Tingo Group (NASDAQ: TIO) stock is up 64%. TIO stock moved on the publication of the company’s answer to the Hindenburg allegations. Those allegations were, recall, that the company is an entire fraud, a pile of nonsense. Tingo, not unnaturally, differs. In these sorts of situations it all really comes down to, in the end, who we believe. And, well, it’s not impossible for Hindenburg to have been wrong. Even Homer nods and all that. On the other hand we’re less than inclined to believe numbers that come out of West Africa. So, well, bit of a problem there.
We looked at the problems before at Tingo: “Tingo Group (NASDAQ: TIO) stock is down 48% yesterday, another 5% postmarket, on the back of a short selling report from Hindenberg. It's not possible to be entirely categorical of course but there are independent sources of information leading to the idea that Hindenburg might well be correct here. Further, if they're even close to being correct - that is, it's not necessary for each allegation to be wholly and exactly true, just for the general analysis to be generally right - then there's no value in Tingo Group at all. Certainly not any value that will survive the likely upcoming lawsuits.” That Hindenburg report is here.
Tingo stock price from Google Finance
Tingo has released its report which they claim refutes the Hindenburg story. We would not say that we’re wholly convinced on the grounds that it’s really just a set of assertions. But, you know, it’s still possible that Hindenburg was wrong. Others have looked at the reported numbers and assume that Hindenburg was right.
Our view is that the next crunch point is the investor call. This is scheduled for 8 am Eastern time today. “Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), a profitable and fast growing fintech and agri-fintech company, today announced that it will hold a conference call on Thursday August 31, 2023 at 8:00 a.m. Eastern Time to present its results for the second quarter ended June 30, 2023 and provide a business update.”
It’s possible for the results of that to go either way. We would rather expect some sharp questions to be asked. Given that anyone can dial in it might be fun to do so.
