr. Kenneth Denos
January 12, 2024
Page 2
In addition, an indicator will be broadcast over Nasdaq’s market data dissemination network noting the Company’s non-compliance. The indicator will be displayed with quotation information related to the Company’s securities on Nasdaq.com, NasdaqTrader.com and by other third-party providers of market data information. Also, a list of all non-compliant Nasdaq companies and the reason(s) for such non-compliance is posted on our website at listingcenter.nasdaq.com. The Company will be included in this list commencing five business days from the date of this letter.
If you have any questions, please contact me at +1 301 978 8042.
Sincerely,
/s/ H. Jay Miller | |
H. Jay Miller | |
Director | |
Nasdaq Listing Qualifications |
NASDAQ ONLINE RESOURCES
All of our listing information and forms are available electronically on the Listing Center. In addition to facilitating electronic submission of forms, you can also use the Listing Center to access Nasdaq’s Reference Library containing hundreds of frequently asked questions and Governance Clearinghouse containing the latest updates on corporate governance and listing standards.
To help you navigate the deficiency process, we have provided links to some our most viewed resource materials.
· Board Composition and Committee Requirements | |
· Governance Clearinghouse | |
· Hearings Process | |
· How to Transfer to Nasdaq Capital Market | |
· Information about Application of Shareholder Approval Rules | |
· Initial Listing Process | |
· Listing Fees | |
· Listing of Additional Shares Process | |
· MarketWatch Electronic Disclosure Submissions | |
· Nasdaq Listing Rules | |
· Reference Library: Frequently Asked Questions, Staff Interpretations and Listing Council Decisions |
Cover |
Jan. 12, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jan. 12, 2024 |
Entity File Number | 001-35850 |
Entity Registrant Name | Tingo Group, Inc. |
Entity Central Index Key | 0000854800 |
Entity Tax Identification Number | 27-0016420 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 28 West Grand Avenue |
Entity Address, Address Line Two | Suite 3 |
Entity Address, City or Town | Montvale |
Entity Address, State or Province | NJ |
Entity Address, Postal Zip Code | 07645 |
City Area Code | (201) |
Local Phone Number | 225-0190 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.001 per share |
Trading Symbol | TIO |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
1 Year Tingo Chart |
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