MICT Down 30%, Reverse Split Possible But Is a 'Last Resort'

Dow Jones2022-11-30

By Josh Beckerman

MICT Inc. were down 30% to 79 cents after the company discussed a potential reverse stock split and said it will target a "considerable" stock buyback after it completes its merger with Tingo Inc.

In its proxy filing Monday, China-focused fintech company MICT said its Dec. 30 annual meeting will include a vote that would allow a reverse split with a possible ratio from 1-for-2 to 1-for-12.

MICT said Tuesday that it believes closing the Tingo deal will resolve its non-compliance with the Nasdaq minimum bid price requirement. If necessary, it will consider alternative options to regain compliance, including a reverse split. The company said it doesn't intend to enact a reverse split "except as a last resort."

After the Tingo deal, which is anticipated to close by Wednesday, MICT expects to have a cash position above $300 million and an annualized revenue run rate approaching $1.2 billion. It expects the purchase will "make MICT significantly profitable from Q4 2022 onwards."

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

November 29, 2022 13:48 ET (18:48 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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