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MICT plunges after tender offer terminated

Jun. 06, 2019 8:29 AM ETTingo Group, Inc. (TIOG) StockBy: Yoel Minkoff, SA News Editor
  • MICT, Inc. (NASDAQ:MICT) tumbles 35.1% premarket after BNN Technology terminated its previously announced tender offer to purchase up to 1,953,423 shares of MICT common stock at a purchase price of $1.65 per share.
  • BNN's obligation to purchase the shares of common stock of MICT pursuant to the tender offer was subject to various terms and conditions, including a condition that neither MICT nor its subsidiaries has proposed the issuance or sale of any additional equity securities.
  • On June 4, 2019, howevr, MICT entered into a securities purchase agreement with a group of investors to issue shares of preferred stock and warrants to purchase shares  in a private placement.

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