MICT, Inc. has successfully expanded its authorized common share count from 250 million to 425 million shares during its Annual Shareholder Meeting held on December 23, 2021. This decision, which received overwhelming shareholder support, aims to provide the company with the flexibility necessary for future growth through partnerships and acquisitions. Additionally, other key proposals including board confirmations and amendments to its equity plan were approved. CEO Darren Mercer expressed optimism for a strong 2022 backed by robust cash reserves.
MICT, Inc. (Nasdaq: MICT) has rescheduled its annual shareholder meeting to December 23, 2021, at 11:00 AM ET, extending the voting period by 48 hours to enhance shareholder participation. The decision reflects the Board of Directors’ commitment to accommodate shareholder interests while maintaining the meeting before the Christmas holiday. Proxy statements are available for review online, and shareholders needing voting assistance can contact Laurel Hill Advisory Group LLC.
MICT, Inc. reported third-quarter 2021 financial results, showing a revenue of $18.5 million, a 50% increase from Q2, driven by B2B sales. Gross profit surged to $2.7 million, up 312% quarter-over-quarter. The non-GAAP net loss improved to $3.1 million from $8.9 million in Q2. The company has expanded its insurance distribution licenses and launched the Magpie mobile stock trading app. As of September 30, 2021, MICT held approximately $105 million in cash, positioning it well for future growth despite short-term pressures in the automotive insurance sector.
MICT, Inc. (Nasdaq: MICT) has filed a preliminary proxy statement proposing to increase its authorized shares from 250 million to 425 million. This move aims to support the company's strategy for potential external acquisitions. MICT emphasizes that this expansion is vital for its growth plans and will leverage its strong cash reserves to explore various opportunities.
MICT, Inc. (Nasdaq: MICT) will report its third quarter 2021 financial results on November 15, 2021, before market opening. A conference call scheduled for that day at 8:30 a.m. ET will provide insights into the financial results and corporate developments. Participants are encouraged to pre-register for the call and will receive dial-in details upon registration. The conference will also be available via live webcast, with a replay set to last until February 15, 2022. MICT operates in the fintech sector, focusing on online brokerage and insurance sales, particularly in Asia.
MICT, Inc. has launched its mobile stock trading app Magpie Invest in Hong Kong, targeting the sophisticated retail investor market. This app provides access to global exchanges, real-time market data, and enhanced analytics. MICT has invested nearly HKD 500 million into this initiative and aims to gain regulatory approval in multiple jurisdictions. The launch follows their commitment post-merger with Global Fintech Holdings to introduce advanced fintech solutions. The company operates through its subsidiary, Magpie Securities, and has plans for additional product launches.
MICT, Inc. announced a 50% revenue increase in its insurance business for Q2 2021, reaching $12.3 million, with total revenues up 38% sequentially. The company is finalizing its Magpie stock trading platform for a mid-September launch, backed by a $60 million capitalization. MICT's cash position stands at approximately $114 million as of June 30, 2021. However, Q2 operating loss widened to $16.6 million due to increased expenses. The firm anticipates further revenue growth in the latter half of 2021, driven by expansion into B2B2C and direct B2C markets.
MICT, Inc. (Nasdaq: MICT) announced that it will report its second quarter 2021 financial results on August 16, 2021, before market opening. A conference call is scheduled for the same day at 8:30 a.m. ET to discuss these results and corporate developments, followed by a Q&A session. Participants can pre-register for the call, and the event will also be available via webcast, with replays offered for a limited time. MICT operates in the fintech sector with a focus on online brokerage and insurance product sales in high-growth markets, particularly in Asia.
MICT, Inc. (Nasdaq: MICT) filed an amendment to its S-3 registration statement on July 7, 2021, clarifying two purposes: registering a portion of previously issued restricted shares and establishing a new shelf registration to capitalize on future growth opportunities. This amendment does not affect the current number of shares outstanding. MICT operates through GFH Intermediate Holdings and Micronet, focusing on fintech and telematics, respectively.
MICT, Inc. (Nasdaq: MICT) announced a $60 million capital injection into its subsidiary, Magpie Securities, to develop an online stock trading platform in Hong Kong. This investment will be executed in two phases: $30 million as equity capital, with a second tranche of $30 million pending regulatory approval as a subordinated loan. CEO Darren Mercer highlighted that this funding is crucial for launching their mobile stock trading app and will enable competitive margin and IPO funding for customers.