Tingo Group Announces Mr. Dozy Mmobuosi Has Temporarily Stepped Down As Interim Co-Chief Executive Officer And Member Of The Board Of Directors; Ken Denos, Will Serve As Its Interim Group CEO Until Further Notice

Author: Benzinga Newsdesk | December 20, 2023 02:56pm

Tingo Group, Inc. (NASDAQ:TIO) ("Tingo" or the "Company"), has today announced that Mr. Dozy Mmobuosi has temporarily stepped down as Interim Co-Chief Executive Officer and Member of the Board of Directors in connection with an order sought by the Securities & Exchange Commission (the "SEC") to prohibit him from acting as an officer or director of a public company. In addition, by mutual agreement with the Company's Board of Directors, Mr. Mmobuosi will remain stood down until cleared of the allegations made against him.

 

Having completed a detailed investigation between June 2023 and August 30, 2023 into the allegations made against the Company by Hindenburg Research, which was carried out by the Company and legal counsel, the Company intends to vigorously defend itself in relation to the SEC complaint. The Company and its Board of Directors are in turn committed to undertaking further investigation and responding to the complaint, supported by leading legal counsel, while at the same time making every effort to protect the business and shareholder value and continuing to execute the Company's growth plans.

Tingo will continue to operate, serving the farming cooperatives, their farmer members, and the Company's other customers, many of whom are heavily reliant on Tingo and its services in support of their daily activities.

The Company's other interim co-CEO, Mr. Ken Denos, will serve as its interim group CEO until further notice. In addition, the management of each group company will remain in their respective roles, with the aim of delivering business stability and continuity pending the outcome of this matter.

Posted In: TIO