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BNN Technology Once Again Extends Expiration Date of Tender Offer for MICT Shares
Friday 31 May 2019

31 May 2019 - UK-based technology and content provider BNN Technology plc has extended the expiration date of its tender offer to purchase up to 1,953,423 shares of the common stock of MICT, Inc. (NASDAQ: MICT) at a purchase price of USD 1.65 per share, net to the seller, in cash, the company said.

The tender offer is being made in accordance with the acquisition agreement, dated as of December 18, 2018, between BNN, MICT and other parties thereto.

As amended, the tender offer will now expire at 5:00 ET on 7 June, unless further extended or earlier terminated.

Continental Stock Transfer and Trust company, the depositary for the tender offer, has advised BNN that, as of 4:00 pm ET on Wednesday, 29 May, an aggregate of 4,430,701 shares of common stock were properly tendered and not properly withdrawn.

Last July, BNN acquired a 14.89% stake in MICT.

Following this acquisition, BNN and MICT executed a letter of intent to enter into a series of strategic transactions.

Under the deal, BNN would seek to acquire, through a third-party cash tender offer at a price of at least USD 1.65, an additional approximately 35% stake in MICT, with a view to owning in aggregate at least 50.1% of the company's issued shares.

Both BNN and an unrelated third party, a leading platform as a service provider of transaction technology, shall be acquired by MICT in exchange for cash and the issuance of shares.

All of the shares of Micronet Tel Aviv currently held by MICT would be spun off to MICT shareholders that remain shareholders of MICT after the tender offer.

MICT will raise a minimum of between USD 26 -USD 36m from major global institutional investors.

As a result of the contemplated transactions, MICT would own BNN and the third party, and would have a valuation that offers shareholders in each entity an attractive opportunity for the future.

BNN is a UK registered technology, content and services company with a focus on the Chinese market, and MICT is a developer, manufacturer and provider of mobile computing platforms for the mobile logistics management market in the US, Europe and Israel.
Details
Date Published: 31/05/2019
Target: Micronet Enertec Technologies/ up to 1,953,423 shares
Country: USA
Deal Size: 3.22m (USD)
Sector: Aerospace/Defence
Type: Stakebuilding
Financing: Cash
Status: Agreed
Vendor:
Buyer: BNN Technology
Comment:
Under a deal made last summer, BNN will seek to acquire, through a third-party cash tender offer at a price of at leastĀ USD 1.65, an additional approximately 35% stake in MICT, with a view to owning in aggregate at least 50.1% of the company´s issued shares.

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