In response to Tingo Group’s Q2 results published yesterday morning, Hindenburg Research states that its review of the company’s recent releases indicate “Tingo has done little but continue to lie about every key aspect of its business – all while failing to address every question we’ve raised … The company reported today that its cash had dropped by a stunning $725 million over the course of one quarter. The largest outlay of $434.2 million went to an up-front payment to Tingo’s mobile phone supplier which doesn’t seem to exist.” Following the update from Hindenburg Research last night, shares of Tingo Group are down another 14% in pre-market trading at $1.11.
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