Tingo receives Nasdaq notification of noncompliance

Tingo Group announced that on January 4, 2024, it received written notice from The Nasdaq Stock Market indicating that, as a result of the Form 8-K filed by the company on December 26, 2023, which disclosed that its previously issued financial statements for the year ended December 31, 2022, and the Forms 10-Q for the periods ended March 31, June 30, and September 30, 2023 should no longer be relied upon pending further investigation, the company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission. Nasdaq has determined to apply Listing Rule 5101 and requires that the company submit a plan no later than January 18, 2024, to regain compliance. If Nasdaq accepts the plan, Nasdaq can grant the company an extension of up to 180 calendar days from the Company’s Form 8-K disclosure, or until June 24, 2024, to regain compliance.