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A US private equity firm has taken over Canadian microcap Q4 Inc for $257M, a 36% premium, marking the sixth tech company to reverse from the TSX after IPOing in mid to late 2021. Tingo Inc, a Nigerian fintech company, now suspended from trading by the SEC due to concerns over the accuracy of its financials, had reported $2.4 billion in net revenues for the nine months ended Sep. 30, 2023. The company, known previously as Agri-Fintech Holdings, also reported an involuntary sale of 2 million shares due to foreclosure. Amidst these developments, Tiga Acquisition II has withdrawn its $200 million IPO. Despite the SEC trading suspension, Tingo Inc has reported its financials and plans to proceed with its investor call.
The U.S. Securities and Exchange Commission suspends trading of shares belonging to Tingo, a Nasdaq-listed company that claims services in agriculture, and fintech across Africa, the Middle East and Southeast Asia, reports @onu_kwue for @SemaforAfrica https://t.co/aBFl3QRljv
SEC suspends trading of Tingo shares due to “lack of accurate” information https://t.co/jqVpYHsoFT
🟡The US SEC suspends trading in Tingo shares, citing “concerns regarding the adequacy and accuracy of available information" but, Tingo says it made $2.4 billion in net revenues for the nine months ended Sep. 30, 2023 https://t.co/UX3t4twqUu https://t.co/0CoOJPP3FP
SEC suspends trading of Tingo shares due to “lack of accurate” information https://t.co/hcaZZM27fv
Despite having its trading suspended by the SEC this morning, Tingo just reported its bogus financials anyway. I pray that its investor call at 8am is still on, if only for the absurdity. $TIO https://t.co/BeM0NjZzsX
The SEC just suspended trading of Tingo Group, the Nigerian fintech ran by "billionaire" @Dozymmobuosi cc @MikaelCBernard https://t.co/NoBq7Jm1Qv $TIO $TMNA
Investment veterans' SPAC Tiga Acquisition II withdraws $200 million IPO $TTO.U $IPO #IPO https://t.co/8x1JCuRdoi
Agri-Fintech Holdings fka Tingo Inc just reported the sale of another 2m shares of $TIO "Represents involuntary sale due to foreclosure against shares of TIO pledged as collateral for a short-term loan." $TMNA Trouble in paradise? https://t.co/PfgaMILCwp
More tech companies disappearing from TSX as Q4 agrees to $257-million buyout /via @globeandmail. This is now the 6th out of 20 tech cos that IPOed on the TSX mid20-late 2021 to reverse course https://t.co/JL6W9wxBJD
Good morning! A US private equity firm just scooped up another Canadian microcap! Q4 Inc, a capital markets access platform, gets taken out for $257M, a 36% premium to the last closing price. The transaction multiple is approximately 3.3x revenue. $QFOR.TO https://t.co/Oabk2FKs6C