With its share price down 55%, Tingo Group will address Hinderburg research allegations today

Nigerian fintech, Tingo Group, says it will make a proper assertion in regards to the allegations by Hindenburg today and appoint a authorized agency to handle the state of affairs.

Tingo Group, a NASDAQ-listed agri-fintech firm accused of being an “exceptionally obvious scam” by the Hindenburg research group, has stated it will publicly address such allegations today. The group shared this in its 2023 particular assembly of shareholders today. The firm’s response is important, on condition that its share price dipped by -55% on NASDAQ after Hindenburg’s prolonged expose. 

TechCabal listened in on Tingo’s shareholder assembly, which lasted solely eight minutes. Tingo’s Group senior chief monetary officer Ben Trippier was on the decision. However, it was unclear if Dozy Mmobuosi, the Group’s Founder and CEO, was on the decision. Nevertheless, Tingo stated it will “make a formal statement concerning the allegations by Hindenburg later today” however didn’t disclose any particular time. Tingo instructed shareholders on the decision, “Most of you are aware of certain allegations which were published yesterday regarding the company. We intend to make a formal statement concerning certain of these claims later today.”

Tingo additional stated it will appoint a “well-known International legal firm” to assist address the present claims. “In addition, as is required for good corporate governance, we are in the process of appointing a well-known international legal firm as special legal counsel to assist the board in examining these allegations and producing a report to address the same,” the corporate concluded.

Another concern mentioned in the course of the assembly was a proposal to extend the variety of licensed shares and customary inventory from 425 million to 750 million. The firm’s board accepted the proposal. 

*This is a growing story