MICT Obtains Stockholder Approval of Certain Stock Issuances and the Increase of its Authorized Share Capital as Pertains to its Recent Acquisition of Global Fintech Holdings
MONTVALE, N.J., Sept. 4, 2020 /PRNewswire/ -- MICT, Inc. (Nasdaq: MICT) ("MICT" or the "Company") announced today that it has successfully completed its special stockholders meeting.
The purpose of the meeting was to ratify certain stock issuances in connection with MICT's acquisition of Global Fintech Holdings Intermediate (GFHI) and the previously announced financing. In addition to approving an increase in the authorized shares of common stock and preferred stock, so as to facilitate such financings, as well as future financings and acquisitions. Stockholders also approved an equity incentive plan for MICT.
As previously announced, MICT's acquisition and fundraise are in line with its strategic decision to move into the rapidly growing global fintech sector. In line with its strategy, the Company will be progressing with its stated intentions to undertake further acquisitions in the fintech sector, as well as to pursue strategic partnerships and further develop GFHI's online platforms and technology.
Darren Mercer, the Company's CEO stated, "Our stockholders' overwhelming approval of the stock issuances relating to our recent Global Fintech Holdings Intermediate acquisition and associated financings is further confirmation of their belief in our strategy and underscores their confidence in our newly acquired fintech business, as well as in our plan to expand quickly through further acquisitions and via organic growth."
About MICT, Inc.
MICT, Inc. (NasdaqCM: MICT) operates through its subsidiaries, Global Fintech Holdings Intermediate Ltd. ("GFH") and Micronet Ltd. ("Micronet"). GFH's versatile proprietary trading technology platform is designed to serve a large number of high growth sectors in the global fintech space. Primary areas of focus include online brokerage for equities trading and sales of insurance products in several high-growth foreign markets including Asia where GFH owns a substantial propriety database of users. Micronet operates in the growing commercial Mobile Resource Management (MRM) market, mainly in the United States. Micronet designs, develops, manufactures and sells rugged mobile computing devices that provide fleet operators and field workforces with computing solutions in challenging work environments.
Forward Looking Statements
Note: This press release may contain forward-looking statements that are being made pursuant to the Private Securities Litigation Reform Act of 1995, which provides a "safe harbor" for forward-looking statements to encourage companies to provide prospective information so long as those statements are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those discussed in the statement. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results, performance or achievements to differ materially from those described or implied in the forward-looking statements, including, but not limited to, general economic and business conditions; competition in the accessories markets, potential changes in customer spending; acceptance of product offerings and designs; the variability of consumer spending resulting from changes in domestic economic activity; any significant variations between actual amounts and the amounts estimated for those matters identified as critical accounting estimates, as well as other significant accounting estimates made in the preparation of financial statements; as well as geopolitical concerns. Accordingly, actual results may differ materially from such forward-looking statements. You are urged to consider all such factors. Any forward-looking statements relating to the transaction discussed above are based on our current expectations, assumptions, estimates and projections and involve significant risks and uncertainties, including the many variables that may impact or are related to consummation of the transaction, SEC regulatory review of our filings related to the transaction and the continuing determination of MICT's board of directors that the transaction is in the best interests of all stockholders. MICT and GFH assume no obligation for updating any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.
SOURCE MICT
