Tingo Group, Inc. announced that on December 20, 2023, Dozy Mmobuosi, has temporarily stepped down as Member of the Board of Directors in connection with an order sought by the Securities & Exchange Commission 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. On December 21, 2023, John J. Brown tendered his resignation as a member of the board of directors of the Company, effective immediately.

Mr. Brown resigned due to his concerns relating to potential conflicts of interest in light of the SEC complaint and his pre-existing chairmanship of Agri-Fintech Holdings, Inc.