MICT, Inc. announces warrant repurcahse agreement

MICT announced it has entered into repurchase agreements with certain holders of the outstanding warrants over its common stock. Pursuant to the agreements, MICT will repurchase warrants representing an aggregate amount of 28,117,835 shares of its common stock, for which it is paying $0.15 per share on March 3, 2023 and $0.10 per share on May 1, 2023 at an aggregate cost to the Company of $7,029,459. Additionally, the Company has entered into an agreement with certain other warrant holders with respect to an additional 1,064,000 shares, who have agreed to grant the Company an option from July 1, 2023 to July 31, 2023 to repurchase their warrants for $0.25 per share upon the exercise of such option. These warrant holders have also agreed to a standstill provision whereby absent an approval of the Company’s Board they will not trade in the Company’s securities. The warrants being repurchased were originally issued by the Company between November 2020 and March 2021 pursuant to three offerings of common stock and warrants.