Shares of fintech and agri-fintech services provider Tingo Group (NASDAQ:TIO) are tanking in the pre-market session today after the company once again postponed its second-quarter earnings release.
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Tingo was initially slated to announce Q2 numbers on August 10th but has now postponed the results thrice after the publication of a short report from Hindenburg Research. Hindenburg has accused Tingo of fabricating its financials. The company has refuted the allegations and has roped in White & Case, an international law firm, to undertake an independent review regarding the claims.
While Tingo did not specify a new reporting date, it noted that “Although progress has been made with regard to the independent review of the allegations made in the Hindenburg short-seller report, the independent review is still ongoing.”
Tingo added that additional time is required to complete the preparation of Form 10-Q and its financial statements in the wake of the report.
After tanking nearly 77.3% over the past three months, Tingo shares are down a further 31% at the time of writing today. Meanwhile, short interest in the stock is now inching closer to 22%.
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