Swvl Received Nasdaq Notification Regarding Minimum Market Value Deficiency
01 4월 2023 - 5:05AM
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.”
In accordance with Nasdaq Listing Rule
5810(c)(3)(D), the Company has a period of 180 calendar days, or
until September 25, 2023 (the “Compliance Date”), to regain
compliance with the MVPHS Requirement. To regain compliance, the
Company's minimum market value of publicly held shares must close
at $15,000,000 or more for a minimum of 10 consecutive business
days prior to the Compliance Date. In the event the Company does
not regain compliance with the MVPHS Requirement prior to the
Compliance Date, Nasdaq will notify the Company that its securities
are subject to delisting, at which point the Company may appeal the
delisting determination to a Nasdaq hearings panel.
The Company intends to actively monitor its
minimum market value of listed securities and may, if appropriate,
consider implementing available options to regain compliance with
the MVPHS Requirement. The Company may also choose to transfer the
listing of its ordinary shares to The Nasdaq Capital Market. There
can be no assurance that the Company will be able to regain
compliance with Nasdaq Listing Rule 5450(b)(2)(C), or maintain
compliance with any other listing requirements, or satisfy the
requirements necessary to transfer the listing of its ordinary
shares to The Nasdaq Capital Market.
About Swvl
Swvl is a global provider of transformative
tech-enabled mass transit solutions, offering intercity, intracity,
B2B and B2G transportation. The Company’s platform provides
complimentary semi-private alternatives to public transportation
for individuals who cannot access or afford private options. Every
day, Swvl’s parallel mass transit systems are empowering
individuals to go where they want, when they want – making mobility
safer, more efficient, accessible, and environmentally friendly.
Customers can book their rides on
an easy-to-use proprietary app with varied payment
options and access to high-quality private buses and vans.
For additional information about Swvl, please
visit www.swvl.com.
Forward Looking Statements
This press release contains “forward-looking
statements” relating to future events. Forward-looking statements
generally are accompanied by words such as “believe,” “may,”
“will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,”
“should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,”
“future,” “outlook” and similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. These forward-looking statements include, but
are not limited to, statements regarding future events and other
statements that are not historical facts.
These statements are based on the current
expectations of Swvl’s management and are not predictions of actual
performance. For example, Swvl is using forward-looking statement
in this press release when it discusses its ability to regain
compliance with the MVPHS Requirement, its intentions to actively
monitor its minimum market value of listed securities, its plans to
consider implementing available options to regain compliance with
the MVPHS Requirement, and its intent to consider transferring the
listing of its ordinary shares to The Nasdaq Capital Market. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on,
by any investor as a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond the control of Swvl. These statements are subject to a
number of risks and uncertainties regarding Swvl’s business, and
actual results may differ materially. In addition, forward-looking
statements provide Swvl’s expectations, plans or forecasts of
future events and views as of the date of this communication. Swvl
anticipates that subsequent events and developments could cause
Swvl’s assessments and projections to change. However, while Swvl
may elect to update these forward-looking statements in the future,
Swvl specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Swvl’s assessments as of any date subsequent to the
date of this communication. Accordingly, undue reliance should not
be placed upon any forward-looking statements. Except as otherwise
required by law, Swvl undertakes no obligation to publicly release
any revisions to these forward-looking statements to reflect events
or circumstances after the date hereof or to reflect the occurrence
of unanticipated events. More detailed information about the risks
and uncertainties affecting the Company is contained under the
heading "Risk Factors" in the Company's annual report on Form 20-F
for the fiscal year ended December 31, 2021 filed with the U.S.
Securities and Exchange Commission (the "SEC"), which is available
on the SEC's website, www.sec.gov, and in subsequent SEC
filings.
Contact
Investor.relations@swvl.com
Swvl (NASDAQ:SWVL)
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