{"id":548522,"date":"2022-08-11T03:51:15","date_gmt":"2022-08-11T03:51:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/11\/swvl-to-sell-usd-20-mn-in-fresh-stock-via-private-placement\/"},"modified":"2022-08-11T03:51:15","modified_gmt":"2022-08-11T03:51:15","slug":"swvl-to-sell-usd-20-mn-in-fresh-stock-via-private-placement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/11\/swvl-to-sell-usd-20-mn-in-fresh-stock-via-private-placement\/","title":{"rendered":"Swvl to sell USD 20 mn in fresh stock via private placement"},"content":{"rendered":"

<\/a> Cairo-born mass transport app Swvl has agreed to sell new shares to<\/strong> an <\/strong>institutional investor<\/strong>, giving it an important cash infusion as it restructures costs in a bid to stem widening losses<\/a>. The company hopes to raise USD 20 mn with the sale of c.12.1 mn shares, which will be bought by the investor for USD 1.65 apiece at a private placement expected to close on Friday, it said in a statement (pdf)<\/a> yesterday.<\/p>\n

That\u2019s not all:<\/strong> Under the agreement, the investor has the ability to purchase another c.18.2 mn shares over the next five years at the same price. If these \u201cwarrants\u201d are exercised, Swvl will receive a further USD 30 mn in investment.<\/p>\n

SOUND SMART- <\/strong>Simply put, warrants give investors the right to purchase shares at a certain price at a specific time in the future. All warrants have expiration dates: if the investor exercises the right within the time frame, they immediately purchase the stock at the agreed price, but waiting until after the expiration date will see the warrant expire.<\/p>\n

Swvl needs the cash:<\/strong> The Nasdaq-listed company has embarked on dramatic cost-cutting measures<\/a> this year to try and stay on track to its goal of becoming cashflow-positive in 2023. The firm has warned that losses will almost double this year, and has slashed its headcount by a third, cut executive pay and eliminated a number of unprofitable routes to support its finances.<\/p>\n

Market reax: <\/strong>Swvl\u2019s shares fell 16.4% yesterday to close at a near-record low of USD 1.53. The company\u2019s shares have fallen 84.7% since it debuted on the Nasdaq<\/a> in April via a SPAC merger.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cairo-born mass transport app Swvl has agreed to sell new shares to an institutional investor, giving it an important cash infusion as it restructures costs in a bid to stem widening losses. The company hopes to raise USD 20 mn with the sale of c.12.1 mn shares, which will be bought by the investor for […]<\/p>\n","protected":false},"author":1,"featured_media":548523,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[72,125,123,507],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-enterpriseam","tag-investment-watch","tag-startups","tag-swvl","wpautop","entry"],"acf":{"mongo_id":"addc2e8a-de27-437c-96ad-85867ad6e68f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/219.jpg","photo_position":"above","related_issue":[548510],"teaser":"","voice_url":""},"yoast_head":"\nSwvl to sell USD 20 mn in fresh stock via private placement - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/11\/swvl-to-sell-usd-20-mn-in-fresh-stock-via-private-placement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Swvl to sell USD 20 mn in fresh stock via private placement\" \/>\n<meta property=\"og:description\" content=\"Cairo-born mass transport app Swvl has agreed to sell new shares to an institutional investor, giving it an important cash infusion as it restructures costs in a bid to stem widening losses. 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The European Bank for Reconstruction and Development (EBRD) and Teklas Ventures,\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/61.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544659,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/swvl-expects-us-regulators-to-greenlight-its-nasdaq-ipo-today\/","url_meta":{"origin":548522,"position":1},"title":"Swvl expects US regulators to greenlight its Nasdaq IPO today","author":"enterpriseam admin","date":"15 March 2022","format":false,"excerpt":"Mass transportation startup Swvl expects to receive final approvals on its IPO from the US\u2019 Securities and Exchange Commission (SEC) today, CFO Youssef Salem told Enterprise. The Egypt-born ride-hailing app is set to go public on the Nasdaq through its merger with US SPAC Queen\u2019s Gambit Growth Capital by the\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/183.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585194,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/12\/new-investment-offers-could-throw-swvl-a-lifeline-after-delisting-warnings\/","url_meta":{"origin":548522,"position":2},"title":"New investment offers could throw Swvl a lifeline after delisting warnings","author":"enterpriseam admin","date":"12 April 2023","format":false,"excerpt":"The company has lost more than 99% of its value","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/500.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550229,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/19\/swvl-could-get-booted-off-the-nasdaq-oih-joins-the-egx-buyback-club\/","url_meta":{"origin":548522,"position":3},"title":"Swvl could get booted off the Nasdaq + OIH joins the EGX buyback club","author":"enterpriseam admin","date":"19 October 2022","format":false,"excerpt":"US- and locally-listed firms are steering their stock through choppy waters: Over on Wall Street, Cairo-born Swvl is reportedly considering combining (through a reverse stock split) or canceling some of its shares as it looks to avoid delisting due to low trading price. Closer to home, Orascom Investment Holding is\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":545023,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/swvl-to-debut-on-the-nasdaq-today-after-spac-merger-approved\/","url_meta":{"origin":548522,"position":4},"title":"Swvl to debut on the Nasdaq today after SPAC merger approved","author":"enterpriseam admin","date":"31 March 2022","format":false,"excerpt":"Swvl is making its landmark Nasdaq debut today: Shares in Egypt-born, UAE-based mass transit app Swvl will start trading on the Nasdaq today, Swvl CFO Youssef Salem confirmed to Enterprise, after shareholders in its SPAC Queen\u2019s Gambit Growth Capital approved the move in a general assembly meeting yesterday. Swvl is\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/712.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546083,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/swvl-to-acquire-turkish-transit-company-volt-lines\/","url_meta":{"origin":548522,"position":5},"title":"Swvl to acquire Turkish transit company Volt Lines","author":"enterpriseam admin","date":"27 April 2022","format":false,"excerpt":"Cairo-born mass transit firm Swvl is continuing its buying spree, announcing this week an agreement to purchase Turkish firm Volt Lines in what is the company\u2019s fourth acquisition in the past eight months.The details: The acquisition will be executed with a mix of cash and shares, with the \u201cvast majority\u201d\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/375.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=548522"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548522\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548510"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/548523"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548522"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548522"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}