Swvl Holdings Corp

SWVL is a global tech startup based in Dubai that provides a semi-private alternative to public transportation for individuals who cannot afford or access private options. The Company has built a parallel mass transit system offering intercity, intracity, B2B and B2G transportation in 10 megacities across Africa, Asia, and the Middle East. SWVL began trading on the Nasdaq on April 1, 2022 following a business combination with the special purpose acquisition company Queen’s Gambit Growth Capital II.

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Swvl Holdings Corp. engages in the provision of mass transit and shared mobility solutions. It develops and operates a platform for riders and commuters. The company was founded on July 23, 2021 and is headquartered in Dubai, United Arab Emirates.

DUBAI, United Arab Emirates, May 23, 2023 (GLOBE NEWSWIRE) -- Swvl Holdings Corp ("Swvl" or the "Company") (Nasdaq: SWVL), a global provider of transformative tech-enabled mass transit solutions, announced today the appointment of Ayman Ismail Mohamed Ahmed to its Board of Directors. Mr. Ismail will serve as an independent member of the Board and assume the role of Chairperson of Swvl's Audit Committee.

Swvl Appoints Ayman Ismail to Board of Directors as Independent Member and Chairperson of Audit Committee

DUBAI, United Arab Emirates, May 09, 2023 (GLOBE NEWSWIRE) -- Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced that on May 4, 2023, it received written notice (the “Notice”) from The Nasdaq Stock Market (“Nasdaq”) indicating that, as a result of not having timely filed its Annual Report on Form 20-F (the “Form 20-F”) for the fiscal year ended December 31, 2022, the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission.

Swvl Received Nasdaq Notification Relating to its Delayed Annual Report on Form 20-F Filing

DUBAI, United Arab Emirates, May 05, 2023 (GLOBE NEWSWIRE) -- Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced that on May 1, 2023, it received written notice (the “Notice”) from The Nasdaq Stock Market (“Nasdaq”) stating that following the resignations of Messrs. W. Steve Albrecht and Gbenga Oyebode from the Company's board of directors and audit committee, the Company no longer complies with Nasdaq's audit committee requirements as set forth in Listing Rule 5605.

Swvl Receives Notice Regarding Nasdaq Continued Listing Standards Deficiency

DUBAI, United Arab Emirates, March 31, 2023 (GLOBE NEWSWIRE) -- Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced an update to the previously disclosed strategic review process to explore and evaluate potential strategic alternatives that may be available to the Company.

Swvl Announces Update Regarding Strategic Review Process

DUBAI, United Arab Emirates, March 31, 2023 (GLOBE NEWSWIRE) -- Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced that on March 27, 2023, it received written notice (the “Notice”) from The Nasdaq Stock Market (“Nasdaq”) advising the Company that it was not in compliance with Listing Rule 5450(b)(2)(C) requiring companies listed on the Nasdaq Global Market to maintain a minimum market value of publicly held shares of $15,000,000 (the “MVPHS Requirement”). Listing Rule 5450(b)(2)(C) requiring companies listed on the Nasdaq Global Market to maintain a minimum market value of publicly held shares of $15,000,000. The Notice has no effect at this time on the listing of the Company's ordinary shares, which continues to trade on The Nasdaq Global Market under the symbol “SWVL.”

Swvl Received Nasdaq Notification Regarding Minimum Market Value Deficiency

DUBAI, United Arab Emirates, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced that it has received a letter from The Nasdaq Stock Market LLC ("Nasdaq") informing Swvl that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5450(a)(1), for continued listing on The Nasdaq Stock Market, and the matter of previous non-compliance is now closed.

Swvl Regains Compliance with Nasdaq Minimum Bid Price Rule

DUBAI, United Arab Emirates, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced that on January 4, 2023, the Company's Board of Directors approved a reverse stock split of its Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”), at the ratio of one-for-25 such that every 25 issued Ordinary Shares would be combined into one Ordinary Share, with a par value of $0.0025 each (the “Reverse Share Split”). The Company's Board of Directors also approved an amendment and restatement to the Company's Memorandum and Articles of Association to reflect the Reverse Share Split. No shareholder approval is required for the Reverse Share Split pursuant to the BVI Business Companies Act (as revised).

Swvl Announces Reverse Share Split

DUBAI, United Arab Emirates, Jan. 16, 2023 (GLOBE NEWSWIRE) -- Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced that on January 11, 2023, it received written notice (the “Notice”) from The Nasdaq Stock Market (“Nasdaq”) advising the Company that it was not in compliance with Listing Rule 5450(b)(2)(A) requiring companies listed on the Nasdaq Global Market to maintain a minimum market value of listed securities of $50,000,000 (the “MVLS Requirement”). The Notice has no effect at this time on the listing of the Company's ordinary shares, which continues to trade on The Nasdaq Global Market under the symbol “SWVL.”

