Swvl Receives Discover of Non-Compliance from Nasdaq | Aici

DUBAI, United Arab Emirates, Jan. 16, 2023 (GLOBE NEWSWIRE) — Swvl Holdings Corp (“Swvl” or the “Firm”) (Nasdaq: SWVL), a world supplier of technology-enabled mass transit options, immediately introduced that on January 11, 2023, it obtained written discover (“ Discover”) from the Nasdaq Inventory Market (“Nasdaq”) informing the Firm that it was not in compliance with Itemizing Rule 5450(b)(2)(A) which requires firms listed on the Nasdaq World Market to keep up a minimal market capitalization of listed securities of $50,000,000 ( “MVLS Requirement”). The discover has no impact right now on the itemizing of the Firm’s widespread inventory, which continues to commerce on The Nasdaq World Market below the image “SWVL.”

Pursuant to Nasdaq Itemizing Rule 5810(c)(3)(C), the Firm has a interval of 180 calendar days, or till July 10, 2023 (the “Compliance Date”), to return again into compliance with the MVLS Requirement. To regain compliance, the minimal market worth of the Firm’s listed securities should be closed at $50,000,000 or extra for at the very least 10 consecutive enterprise days previous to the Compliance Date. Within the occasion that the Firm doesn’t obtain additional compliance with the MVLS Requirement previous to the Compliance Date, Nasdaq will notify the Firm that its securities are topic to delisting, at which era the Firm might attraction the delisting determination to a Nasdaq listening to panel.

The Firm intends to actively monitor its minimal market worth of listed securities and, if acceptable, contemplate exercising accessible choices to re-comply with the MVLS Requirement. The corporate can also elect to delist its widespread inventory on the Nasdaq Capital Market. There could be no assurance that the Firm will be capable to regain compliance with Nasdaq Itemizing Rule 5450(b)(2)(A), or preserve compliance with every other itemizing necessities, or fulfill the necessities essential to switch the itemizing of its widespread inventory. Shares of The Nasdaq Capital Market.

About Swvl

Swvl is a world supplier of revolutionary mass transportation options, providing intercity, intracity, B2B and B2G transportation. The Firm’s platform gives accessible non-private options to public transportation for individuals who can not entry or afford non-public choices. Daily, Swvl’s parallel mass transit methods empower folks to go the place they need, when they need – making journey protected, environment friendly, accessible, and environmentally pleasant. Prospects can e book their rides via an easy-to-use proprietary app with a wide range of cost choices and entry to high-quality non-public buses and vans.

For extra details about Swvl, please go to www.swvl.com.

Ahead-looking statements

This press launch incorporates “forward-looking statements” associated to future occasions. Ahead-looking statements usually embrace phrases similar to “consider,” “might,” “will,” “estimate,” “proceed,” “anticipate,” “intend,” “anticipate,” “ought to,” “might,” “plan, ” “predict,” “seemingly,” “appear,” “search,” “future,” “opinion” and different comparable expressions that predict or point out future occasions or traits or will not be historic statements. These forward-looking statements embrace, however will not be restricted to, statements concerning future occasions and different statements that aren’t historic info.

These statements are based mostly on the present expectations of Swvl administration and will not be predictions of precise efficiency. For instance, Swvl makes use of forward-looking statements on this press launch when discussing its capacity to acquire and adjust to the MVLS Requirement, its intentions to actively monitor its minimal market worth of listed securities, its plans to think about exercising accessible choices to regain compliance with the MVLS Requirement, and and its intention to think about transferring the itemizing of its widespread shares to The Nasdaq Capital Market. These forward-looking statements are offered for illustrative functions solely and will not be supposed to function, and shouldn’t be relied upon by, any investor as a assure, guarantee, prediction or definitive assertion of reality or chance. Precise occasions and situations are troublesome or not possible to foretell and can differ from assumptions. Many precise occasions and conditions are past Swvl’s management. These statements are topic to various dangers and uncertainties concerning Swvl’s enterprise, and precise outcomes might differ materially. As well as, forward-looking statements present Swvl’s expectations, plans or forecasts of future occasions and opinions as of the date of this communication. Swvl expects that subsequent occasions and developments might trigger Swvl’s evaluation and assumptions to alter. Nevertheless, whereas Swvl might select to revise these forward-looking statements sooner or later, Swvl expressly disclaims any obligation to take action. These forward-looking statements shouldn’t be relied upon as representing Swvl’s evaluation as of any date subsequent to the date of this communication. Subsequently, undue reliance shouldn’t be positioned on any forward-looking statements. Until in any other case required by legislation, Swvl undertakes no obligation to publicly launch any updates to those forward-looking statements to replicate occasions or circumstances after the date hereof or to replicate the incidence of unanticipated occasions. Extra details about the dangers and uncertainties affecting the Firm is contained below the heading “Threat Components” within the Firm’s annual report on Type 20-F for the fiscal yr ended December 31, 2021 filed with the US Securities and Change Fee (“SEC”), which is on the market on the web site of SEC, www.sec.gov, and in subsequent SEC filings.

Contact particular person

Youssef Salem
Swvl CFO

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