Swvl Holdings Corp Receives Minimum Bid Price Notice from Nasdaq

DUBAI, United Arab Emirates – Swvl Holdings Corp (SWVL), a company at the forefront of providing transformative tech-enabled mass transit solutions, has brought to public attention that it has received a formal notification from the Nasdaq Stock Market. This notice, referred to herein as the 'Letter,' indicates the company's stock has not met the minimum bid price requirement set forth by the Nasdaq exchange rules over the past consecutive business days.

Understanding Nasdaq’s Minimum Bid Requirement

The Nasdaq Stock Market demands that shares traded on its platform maintain a minimum average closing price of $1.00 over a consecutive 30 trading-day period. In the event that a company's shares fall below this threshold, Nasdaq issues a non-compliance notification. This event has currently transpired with SWVL, triggering the need for the company to address the deficiency.

Swvl’s Response and Remedial Plans

Following receipt of the Letter, Swvl Holdings Corp now has a 180-day grace period to regain compliance with the Nasdaq's minimum bid price condition. During this window, the company shares must maintain a closing bid price of at least $1.00 for a minimum of 10 consecutive business days. Swvl has expressed its determination to actively seek means of remedying the situation and is considering several options, including a reverse stock split, to bolster its share price to comply with Nasdaq regulations.

Impact on Swvl and its Stakeholders

The notice from Nasdaq does not currently impact the listing of SWVL shares, and trading will continue unaffected. However, the company acknowledges the importance of adhering to the Nasdaq's requirements and is committed to taking the necessary steps to ensure continued compliance and protect the interests of its shareholders. Swvl is forthcoming in its communication with its investors and will provide updates on its progress regarding compliance strategies.

Swvl, Nasdaq, Compliance