Swvl Receives Nasdaq Non-Compliance Notice

Swvl (NASDAQ: SWVL ) stock closed higher by 115% today on seemingly no immediate company-specific news. Swvl operates as a transportation provider and is also the first African company to list on the Nasdaq through a special purpose acquisition company (SPAC) merger.

5 Investors Betting Big on Swvl (SWVL) Stock

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DUBAI, United Arab Emirates, Dec. 30, 2022 (GLOBE NEWSWIRE) -- Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced the formation of a special committee (the "Strategic Committee") comprised of independent directors of the Company's Board of Directors (the "Board") to explore and evaluate potential strategic alternatives that may be available to the Company. As part of the process, the Strategic Committee will consider a full range of strategic alternatives including corporate sale, merger or other business combination, a sale of all or a portion of the company's assets, strategic investment, new debt or equity financings or other significant transaction (collectively, "Potential Strategic Transactions").

Swvl Announces Commencement of Strategic Review Process

SWVL Holdings (NASDAQ: SWVL ), a Dubai-based transit software company, jumped 50% on speculation on Stocktwits that the company might survive. SWVL stock closed at 10 cents per share on Dec. 21 and was trading at nearly 15 cents in pre-market trading on Dec. 22.

What Is Going on With SWVL Stock Today?

Swvl (NASDAQ: SWVL ) layoffs are here again as the micro-mobility company seeks to reduce costs by cutting more than 50% of its workforce. According to Swvl, these latest job cuts are part of its ongoing portfolio optimization program.

Swvl Layoffs 2022: What to Know About the Latest SWVL Job Cuts

DUBAI, United Arab Emirates, Nov. 25, 2022 (GLOBE NEWSWIRE) -- Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a global provider of transformative tech-enabled mass transit solutions, today reported that it is implementing further measures as part of its previously announced and ongoing portfolio optimization program to reduce costs.

Swvl Reports Further Steps in its Portfolio Optimization Program

DUBAI, United Arab Emirates, Nov. 04, 2022 (GLOBE NEWSWIRE) -- Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a global provider of transformative tech-enabled mass transit solutions, today reported that the Company received a letter (the “Letter”) from the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company is currently not in compliance with Nasdaq Rule 5450(a)(1), as the Company's closing bid price for its Class A ordinary shares (the “Ordinary Shares”) was below $1.00 per share for the last 30 consecutive business days.

Swvl Reports Receipt of Nasdaq Minimum Bid Price Notification

Egypt, Turkey, Germany, Kenya, and Jordan turned Adjusted EBITDA positive or breakeven in August

Swvl Announces 58% of its Portfolio Turns Adjusted EBITDA Breakeven

Barclays equity research analyst Ross Sandler and Alliance Global analyst C. K. Poe Fratt initiated coverage with price targets substantially higher than Swvl's current trading price Barclays equity research analyst Ross Sandler and Alliance Global analyst C. K. Poe Fratt initiated coverage with price targets substantially higher than Swvl's current trading price

Swvl Announces Initiation of Equity Analyst Coverage by Alliance Global and Barclays with price targets of $5 and $1.5 respectively

Baird equity research analyst Ben Kallo initiated coverage with a price target of $8 NEW YORK , Sept. 12, 2022 /PRNewswire/ -- Swvl Holdings Corp ("Swvl" or the "Company") (NASDAQ: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced that Baird has initiated coverage on the Company with "Outperform" Rating and price target substantially higher than Swvl's current trading price.

Swvl Announces Initiation of Equity Analyst Coverage by Baird with "Outperform" Rating

Second Quarter 2022 represents another record-breaking quarter based on revenue, growing total bookings 3.7x YoY and crossing the 100 mn total bookings milestone Total ticket fares of $56.0 mn in six months ended June 30, 2022, up 3.2x from six months ended June 30, 2021 Well capitalized with $19 mn cash on balance sheet as of June 30, 2022; $29 mn subsequently raised in early Q3 from a private placement and equity facility; access to > $460 mn remaining equity facility Swvl's Q2 performance is in line with its expectation to turn cash flow positive in 2023 NEW YORK , Aug. 17, 2022 /PRNewswire/ -- Swvl Holdings Corp ("Swvl" or the "Company") (NASDAQ: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced results for the First Half of 2022 and select results for the Second Quarter of 2022. Swvl's condensed unaudited interim financial statements for the six-month periods ended June 30, 2022 and 2021, and supplementary information are available on Swvl's website here.

Swvl Announces First Half 2022 Results

The mass transit tech provider is raising more cash.

Why SWVL Holdings Stock Was Down on an Up Day

If all the warrants are exercised for cash, the Company will receive an additional $30 million in gross proceeds Follows the announcement of Swvl's portfolio optimization program to turn cash flow positive in 2023 NEW YORK , Aug. 10, 2022 /PRNewswire/ -- Swvl Holdings Corp ("Swvl" or the "Company") (NASDAQ: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced that it has entered into a definitive agreement with a single U.S. institutional investor for the purchase and sale of 12,121,214 of its ordinary shares together with series A warrants and series B warrants (together, the "Securities") at a combined purchase price of $1.65 per ordinary share, pursuant to a private placement, resulting in total gross proceeds at closing of approximately $20 million before deducting placement agent commissions and other estimated offering expenses. The series A warrants may purchase up to 12,121,214 of the Company's ordinary shares and the series B warrants may purchase up to 6,060,607 of the Company's ordinary shares.

Swvl Announces $20 Million Private Placement

NEW YORK , Aug. 1, 2022 /PRNewswire/ -- Swvl Inc. ("Swvl" or the "Company") (NASDAQ: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced its  entry into a strategic partnership with City Group Co. KSCP ("City Group"), a leading transport operator and warehousing services provider, through which City Group will utilize Swvl's Software as a Service ("SaaS") offerings in Kuwait. Under the partnership, Swvl and City Group will work to provide the optimal transportation platform for serving Kuwaiti residents, in an effort to simplify their daily lives.

Swvl Adds a New Key Partner, City Group, the Leading Mass Transit Operator in Kuwait, to its SaaS Offering

Lock-Up Extensions apply to approximately 84% of the total number of currently outstanding Swvl shares Founders, SPAC Sponsor and certain Pre-Business Combination Investors have extended lockups to 6 months beyond the original release date (subject to the exceptions therein) A total of 31 extension agreements were executed Follows the announcement of Swvl's further expansion in Latin America and its highest profitability operations TaaS and SaaS with acquisition of Urbvan NEW YORK , July 13, 2022 /PRNewswire/ -- /PRNewswire/ -- Swvl Holdings Corp ("Swvl" or the "Company") (NASDAQ: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced that, on July 10, 2022, certain shareholders and directors and/or officers of the Company, including certain of its pre-business combination shareholders and key executives and Queen's Gambit Holdings LLC (collectively, the "Lock-Up Holders"), entered into voluntary extensions to their respective lock-up agreements. Previously these shareholders were subject to Lock-Up Agreements varying from 6 to 12 months after the date of closing of Swvl's business combination on March 31, 2022 (depending on the applicable Lock-Up Holder's beneficial ownership of Class A Ordinary Shares and subject to the exceptions therein).

Swvl's Founders, SPAC Sponsor and Certain Pre-Business Combination Investors Voluntarily Extend Lock-Up Reinforcing Long-Term Commitment

SPAC Queen's Gambit Growth Capital and Swvl have completed their merger valued at approximately $1.5 billion in enterprise value. Swvl operates a smart bus transportation network in numerous cities and regions around the world.

Swvl Seeks Optimization Focus Amid 32% Headcount Reduction Goal

Swvl is implementing a portfolio optimization program to focus on its highest profitability operations, enhance efficiency and reduce central costs Capitalizes on the highest profitability operations TaaS and SaaS which currently have > 500 contracts in > 10 countries generating > $5m revenue per month Builds on recent acquisitions of TaaS and SaaS businesses Viapool, Volt Lines, Shotl and pending acquisition of door2door which improve profitability margins Benefits from a world class engineering and product team and technology stack which allows for scalability and sustainable growth NEW YORK , May 31, 2022 /PRNewswire/ -- Swvl Holdings ("Swvl" or the "Company") (NASDAQ: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced that it is implementing a portfolio optimization program to enhance efficiency and reduce central costs to accelerate its path to profitability to turn cash flow positive in 2023. Transport as a Service (TaaS) business, where Swvl provides technology-enabled transportation for corporates, schools, universities, industrial facilities, airlines and other institutional clients via its asset-light marketplace, and Software as a Service (SaaS) business where Swvl licenses its proprietary technology to transit agencies, bus operators and other high-capacity vehicles fleet owners and users, are both growing rapidly.

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